Car Rental Industry Declines

First quarter reports show a decline in earnings for major car rental companies—a direct result of the growth of ridesharing companies like Uber and Lyft. The industry as a whole is struggling to maintain the right size fleet to meet reduced demand—facing the reality that they have too many cars and too many workers. Some companies are trying to adapt to the shift, like Hertz entering the ridesharing space through a partnership with Lyft. However, the company hasn’t seen a big return from it yet. (Skift, 5.16.17)

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