Hertz Global Holdings saw its stock rise more than 8 percent Tuesday after it said it will raise rates for its car rentals, beginning Jan. 1. “Fleet costs are escalating due to declining residual values,” chief executive and president John Tague said in a press release. Tague also said the company is trying to reduce costs and hit its previously announced goal of saving $100 million each year. Hertz also operates the Thrifty and Dollar car rental chains; it has more than 11,000 locations.
Car cost inflation drives Hertz price increases
