Hertz shares jump after rental car company unveils subscription service starting at $999 a month

Hertz Global Holdings stock rose over 8% Tuesday after the car rental company announced it’s piloting a new vehicle-subscription service called Hertz My Car.
Hertz is up more than 5% over the past 12 months and more than 12% year to date.
The monthly subscription service is an alternative to traditional vehicle ownership, which the company said has become less popular in urban areas.
Hertz Global Holdings stock jumped more than 8% Tuesday after the car rental company announced a new vehicle-subscription service called Hertz My Car, which will launch as a pilot program in Atlanta and Austin, Texas.

Hertz is up more than 5% over the past 12 months and more than 12% so far this year.

The monthly subscription service is an alternative to traditional vehicle ownership, which the company said has become less popular in urban areas. It will cost subscribers between $999 and $1,399 per month, depending on which vehicle package they choose.

The pilot program will grant customers access to various automobiles through the two subscription tiers and allow them to exchange vehicles twice a month for different models. The subscription will cover vehicle maintenance, roadside assistance, damage and limited liability protection, the company said…

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