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Hertz has increased vehicle rental rates throughout
Australia by an average A$5 per day or A$30 per week, effective
immediately.
The rise does not apply to corporate or
group rates which have already been contracted.
Hertz blamed the rate increase has been made necessary by
higher vehicle depreciation and maintenance costs, a significant
fall in used vehicle resale values and a decline in rental
revenue.
“This economic climate is unprecedented, and is impacting both our
rental and car sales businesses,” said Wayne Burgoyne, Director
Sales and Marketing, Hertz Australia.
“We have
been cutting costs throughout our global network, reducing
expenses by more than US$500 million over the past two years,” Mr
Burgoyne added. “But this is no longer enough.
With costs continuing to rise and demand falling, our rental
pricing in this market could not be sustained.”
In addition to
increasing rental rates across the board, Hertz said it will continue to
explore options to further reduce operating costs in order to
remain competitive in the Australian market.
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Hertz,
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