U.S. consumers should brace themselves up for steep hikes in car rental prices this summer.
Car rental company Hertz Global Holdings, Inc. (HTZ) said Thursday that it has implemented a broad-based price increase for its Hertz, Dollar and Thrifty brands at U.S. rental locations for pick ups starting June 14, based on the company's revised fleet capacity plan combined with expected strong seasonal demand.
The Park Ridge, New Jersey-based company said it is raisng U.S. airport retail car rentals by $5 per day and $20 per week, and off-airport retail car rentals by $3 per day and $10 per week. Weekend rates will also go up by $5 per day for airport rentals and $3 per day for off-airport rentals.
Hertz shares are currently trading at $20.54, up 98 cents or 5.01%, while shares of rival Avis Budget Group, Inc. (CAR) are currently trading at $55.20, up $4.13 or 8.09%.
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