Vehicle Rental Activities

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

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


	As of		As of
	March 31,		December 31,
	2026		2025
Rental vehicles (a)	$	20,204	$	21,011
Less: Accumulated depreciation	(2,618)		(2,859)
	17,586		18,152
Vehicles held for sale	361		432
Vehicles, net investment in lease (b)	146		136
Vehicles, net	$	18,093	$	18,720

__________

(a)For the year ended December 31, 2025, reflects long-lived asset impairment and other related charges, which reduced the carrying value of our rental vehicles to fair value.

(b)See Note 15 – Related Party Transactions.

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


	Three Months Ended March 31,
		2026		2025
Depreciation expense		$	650	$	693
Lease charges		24		28
(Gain) loss on sale of vehicles, net (a)		(10)		334
Vehicle depreciation and lease charges, net		$	664	$	1,055

__________

(a)For the three months ended March 31, 2025, includes other fleet charges of $390 million related to the disposal of certain fleet in our Americas reportable segment.

As of March 31, 2026 and 2025, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $649 million and $449 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $417 million and $231 million, respectively.