Grizzly Bulls
Financial research concept

Rental Car Program Vehicle Mix

measures the share of rental fleet covered by manufacturer repurchase, guaranteed-depreciation, or similar arrangements rather than full residual-value risk.

By Lee BaileyPublished Sep 29, 2026
Research context

See what supports this page, how current it is, and where comparable or historical context is available.

Research date
Sep 29, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context
10 connected conceptsPart of the reviewed Rental Car Operating Economics; issuer definitions remain distinct where disclosed.
Company examples
2 reviewed companiesRelationships reflect supported examples, not a normalized cross-company KPI ranking.
  1. Program vehicles trade residual-value protection for different economics
  2. The percentage should not be read as a risk score
  3. Part of the Rental Car Operating Economics
  4. See It in Company Research
  5. Continue Research

Rental car program vehicle mix measures the share of fleet covered by manufacturer repurchase, guaranteed-depreciation, or similar arrangements.

Avis calls vehicles outside those arrangements risk vehicles because the company retains more residual-value exposure when the vehicles are sold.

Program vehicles trade residual-value protection for different economics

Avis said program vehicles were about 16% of its 2025 average rental fleet. The mix was much higher internationally than in the Americas.

Program arrangements can protect an operator from used-vehicle price changes, but they can also carry different purchase economics, minimum holding periods, mileage limits, and return-condition requirements.

That makes program mix relevant to fleet cost per unit per month.

The percentage should not be read as a risk score

Hertz reported program vehicles equal to 14% of period-end Americas RAC vehicles and 11% internationally in Q2 2026.

A lower program share generally leaves more residual-value risk with the rental company, but the economic result also depends on acquisition cost, hold period, used-car pricing, disposition execution, and vehicle mix.

Program share should therefore be read with average rental fleet and unit fleet cost, not converted into a standardized fleet-quality score.

Primary sources: Avis Budget 2025 Form 10-K and Hertz Q2 2026 Form 10-Q.

Part of the Rental Car Operating Economics

Connect rental-day demand, rentable fleet capacity, utilization, daily and per-vehicle revenue productivity, fleet carrying cost, direct operating cost, program-vehicle residual-value exposure, and vehicle financing cost.

Browse the full operating model in Company Analysis →
Where this concept fits
  • Fleet carrying, operating, residual-value, and financing costCurrent relationship
    Per-unit fleet cost captures depreciation and related vehicle-value economics under issuer-specific definitions, adjusted direct operating expense per day captures day-to-day rental operations, program-vehicle mix changes residual-value exposure, and vehicle interest adds the financing layer. These measures are complementary rather than a standardized industry cost stack.
    Adjusted DOE per DayFleet Cost per UnitProgram Vehicle MixCurrent conceptVehicle Interest Cost
  • Rental volume, fleet capacity, and utilization
    Rental or transaction days measure consumed rental volume, average rental fleet measures the vehicle base, available rental days convert that fleet into time-expanded capacity, and utilization connects consumed days with available capacity. Avis and Hertz denominator conventions remain issuer-specific.
    Available Rental DaysAverage Rental FleetRental DaysVehicle Utilization
  • Daily pricing and fleet revenue productivity
    Revenue per day measures monetization on rented days, while revenue per unit per month spreads revenue across the rentable fleet. The second measure therefore combines rate, volume, and utilization rather than acting as another daily-price metric.
    Revenue per DayRevenue per Unit per Month

See It in Company Research

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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Compare program vehicle exposure

Compare manufacturer-supported program-vehicle mix and the residual-value risk retained on non-program vehicles.

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