Carvana Co CVNA shares are trading lower Wednesday after Hertz Global Holdings Inc HTZ announced that it will sell certified used cars on Amazon.com Inc AMZN Autos.
What To Know: Hertz announced that it has joined Amazon Autos, allowing shoppers to browse, finance and purchase pre-owned vehicles with the convenience of Amazon’s shopping and checkout experience.
Hertz said joining Amazon Autos as its first fleet dealer aligns with the company’s strategy to expand its digital retail presence and make its inventory of used vehicles more accessible to customers.
“Our goal is to reimagine the car-buying experience and meet customers where they are – whether online or in person – with convenience, confidence and scale,” said Jeff Adams, executive vice president of Hertz Car Sales.
“Amazon Autos is the ideal partner to help us deliver on this as customers can shop our expansive inventory of high-quality used cars on the same trusted marketplace where millions shop every day.”
The program is expected to initially launch in Dallas, Houston, Los Angeles and Seattle with plans to expand to 45 locations across the U.S.
Carvana shares are moving lower following the announcement. Hertz and Carvana announced a partnership in 2021 in which the companies would sell used vehicles from Hertz through Carvana’s direct online sales channel. The new offering from Hertz with Amazon could increase competition for Carvana and lead to lower Hertz vehicles being sold through the Carvana platform.
CVNA Price Action: Carvana shares were down 3.81% at $331.11 at the time of publication Wednesday, according to Benzinga Pro.
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