Hertz stock surges after Amazon Autos partnership report

Investing.com -- Hertz Global Holdings (NASDAQ: HTZ) stock surged 12% Wednesday morning while Carvana (NYSE: CVNA) shares fell 5.5% following news that Hertz will begin selling its pre-owned vehicles through Amazon’s (NASDAQ: AMZN) online auto marketplace.

According to CNBC, the rental car giant announced a partnership with Amazon Autos that will allow customers to browse thousands of used Hertz vehicles online, complete purchases digitally, and pick up their vehicles at Hertz locations. The service is initially available to customers within 75 miles of four major cities - Dallas, Houston, Los Angeles, and Seattle - with plans to expand to 45 locations nationwide.

This partnership represents a significant opportunity for Hertz to enhance visibility and potentially boost profits from its vehicle sales operations. The company noted that it sells hundreds of thousands of vehicles annually alongside its core rental business.

For Amazon, the deal marks an expansion of its automotive marketplace.

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