Hertz is one of the world's largest vehicle rental companies, operating roughly 11,000 locations across about 160 countries under three brands: Hertz (premium, targeting frequent and business travelers), Dollar (mid-tier, targeting leisure and small business travelers), and Thrifty (budget, targeting cost-conscious leisure travelers). Hertz generates revenue primarily by renting vehicles at daily, weekly, or monthly rates, supplemented by high-margin ancillary services like insurance products, GPS, and tolling. The business operates through two segments: Americas RAC, which is the dominant segment centered on the U.S., and International RAC, covering primarily Europe, Australia, and New Zealand. Hertz describes itself as fundamentally an asset management company, and the two key financial drivers are revenue per unit (RPU, or revenue per vehicle per month) and depreciation per unit (DPU, the net cost of owning the fleet). Because the fleet is both the primary revenue asset and the primary cost, Hertz focuses on a "Buy Right, Hold Right, Sell Right" framework — sourcing vehicles favorably, managing hold periods, and disposing of vehicles through higher-margin retail channels rather than wholesale auctions. Hertz is currently executing a multi-year turnaround under a "Back-to-Basics" roadmap, with key priorities including modernizing its revenue management system with a new dynamic pricing platform built with Amadeus, expanding Hertz Car Sales as a retail profit center through Amazon Autos and Cox Automotive partnerships, and growing its off-airport and ride-share segments.