If Hertz's CEO Sees Green Shoots, We Should Pay Attention

| About: Hertz Global (HTZ)

We’ve seen continuous improvement every single week for the last 10 weeks in the US rent a car space on improving demand for the summer season.

We’ve been buying a lot of cars the last 8 weeks…. We’re scrambling to buy as many cars as we can.

- Mark Frissora, CEO, Hertz, this morning on Squawk Box

Hertz’s (NYSE:HTZ) CEO was really bullish Thursday after his company pre-announced better than expected 2nd quarter earnings on improving demand for rental cars. The company forecast an 11.4% increase in car rental transaction days year over year for the 2nd quarter on top of 13.4% in the first quarter. He told CNBC that Hertz has bought 16,000 US vehicles for $350 million in the last 8 weeks.

This is the first I’m really hearing from a CEO in an economically sensitive business whose seeing real demand improvement. Not sure I believe it but have to pay attention to it.

Hertz shares shot up 16% today on strong volume.

htz-3-month-chartClick to enlarge