EAES 2021 Solved Test No. 2
There are several companies engaged in the car rental business. This trend, which started a few decades ago, has led to the fact that there are car rental agencies in every country in the world.
Between local and international companies, each country has at least 3 to 10 car rental agencies. Among the agencies considered multi-national or at least with great worldwide presence is the well-known car rental company Hertz.
This European capital rental company, as well as other famous brands, has established itself in many countries around the world with the aim of renting all kinds of cars, vans, trucks, motorcycles and some other vehicles.
Now, in technological times, for our luck we have several accesses to the information of each one of the companies that we want. Such is the case of Hertz which has an excellent website where we can see all kinds of information.
As I said when you enter this page you will have all kinds of information necessary for you to have everything ready to rent your car for as long as you want. The novelty for example that the company has is the new function to rent bicycles.
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Hertz Chairman and CEO Mark Frissora said that this significant increase in its profit for 2012 as a whole was due to the positive impact of its strategic investments, including the Dollar Thrifty acquisition, and cost reductions, which stood at $480 million (366 million euros) in 2012.
The company’s turnover for the whole of last year stood at 9.02 billion dollars (6.885 billion euros), 8.7% more than in 2011, while gross operating profit rose by 17.7% to 1.635 billion dollars (1.248 billion euros).
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In Europe, stock markets closed mostly negative this session, in the face of restrictive measures by governments to control the pandemic. Madrid’s IBEX 35 closed slightly higher by 0.15%, Paris’ CAC 40 retreated 0.13%, Frankfurt’s DAX was down 0.42%, and London’s FTSE 100 lost 0.59%.
Wall Street closed with sharp declines this day in its 3 main indexes, in the face of new confinements in Europe and failures in the talks for a new stimulus package. The Dow Jones Industrials closed with a drop of 1.44% to 28,195.42 points, the S&P500 fell 1.62% to 3,427.23 points, and finally the Nasdaq, down 1.65% to 11,478.88 points. We highlight the rises of Kaixin Auto and Pinterest. On the downside, we highlight Hertz Global Holding and Nio.
In the local market, the IPSA closed with a 0.24% drop to 3,631.80 units, still in the lower part of the channel between 3,500 and 3,800 points. We highlight the rises of COPEC and SQM-B, while on the downside we highlight SMU and AGUAS-A.
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Even in the competition with Uber and analogues, without which this metamorphosing panorama would not be complete, rental companies also have their place. In Sao Paulo, Brazil, Uber sealed an agreement with Localiza (the largest rental company in South America) to rent 3,000 units per day to drivers without their own car.
In Argentina it passed through the hands of Sevel and Annie Millet and, after being managed by the parent company, in 2011 it returned to Grupo Dietrich. It has 1,200 cars, 105 employees, agencies in the most important cities of the country, and in 2017 it invoiced $187 million, 50% more than the previous fiscal year. 60% of its cars are rented to individuals, and the rest is destined to the corporate market. They successfully issued negotiable bonds during 2017 and are still thinking of expanding the business. Localiza changes its cars in Brazil at 8 months; we are at 15, and the average in the country is 20, says Polo.
Avis-Budget, on the other hand, changes its cars every 16 months in a different operation from Localiza and Hertz since, in addition to its own agencies, it sub-franchises offices in the rest of the country. In total, its 2,361 cars are distributed in 108 agencies (between Avis, Budget and the dual brands), of which almost half are in airports.