Hertz is observing "accelerated" commercial business and anticipates that average contracted rates by year-end would stop declining, according to CEO Mark Frissora.

He detailed how commercial pricing in April fell 3.5 percent year over year and improved each month through July, when it was down 0.5 percent. "We have competitors that have been very aggressive in trying to get corporate business and we have not given up any market share," Frissora explained during a Wednesday conference call with analysts. "Whether it be a General Electric or an IBM, big accounts that have airport market share are ripe for competitors to go after if they are trying to gain share. We have about 45 percent-plus share among the Fortune500 companies and that is share that we have had to defend. Pricing should start to improve, certainly going into next year, but that is very difficult to predict when you are negotiating 200 contracts every month." He noted that Hertz's "top 25 accounts" are producing volumes that are up "20 to 25 percent" versus last year. According to company information, total on-airport commercial transaction days increased 14.3 percent during the second quarter. Hertz Global Holdings reported second-quarter adjusted net income of $58.5 million, up from $49.6 million a year earlier. The company's largest business, U.S. car rental, achieved "record second quarter" performance.