Shares of Avis Budget (CAR) and Hertz (HTZ) are in focus after Uber (UBER) and Turo, a peer-to-peer car sharing marketplace, announced that Turo vehicles are now available to rent through the Uber app in the United States. This marks the U.S. debut of the integration between Turo and Uber Rent, enabling travelers to access Turo’s selection of vehicles within Uber’s ecosystem, the companies said. “Our partnership with Uber is rooted in a shared vision to unlock better car access for everyone,” said Turo Vice President, Business and Corporate Development, Andro Vrdoljak. “Now, customers are able to access tens of thousands of Turo vehicles on Uber Rent in the U.S., making it even easier for travelers to find the perfect car for their needs, whether it’s a rugged SUV or an EV, while further advancing our mission to put the world’s 1.5 billion cars to better use.” TheFly notes that on April 17, Pershing Square reported a 19.8% stake in Hertz, with CEO Bill Ackman suggesting on X, the platform formerly known as Twitter, that Hertz should partner with Uber on an AV fleet roll out. “Hertz’s large installed fleet of 500k vehicles, its expertise in vehicle maintenance and servicing, and the significant scope and scale of its thousands of locations (11,200 globally) and other difficult to replace at scale physical infrastructure make it an ideal partner for Uber, a partnership which could greatly improve the utilization and profitability of Hertz’s vehicle fleet,” Ackman said. Shares of Hertz are trading at $6.15 and Avis shares are trading at $106.21 in morning trading.
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