Vehicle Rental Activities

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

The components of vehicles, net within assets under vehicle programs are as follows:


	As of		As of
	June 30,		December 31,
	2023		2022
Rental vehicles	$	22,725	$	17,819
Less: Accumulated depreciation	(2,407)		(2,211)
	20,318		15,608
Vehicles held for sale	276		317
Vehicles, net investment in lease (a)	31		36
Vehicles, net	$	20,625	$	15,961

________

(a) See Note 15 – Related Party Transactions.

The components of vehicle depreciation and lease charges, net are summarized below:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Depreciation expense	$	540	$	396	$	1,017	$	777
Lease charges	40		32		78		65
(Gain) loss on sale of vehicles, net	(205)		(194)		(455)		(497)
Vehicle depreciation and lease charges, net	$	375	$	234	$	640	$	345

At June 30, 2023 and 2022, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $443 million and $249 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $140 million and $74 million, respectively.