Hertz Global Holdings (NASDAQ: HTZ) has lowered its second-quarter Adjusted Corporate EBITDA outlook to a range of $50 million to $80 million, citing unexpected softness in the used car market, according to a preliminary disclosure filed with the U.S. Securities and Exchange Commission.

The company said losses on vehicle sales in May 2026 offset gains recorded in April 2026, weighing on its net depreciation per unit (DPU) per month. Hertz now expects net DPU per month for the second quarter to be approximately $300.

Despite the vehicle disposition pressure, Hertz said fleet size, revenue, revenue per day (RPD), and rental days are expected to meet or slightly exceed prior expectations, supported by healthy demand and better-than-anticipated capacity utilization. The company noted that year-over-year RPD growth in the second quarter to date has accelerated above the trend seen in the first quarter.

The projected Adjusted Corporate EBITDA range falls within the company's margin expectations but toward the lower end of its previously communicated second-quarter range.

Hertz noted the preliminary financial figures are unaudited, subject to change, and have not been reviewed by its independent registered public accounting firm. The company did not provide a reconciliation of Adjusted Corporate EBITDA to GAAP net loss, citing uncertainty around items such as changes in the fair value of public warrants, which are affected by fluctuations in the company's stock price.