Car rental market
In this post, I'll write about the car rental industry instead of writing about individual companies. In US, the car rental market is shared by three companies: Enterprise Holdings (private, about 60% of US market), Hertz and Avis (public, both about 20% of US market). In Europe, the market is a bit more fragmented with the five biggest companies having about 60% of the market, where Sixt (premium segment) and Europcar complement the three previously listed companies. Characteristics of the industry: All companies buy cars from several manufacturers to spread the risk and respond to consumer demand for renting as well as for reselling the cars; A big part of the activity is to properly manage the fleet of vehicles. For instance, in Q2 2017, Hertz sold a lot of cars in a depressed second hand car market in order to re-adapt its fleet, triggering higher depreciation of the fleet and depressing earnings; Some important operational measures are fleet utilization (usuall...