Car rental fleet carrying value is the net balance-sheet value of vehicles held in or associated with the rental fleet under the issuer's accounting presentation.
It is a vehicle asset-value measure, not the market value of the fleet.
Unit count and carrying value answer different questions
Average Rental Fleet measures vehicle capacity by count.
Fleet carrying value measures the accounting capital tied to those vehicles after depreciation and other relevant adjustments.
At June 30, 2026, Hertz reported $13.680 billion of revenue-earning vehicles, net. Avis Budget reported $19.589 billion of vehicles, net within assets under vehicle programs.
Carrying value changes with more than fleet size
The balance can move because of:
- vehicle purchases and disposals;
- depreciation;
- impairment;
- vehicles classified as held for sale;
- lease or program structure;
- vehicle mix and acquisition cost; and
- foreign currency effects.
A larger fleet is therefore not guaranteed to produce a proportionally larger carrying value.
Carrying value is not resale value
Net book value reflects accounting cost less accumulated depreciation and other adjustments.
Actual proceeds can be higher or lower when vehicles are sold.
That difference can flow through gains or losses on vehicle dispositions and ultimately affect Car Rental Fleet Cost per Unit per Month.
Primary-source examples
- Hertz second-quarter 2026 Form 10-Q
- Avis Budget second-quarter 2026 Form 10-Q
- Avis Budget 2025 Form 10-K
Car rental fleet carrying value is most useful as a balance-sheet fleet-capital measure. Do not treat it as fleet market value or compare companies without matching vehicle classifications and accounting scope.
Part of the Car Rental Operating Model
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These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.
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