The company's negotiated contract rates are not affected by this price increase. The company noted that, prior to implementing these increases, its US pricing was, on average, 2% lower over the past 12 months.

Mark Frissora, chairman and CEO of Hertz, said: "We are implementing a retail price increase to move rates closer to 2008 levels. We have eliminated more than $500 million of costs over the past two years as we right-size the business to current conditions and re-engineer key processes to operate more efficiently.

"Despite aggressive, ongoing efficiency initiatives, we nevertheless need a modest price increase to help overcome a difficult operating environment with higher vehicle depreciation costs, including lower used car values, and inflation in other key areas such as vehicle maintenance and repair."

A service of YellowBrix, Inc.