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Hertz Warns of 'Softness' in Used Car Market

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Hertz Global (HTZ) said Wednesday in a regulatory filing that "current unexpected softness" in the market for used cars has caused it to realize losses on the sale of vehicles in May, which will adversely impact net depreciation per unit per month in Q2.

The company expects Q2 net DPU per month of about $300 and adjusted corporate EBITDA in the $50 million to $80 million range, which is "within margin expectations but towards the lower end of our second quarter range," according to the filing with the US Securities and Exchange Commission.

Shares of Hertz fell more than 28% in Wednesday trading.

Price: $3.62, Change: $-1.44, Percent Change: -28.38%

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