As part of the collaboration, customers can browse Hertz Car Sales listings on the platform, complete their purchase online, and pick up their vehicle at the firm’s locations.
Shares of car rental firm Hertz Global Holdings Inc. (HTZ) rebounded from their 200-day moving average (DMA) after the stock surged over 8% on Wednesday morning following its Amazon Autos collaboration. This is the second time in four months that the stock has rebounded from its 200-DMA mark.
The company said it will sell pre-owned vehicles on Amazon Autos. As part of the new collaboration, customers can browse Hertz Car Sales listings on Amazon Autos, complete their purchase online, and pick up their vehicle at Hertz Car Sales locations. The service will initially begin in Dallas, Houston, Los Angeles, and Seattle, with plans to expand to Hertz Car Sales’ 45 locations nationwide, the company said. Amazon will show vehicles available within 75 miles of the customer.
On Stocktwits, retail sentiment around Hertz jumped from ‘bullish’ to ‘extremely bullish’ territory over the past 24 hours, while message volume rose from ‘low’ to ‘extremely high’ levels.
A Stocktwits user expressed hopes for a rally on Thursday as well.
Another user opined that Hertz may now start competing against used car retailer Carvana (CVNA).
“Our goal is to reimagine the car-buying experience and meet customers where they are–whether online or in person–with convenience, confidence, and scale,” said Jeff Adams, Executive Vice President of Hertz Car Sales, while adding that Amazon Autos is the ideal partner for the purpose.
Hertz Car Sales, Hertz’s car-selling brand, is expanding its available inventory on Amazon to offer a wider selection of vehicles from across brands, including Ford, Toyota, Chevrolet, Nissan, and more, the company said. The move will provide a potential boost to the car rental firm’s vehicle sales business.
Last week, the company announced the expansion of its Rent2Buy program, which offers thousands of used vehicles for an extended test drive of up to three days before purchase, to over 100 cities.
HTZ stock is up by 50% this year and by about 59% over the past 12 months.
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