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In refreshing news for the economy, Hertz, a world leader in car rental, has announced a profitable second quarter and that rental car demand is stabilizing. The car rental giant reported earnings of close to 10 cents a share for the quarter.

At the outset of the economic crises, Hertz posted two disappointing quarters of consecutive losses causing worry throughout the industry. This was a direct result of both businesses and consumers cutting back on car hire. With the summer holiday season in full swing consumers are returning to the market causing increased demand.

CEO Mark Frissora of Hertz, said: “Car-rental demand in the U.S. and Europe has stabilized and we are experiencing better than anticipated summer-peak reservation build in both markets. We are adding fleet as a result.”

When Hertz increases its fleet it results in a boost for automakers as well and is good news for Detroit.

Hertz revenues for the second quarter unexpectedly hit the staggering range of $1.7 billion and could go higher yet. So far this year their stock has gone up by 36% indicating that the economy is turning around at least for the car hire industry.

Thanks to www.latimes.com for the above quotes, for more information on this article please visit their website.

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