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Hertz and Amazon make a deal
Hertz Global Holdings announced a partnership with Amazon's
automotive platform, Amazon Autos, to sell pre-owned vehicles,
driving a 7% jump in Hertz shares in early trading. The
announcement weighed on competitors, with shares of Avis Budget
Group down 6%, Carvana off 4.2%, and CarMax falling 1.4%. The
collaboration allows customers to browse thousands of used Hertz
vehicles on Amazon Autos, e-sign paperwork, complete their purchase
online, and pick up their vehicle at Hertz locations. Initially,
the service will be available within 75 miles of Dallas, Houston,
Los Angeles, and Seattle, with plans to expand to Hertz Car
Sales' 45 locations nationwide.