Hertz Global (NYSE:HTZ) shares jumped more than 5% after it announced it has partnered with Amazon Autos to sell a portion of its used vehicle inventory through Amazon's automotive retail platform.
This deal marks the first time Amazon Autos will work with a fleet dealer, with Hertz Car Sales being the inaugural fleet partner.
Customers can browse, finance, and purchase used Hertz vehicles such as Ford, Toyota, Chevrolet, and Nissan on Amazon Autos.
The service is initially available for customers within a 75-mile radius of four cities: Dallas, Houston, Los Angeles, and Seattle, with plans to expand to 45 locations nationwide. After buying online, customers will pick up their cars at nearby Hertz Car Sales locations.
“Our goal is to reimagine the car-buying experience and meet customers where they are,” Hertz Car Sales executive vice president Jeff Adams told CNBC.
Amazon.com Inc (NASDAQ:AMZN) shares trade down 1.8% following the announcement amid a broader tech sector selloff.