So Hertz is buying cras and their stock is up. So what's up with that? The car rental company says it's been adding to its car fleet as it's seeing higher demand in the last few weeks.
Mark P. Frissora, company's chairman and CEO, says, "We are able to resume earnings guidance for the current quarter and full year for several reasons. Our car rental demand in the U.S. and Europe has stabilized and we are experiencing better-than-anticipated summer peak reservation build in both markets. We are adding fleet as a result."
The real question is why is Hertz stockpiling cars? Frissora told CNBC that his company sees improving demand for rentals in the past 10 weeks in the U.S. and in the past seven weeks in Europe for the summer season. As a result, the company is "literally scrambling to buy as many cars as it can.
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