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Hertz Global Holdings stock jumped more than 8% Tuesday after the car rental company announced a new vehicle-subscription service called Hertz My Car, which will launch as a pilot program in Atlanta and Austin, Texas.
Hertz is up more than 5% over the past 12 months and more than 12% so far this year.
The monthly subscription service is an alternative to traditional vehicle ownership, which the company said has become less popular in urban areas. It will cost subscribers between $999 and $1,399 per month, depending on which vehicle package they choose.
The pilot program will grant customers access to various automobiles through the two subscription tiers and allow them to exchange vehicles twice a month for different models. The subscription will cover vehicle maintenance, roadside assistance, damage and limited liability protection, the company said.
Hertz said the service is part of a greater shift away from traditional vehicle ownership. The company shared a survey by Cox Automotive where roughly 40% of respondents said that while access to transportation is necessary, owning a vehicle is not.
"We feel well positioned to lead in vehicle subscription services," said Jayesh Patel, Hertz Senior Vice President of Brand. "We've seen growth in our longer-term rentals in recent years which we believe is one of several positive indicators the time is right for this service."
Hertz's stock has fallen more than 20% since the beginning of March, when long-time investor Carl Icahn said he trimmed his stake in the company.