<p>你是否在寻找一辆新车——我所说的 “新” 是指 “技术上是二手车，但对你来说是新的”？如果是这样的话，你的下一次购车可能只需点击一下 “立即购买” 按钮即可。<strong>Hertz Global</strong>(HTZ -4.46%) 即将开始在 <strong>Amazon.com</strong>(AMZN -0.29%) 上出售一些二手租赁车。</p>
<p>Hertz 上周宣布与亚马逊的合作，承诺让购物者能够 “浏览、融资和购买” 从 Hertz 车队中释放出的 “数千辆” 二手汽车。</p>
<p>当然，Hertz 已经通过其自己的 Hertz Car Sales 网站实现了在线购车。但 Hertz 表示，它希望 “在客户所在的地方与他们见面”，而亚马逊是全球销售总商品价值最高的市场。根据 Hertz 的说法，这使得该公司的新亚马逊汽车子网站成为处理其不需要库存的 “理想合作伙伴”。</p>
<p>无论你是购车者、投资者，还是两者兼而有之，这里有三件你需要了解的事情。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1MjIvY2FyLWxvdC1mdWxsLW9mLWNhcnMuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1MjIvY2FyLWxvdC1mdWxsLW9mLWNhcnMuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>1. 亚马逊是第一，Hertz 是第二</h2>
<p>首先，你应该知道亚马逊的网站将亚马逊汽车描述为目前仅处于 “测试” 服务阶段，现代汽车是其唯一的商家，提供新旧现代汽车的购买和租赁。现代汽车在网站上的运营方式是，“来自当地经销商” 的列表出现在亚马逊汽车页面上，可以在此浏览和支付——之后买家/租赁者前往当地经销商处实际获取汽车。</p>
<p>虽然尚未在网站上活跃，但 Hertz 的运营显然将类似。</p>
<p>正如亚马逊在其新闻稿中所解释的，Hertz 将成为亚马逊汽车的 “首个车队经销商”（因此也是其第二个经销商）。与现代汽车一样，浏览和购买将在亚马逊网站上进行，之后买家将前往 Hertz Car Sales 地点获取汽车。最初，达拉斯、休斯顿、洛杉矶和西雅图的 Hertz 地点将参与该项目。如果一切顺利，该项目将随后扩展到 Hertz Car Sales 在全国的 45 个地点。</p>
<h2>2. Hertz 正在满足消费者需求</h2>
<p>本月早些时候，Automotive Dive 的一篇文章暗示，亚马逊汽车进入在线汽车销售的尝试似乎是成功的。现代汽车已经将参与该项目的城市数量从 48 个几乎增加到 130 个，并且从仅在网站上销售新汽车扩展到销售二手现代汽车。尚未参与该项目的现代汽车经销商 “对加入该平台表示了强烈兴趣”。</p>
<p>现代汽车显然不在做的事情是转售其他公司在其经销商处交易的汽车。根据亚马逊汽车的总监兼总经理 Fan Jin 的说法，“所有客户的首要要求是 ‘我们能否看到更多选择？我们能否看到更多其他品牌的汽车、其他车辆状况、新车、二手车、认证的二手车？’</p>
<p>Hertz 可能是满足这一要求的答案。</p>
<p>根据其网站，Hertz 租赁超过二十种不同的汽车品牌，最新报告显示其车队中有超过 500,000 辆汽车。由于租车公司通常只保留其汽车六到三十六个月，这意味着 Hertz 每年大约有 250,000 辆二手车待售。Hertz 似乎在满足这一消费者需求方面处于良好位置——尽管仅限于二手车。</p>
<h2>3. Hertz 表现不佳（但亚马逊表现良好）</h2>
<p>亚马逊在 Hertz 找到了一个有用的合作伙伴，这很可能会在最初由现代汽车独自开创的亚马逊汽车网站的受欢迎程度上有所提升。当然，究竟亚马逊将通过该网站促成多少汽车销售仍有待观察。目前，我们不知道 Hertz 将与亚马逊分享什么样的收入。</p>
<p>因此，很难准确说出这次 “测试” 进入二手车交易对亚马逊来说将会有多盈利（尽管我持谨慎乐观态度）。我可以说的是，这可能不足以让_Hertz_的股票变得值得购买。原因如下：</p>
<p>Hertz 在疫情初期遭受了巨大的损失，尽管业务在 2021 年开始回升，但公司最近遇到了低迷。根据 S&amp;P Global Market Intelligence 的数据，Hertz 在过去六个报告季度中每个季度都亏损——其中四个季度现金流为负。Hertz 还在疫情结束时背负了大量债务，资产负债表上仍有 194 亿美元的债务超过现金。</p>
<p>债务支付阻碍了公司恢复盈利的努力，而缺乏自由现金流使得偿还债务变得困难。通过亚马逊出售更多库存，而不是在自己的网站上出售，对 Hertz 的股票不会有太大影响。</p>
<p>我对亚马逊的前景更为乐观。该公司显然是这一关系中财务实力更强的公司，使其在谈判中处于更有利的位置，以便为自己争取到 Hertz 从销售中产生的丰厚利润。亚马逊也已经盈利，市盈率为 33.5 倍，增长率为 16.8%。</p>
<p>亚马逊的股票确实不便宜——但比起 Hertz 来说安全得多。</p>

HTZWW

亚马逊

<p>Hertz Global 正在与亚马逊合作，在 Amazon.com 上销售二手租赁汽车，允许客户在线浏览、融资和购买车辆。最初，Hertz 将在部分城市运营，并计划扩展到全国范围。此次合作旨在满足消费者对更广泛车辆选择的需求。然而，Hertz 面临财务困境，最近几个季度亏损，并背负着巨额债务，这引发了人们对这项合作对两家公司盈利能力的担忧</p>

<p>Are you in the market for a new car -- and by &#34;new&#34; I mean &#34;technically used, but new to <em>you</em>?&#34; If you are, then your next car purchase might be just the click of a &#34;buy it now&#34; button away. <strong>Hertz Global</strong>(HTZ -4.46%) is about to start selling off some of its used rental cars on <strong>Amazon.com</strong>(AMZN -0.29%).</p>
<div class="lb-trans"><p>你是否在寻找一辆新车——我所说的 “新” 是指 “技术上是二手车，但对你来说是新的”？如果是这样的话，你的下一次购车可能只需点击一下 “立即购买” 按钮即可。<strong>Hertz Global</strong>(HTZ -4.46%) 即将开始在 <strong>Amazon.com</strong>(AMZN -0.29%) 上出售一些二手租赁车。</p>
</div><p>Hertz announced its collaboration with Amazon just last week, promising to make it possible for shoppers to &#34;browse, finance, and purchase&#34; from a selection of &#34;thousands&#34; of used automobiles being released from Hertz's fleet.</p>
<div class="lb-trans"><p>Hertz 上周宣布与亚马逊的合作，承诺让购物者能够 “浏览、融资和购买” 从 Hertz 车队中释放出的 “数千辆” 二手汽车。</p>
</div><p>Granted, Hertz <em>already</em> makes online car shopping possible through its own Hertz Car Sales website. But Hertz says it wants to &#34;meet customers where they are,&#34; and Amazon is the No. 1 marketplace worldwide in terms of gross merchandise value sold. According to Hertz, this makes the company's new Amazon Autos sub-website an &#34;ideal partner&#34; for disposing of its unwanted inventory.</p>
<div class="lb-trans"><p>当然，Hertz 已经通过其自己的 Hertz Car Sales 网站实现了在线购车。但 Hertz 表示，它希望 “在客户所在的地方与他们见面”，而亚马逊是全球销售总商品价值最高的市场。根据 Hertz 的说法，这使得该公司的新亚马逊汽车子网站成为处理其不需要库存的 “理想合作伙伴”。</p>
</div><p>Here are three things you need to know about this deal, whether you're a car buyer, an investor, or both.</p>
<div class="lb-trans"><p>无论你是购车者、投资者，还是两者兼而有之，这里有三件你需要了解的事情。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1MjIvY2FyLWxvdC1mdWxsLW9mLWNhcnMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830522%2Fcar-lot-full-of-cars.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>1. Amazon is No. 1. Hertz is No. 2</h2>
<div class="lb-trans"><h2>1. 亚马逊是第一，Hertz 是第二</h2>
</div><p>First, you should know that Amazon's website describes Amazon Autos as only in &#34;beta&#34; service currently, with Hyundai as its sole merchant, offering purchases and leases of new and used Hyundai automobiles. The way Hyundai operates on the site, listings &#34;from local dealers&#34; appear on the Amazon Autos page, and can be browsed and paid for there -- after which the buyer/lessor heads to the local dealership to actually take possession of the automobile.</p>
<div class="lb-trans"><p>首先，你应该知道亚马逊的网站将亚马逊汽车描述为目前仅处于 “测试” 服务阶段，现代汽车是其唯一的商家，提供新旧现代汽车的购买和租赁。现代汽车在网站上的运营方式是，“来自当地经销商” 的列表出现在亚马逊汽车页面上，可以在此浏览和支付——之后买家/租赁者前往当地经销商处实际获取汽车。</p>
</div><p>Although it's not yet active on the website, Hertz's operation will apparently be similar.</p>
<div class="lb-trans"><p>虽然尚未在网站上活跃，但 Hertz 的运营显然将类似。</p>
</div><p>As Amazon explains in its press release, Hertz will become Amazon Autos' &#34;first fleet dealer&#34; (and therefore, its second dealer, total). As with Hyundai, browsing and purchase will be done on Amazon's site, after which the buyer will head to a Hertz Car Sales location to take possession. Initially, Hertz locations in Dallas, Houston, Los Angeles, and Seattle will participate in the program. If all goes well, the project will later expand to Hertz Car Sales' 45 total locations nationwide.</p>
<div class="lb-trans"><p>正如亚马逊在其新闻稿中所解释的，Hertz 将成为亚马逊汽车的 “首个车队经销商”（因此也是其第二个经销商）。与现代汽车一样，浏览和购买将在亚马逊网站上进行，之后买家将前往 Hertz Car Sales 地点获取汽车。最初，达拉斯、休斯顿、洛杉矶和西雅图的 Hertz 地点将参与该项目。如果一切顺利，该项目将随后扩展到 Hertz Car Sales 在全国的 45 个地点。</p>
</div><h2>2. Hertz is fulfilling a consumer demand</h2>
<div class="lb-trans"><h2>2. Hertz 正在满足消费者需求</h2>
</div><p>An article on Automotive Dive earlier this month hinted that Amazon Autos' foray into online car selling appears to be successful. Already, Hyundai has nearly tripled the number of cities participating in the program from 48 to 130 U.S. cities, and expanded from selling only new automobiles on the site to selling pre-owned Hyundais as well. Hyundai dealerships not already part of the program &#34;have expressed strong interest in being added to the platform.&#34;</p>
<div class="lb-trans"><p>本月早些时候，Automotive Dive 的一篇文章暗示，亚马逊汽车进入在线汽车销售的尝试似乎是成功的。现代汽车已经将参与该项目的城市数量从 48 个几乎增加到 130 个，并且从仅在网站上销售新汽车扩展到销售二手现代汽车。尚未参与该项目的现代汽车经销商 “对加入该平台表示了强烈兴趣”。</p>
</div><p>One thing Hyundai apparently is <em>not</em> doing is reselling other companies' cars that have been traded into its dealerships. And according to Fan Jin, director and general manager of Amazon Autos, &#34;[T] he number one ask from all customers is 'can we see more selection'? Can we see more other brands of cars, other vehicle conditions, new, used, certified, pre-owned cars?&#34;</p>
<div class="lb-trans"><p>现代汽车显然不在做的事情是转售其他公司在其经销商处交易的汽车。根据亚马逊汽车的总监兼总经理 Fan Jin 的说法，“所有客户的首要要求是 ‘我们能否看到更多选择？我们能否看到更多其他品牌的汽车、其他车辆状况、新车、二手车、认证的二手车？’</p>
</div><p>Hertz could be the answer to that request.</p>
<div class="lb-trans"><p>Hertz 可能是满足这一要求的答案。</p>
</div><p>According to its website, Hertz rents more than two dozen different car brands and, at last report, had more than 500,000 vehicles in its fleet. With rental car companies usually hanging on to their cars for only between six and 36 months, this implies Hertz has in the neighborhood of 250,000 used cars for sale annually. Hertz seems well-positioned to respond to this consumer demand -- albeit only for used cars.</p>
<div class="lb-trans"><p>根据其网站，Hertz 租赁超过二十种不同的汽车品牌，最新报告显示其车队中有超过 500,000 辆汽车。由于租车公司通常只保留其汽车六到三十六个月，这意味着 Hertz 每年大约有 250,000 辆二手车待售。Hertz 似乎在满足这一消费者需求方面处于良好位置——尽管仅限于二手车。</p>
</div><h2>3. Hertz so bad (but Amazon so good)</h2>
<div class="lb-trans"><h2>3. Hertz 表现不佳（但亚马逊表现良好）</h2>
</div><p>Amazon has found a useful partner in Hertz, and one that could very likely build on the popularity of its Amazon Autos website, initially pioneered by Hyundai alone. It remains to be seen precisely how many car sales Amazon will end up facilitating through the site, of course. For now, we don't know what kind of revenue Hertz will be sharing with Amazon.</p>
<div class="lb-trans"><p>亚马逊在 Hertz 找到了一个有用的合作伙伴，这很可能会在最初由现代汽车独自开创的亚马逊汽车网站的受欢迎程度上有所提升。当然，究竟亚马逊将通过该网站促成多少汽车销售仍有待观察。目前，我们不知道 Hertz 将与亚马逊分享什么样的收入。</p>
</div><p>As such, it's hard to say precisely how profitable this &#34;beta&#34; foray into used car dealing will turn out to be for Amazon (although I'm cautiously optimistic). What I <em>can</em> say is that it's probably not going to be enough to turn <em>Hertz</em> stock into a buy. Here's why:</p>
<div class="lb-trans"><p>因此，很难准确说出这次 “测试” 进入二手车交易对亚马逊来说将会有多盈利（尽管我持谨慎乐观态度）。我可以说的是，这可能不足以让_Hertz_的股票变得值得购买。原因如下：</p>
</div><p>Hertz suffered mightily early in the pandemic, and while business started picking back up in 2021, the company has run into a slump of late. Hertz has lost money in each of the last six reported quarters -- and burned cash in four of them -- according to data from S&amp;P Global Market Intelligence. Hertz also exited the pandemic with a boatload of debt, and still has $19.4 billion more debt than cash on its balance sheet.</p>
<div class="lb-trans"><p>Hertz 在疫情初期遭受了巨大的损失，尽管业务在 2021 年开始回升，但公司最近遇到了低迷。根据 S&amp;P Global Market Intelligence 的数据，Hertz 在过去六个报告季度中每个季度都亏损——其中四个季度现金流为负。Hertz 还在疫情结束时背负了大量债务，资产负债表上仍有 194 亿美元的债务超过现金。</p>
</div><p>Debt payments hinder the company's efforts to return to profitability, and the lack of free cash flow makes it hard to pay down the debt. Selling a bit more inventory via Amazon, rather than on its own website, isn't going to move the needle much for Hertz stock.</p>
<div class="lb-trans"><p>债务支付阻碍了公司恢复盈利的努力，而缺乏自由现金流使得偿还债务变得困难。通过亚马逊出售更多库存，而不是在自己的网站上出售，对 Hertz 的股票不会有太大影响。</p>
</div><p>I'm more optimistic about the prospects for Amazon. The company is clearly the financially stronger company in this relationship, giving it a better position to negotiate for itself a fat portion of any profits Hertz produces from its sales. Amazon is also already profitable, trades for 33.5 times earnings, and has a 16.8% growth rate.</p>
<div class="lb-trans"><p>我对亚马逊的前景更为乐观。该公司显然是这一关系中财务实力更强的公司，使其在谈判中处于更有利的位置，以便为自己争取到 Hertz 从销售中产生的丰厚利润。亚马逊也已经盈利，市盈率为 33.5 倍，增长率为 16.8%。</p>
</div><p>Amazon is not a cheap stock, to be sure -- but it's a whole lot safer than Hertz.</p>
<div class="lb-trans"><p>亚马逊的股票确实不便宜——但比起 Hertz 来说安全得多。</p>
</div>

3 Things Investors Should Know About the New Deal Between Amazon and Hertz

- Hertz 将在亚马逊上销售二手租车，满足消费者需求。  
- 亚马逊汽车目前处于 “测试” 阶段，Hertz 将成为其首个车队经销商。  
- Hertz 面临财务困难，而亚马逊则在此合作中处于更强的财务地位。

投资者需要了解的亚马逊与 Hertz Global 新协议的三大要点