Hertz Global Holdings stock jumps more than 8% after new vehicle-subscription service, Hertz My Car was announced
At RecVue we love seeing our customers major news announcements, particularly when we know that our technology platform is powering these new and innovative subscription business models. This is particularly true in this case, as RecVue’s Monetization Platform was selected by Hertz to automate key elements of its order to cash process, including contracts, pricing, billing, vendor commissions, and other payments to partners. RecVue will serve as a single system of record that will allow Hertz to report and analyze millions of rental agreements and commissions transactions.
The new pilot program, Hertz My Car, will launch in two major urban hubs, Atlanta and Austin, offering customers a monthly subscription service as an alternative to traditional vehicle ownership, which the company said has become less popular in urban areas.
The pilot program will grant customers access to various automobiles through two subscription tiers and allow them to exchange vehicles twice a month for different models.
This is one example of how our customers can leverage RecVue’s technology solution to adapt to business model change and market dynamics.
Hertz said the service is part of a greater shift away from traditional vehicle ownership. The company shared a survey by Cox Automotive where roughly 40% of respondents said that while access to transportation is necessary, owning a vehicle is not.
We are pleased to be working closely with Hertz to transform their finance operations, so that they can capitalize on these new business models, as consumer demands and preferences evolve.