<p>你是否在尋找一輛新車——我所説的 “新” 是指 “技術上是二手車，但對你來説是新的”？如果是這樣的話，你的下一次購車可能只需點擊一下 “立即購買” 按鈕即可。<strong>Hertz Global</strong>(HTZ -4.46%) 即將開始在 <strong>Amazon.com</strong>(AMZN -0.29%) 上出售一些二手租賃車。</p>
<p>Hertz 上週宣佈與亞馬遜的合作，承諾讓購物者能夠 “瀏覽、融資和購買” 從 Hertz 車隊中釋放出的 “數千輛” 二手汽車。</p>
<p>當然，Hertz 已經通過其自己的 Hertz Car Sales 網站實現了在線購車。但 Hertz 表示，它希望 “在客户所在的地方與他們見面”，而亞馬遜是全球銷售總商品價值最高的市場。根據 Hertz 的説法，這使得該公司的新亞馬遜汽車子網站成為處理其不需要庫存的 “理想合作伙伴”。</p>
<p>無論你是購車者、投資者，還是兩者兼而有之，這裏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>圖片來源：Getty Images。</p>
<h2>1. 亞馬遜是第一，Hertz 是第二</h2>
<p>首先，你應該知道亞馬遜的網站將亞馬遜汽車描述為目前僅處於 “測試” 服務階段，現代汽車是其唯一的商家，提供新舊現代汽車的購買和租賃。現代汽車在網站上的運營方式是，“來自當地經銷商” 的列表出現在亞馬遜汽車頁面上，可以在此瀏覽和支付——之後買家/租賃者前往當地經銷商處實際獲取汽車。</p>
<p>雖然尚未在網站上活躍，但 Hertz 的運營顯然將類似。</p>
<p>正如亞馬遜在其新聞稿中所解釋的，Hertz 將成為亞馬遜汽車的 “首個車隊經銷商”（因此也是其第二個經銷商）。與現代汽車一樣，瀏覽和購買將在亞馬遜網站上進行，之後買家將前往 Hertz Car Sales 地點獲取汽車。最初，達拉斯、休斯頓、洛杉磯和西雅圖的 Hertz 地點將參與該項目。如果一切順利，該項目將隨後擴展到 Hertz Car Sales 在全國的 45 個地點。</p>
<h2>2. Hertz 正在滿足消費者需求</h2>
<p>本月早些時候，Automotive Dive 的一篇文章暗示，亞馬遜汽車進入在線汽車銷售的嘗試似乎是成功的。現代汽車已經將參與該項目的城市數量從 48 個幾乎增加到 130 個，並且從僅在網站上銷售新汽車擴展到銷售二手現代汽車。尚未參與該項目的現代汽車經銷商 “對加入該平台表示了強烈興趣”。</p>
<p>現代汽車顯然不在做的事情是轉售其他公司在其經銷商處交易的汽車。根據亞馬遜汽車的總監兼總經理 Fan Jin 的説法，“所有客户的首要要求是 ‘我們能否看到更多選擇？我們能否看到更多其他品牌的汽車、其他車輛狀況、新車、二手車、認證的二手車？’</p>
<p>Hertz 可能是滿足這一要求的答案。</p>
<p>根據其網站，Hertz 租賃超過二十種不同的汽車品牌，最新報告顯示其車隊中有超過 500,000 輛汽車。由於租車公司通常只保留其汽車六到三十六個月，這意味着 Hertz 每年大約有 250,000 輛二手車待售。Hertz 似乎在滿足這一消費者需求方面處於良好位置——儘管僅限於二手車。</p>
<h2>3. Hertz 表現不佳（但亞馬遜表現良好）</h2>
<p>亞馬遜在 Hertz 找到了一個有用的合作伙伴，這很可能會在最初由現代汽車獨自開創的亞馬遜汽車網站的受歡迎程度上有所提升。當然，究竟亞馬遜將通過該網站促成多少汽車銷售仍有待觀察。目前，我們不知道 Hertz 將與亞馬遜分享什麼樣的收入。</p>
<p>因此，很難準確説出這次 “測試” 進入二手車交易對亞馬遜來説將會有多盈利（儘管我持謹慎樂觀態度）。我可以説的是，這可能不足以讓_Hertz_的股票變得值得購買。原因如下：</p>
<p>Hertz 在疫情初期遭受了巨大的損失，儘管業務在 2021 年開始回升，但公司最近遇到了低迷。根據 S&amp;P Global Market Intelligence 的數據，Hertz 在過去六個報告季度中每個季度都虧損——其中四個季度現金流為負。Hertz 還在疫情結束時揹負了大量債務，資產負債表上仍有 194 億美元的債務超過現金。</p>
<p>債務支付阻礙了公司恢復盈利的努力，而缺乏自由現金流使得償還債務變得困難。通過亞馬遜出售更多庫存，而不是在自己的網站上出售，對 Hertz 的股票不會有太大影響。</p>
<p>我對亞馬遜的前景更為樂觀。該公司顯然是這一關係中財務實力更強的公司，使其在談判中處於更有利的位置，以便為自己爭取到 Hertz 從銷售中產生的豐厚利潤。亞馬遜也已經盈利，市盈率為 33.5 倍，增長率為 16.8%。</p>
<p>亞馬遜的股票確實不便宜——但比起 Hertz 來説安全得多。</p>

HTZWW

亞馬遜

<p>Hertz Global 正在與亞馬遜合作，在 Amazon.com 上銷售二手租賃汽車，允許客户在線瀏覽、融資和購買車輛。最初，Hertz 將在部分城市運營，並計劃擴展到全國範圍。此次合作旨在滿足消費者對更廣泛車輛選擇的需求。然而，Hertz 面臨財務困境，最近幾個季度虧損，並揹負着鉅額債務，這引發了人們對這項合作對兩家公司盈利能力的擔憂</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>你是否在尋找一輛新車——我所説的 “新” 是指 “技術上是二手車，但對你來説是新的”？如果是這樣的話，你的下一次購車可能只需點擊一下 “立即購買” 按鈕即可。<strong>Hertz Global</strong>(HTZ -4.46%) 即將開始在 <strong>Amazon.com</strong>(AMZN -0.29%) 上出售一些二手租賃車。</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 上週宣佈與亞馬遜的合作，承諾讓購物者能夠 “瀏覽、融資和購買” 從 Hertz 車隊中釋放出的 “數千輛” 二手汽車。</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>當然，Hertz 已經通過其自己的 Hertz Car Sales 網站實現了在線購車。但 Hertz 表示，它希望 “在客户所在的地方與他們見面”，而亞馬遜是全球銷售總商品價值最高的市場。根據 Hertz 的説法，這使得該公司的新亞馬遜汽車子網站成為處理其不需要庫存的 “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>無論你是購車者、投資者，還是兩者兼而有之，這裏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>圖片來源：Getty Images。</p>
</div><h2>1. Amazon is No. 1. Hertz is No. 2</h2>
<div class="lb-trans"><h2>1. 亞馬遜是第一，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，你應該知道亞馬遜的網站將亞馬遜汽車描述為目前僅處於 “測試” 服務階段，現代汽車是其唯一的商家，提供新舊現代汽車的購買和租賃。現代汽車在網站上的運營方式是，“來自當地經銷商” 的列表出現在亞馬遜汽車頁面上，可以在此瀏覽和支付——之後買家/租賃者前往當地經銷商處實際獲取汽車。</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>雖然尚未在網站上活躍，但 Hertz 的運營顯然將類似。</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>正如亞馬遜在其新聞稿中所解釋的，Hertz 將成為亞馬遜汽車的 “首個車隊經銷商”（因此也是其第二個經銷商）。與現代汽車一樣，瀏覽和購買將在亞馬遜網站上進行，之後買家將前往 Hertz Car Sales 地點獲取汽車。最初，達拉斯、休斯頓、洛杉磯和西雅圖的 Hertz 地點將參與該項目。如果一切順利，該項目將隨後擴展到 Hertz Car Sales 在全國的 45 個地點。</p>
</div><h2>2. Hertz is fulfilling a consumer demand</h2>
<div class="lb-trans"><h2>2. Hertz 正在滿足消費者需求</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>本月早些時候，Automotive Dive 的一篇文章暗示，亞馬遜汽車進入在線汽車銷售的嘗試似乎是成功的。現代汽車已經將參與該項目的城市數量從 48 個幾乎增加到 130 個，並且從僅在網站上銷售新汽車擴展到銷售二手現代汽車。尚未參與該項目的現代汽車經銷商 “對加入該平台表示了強烈興趣”。</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>現代汽車顯然不在做的事情是轉售其他公司在其經銷商處交易的汽車。根據亞馬遜汽車的總監兼總經理 Fan Jin 的説法，“所有客户的首要要求是 ‘我們能否看到更多選擇？我們能否看到更多其他品牌的汽車、其他車輛狀況、新車、二手車、認證的二手車？’</p>
</div><p>Hertz could be the answer to that request.</p>
<div class="lb-trans"><p>Hertz 可能是滿足這一要求的答案。</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>根據其網站，Hertz 租賃超過二十種不同的汽車品牌，最新報告顯示其車隊中有超過 500,000 輛汽車。由於租車公司通常只保留其汽車六到三十六個月，這意味着 Hertz 每年大約有 250,000 輛二手車待售。Hertz 似乎在滿足這一消費者需求方面處於良好位置——儘管僅限於二手車。</p>
</div><h2>3. Hertz so bad (but Amazon so good)</h2>
<div class="lb-trans"><h2>3. Hertz 表現不佳（但亞馬遜表現良好）</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>亞馬遜在 Hertz 找到了一個有用的合作伙伴，這很可能會在最初由現代汽車獨自開創的亞馬遜汽車網站的受歡迎程度上有所提升。當然，究竟亞馬遜將通過該網站促成多少汽車銷售仍有待觀察。目前，我們不知道 Hertz 將與亞馬遜分享什麼樣的收入。</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，很難準確説出這次 “測試” 進入二手車交易對亞馬遜來説將會有多盈利（儘管我持謹慎樂觀態度）。我可以説的是，這可能不足以讓_Hertz_的股票變得值得購買。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損失，儘管業務在 2021 年開始回升，但公司最近遇到了低迷。根據 S&amp;P Global Market Intelligence 的數據，Hertz 在過去六個報告季度中每個季度都虧損——其中四個季度現金流為負。Hertz 還在疫情結束時揹負了大量債務，資產負債表上仍有 194 億美元的債務超過現金。</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>債務支付阻礙了公司恢復盈利的努力，而缺乏自由現金流使得償還債務變得困難。通過亞馬遜出售更多庫存，而不是在自己的網站上出售，對 Hertz 的股票不會有太大影響。</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>我對亞馬遜的前景更為樂觀。該公司顯然是這一關係中財務實力更強的公司，使其在談判中處於更有利的位置，以便為自己爭取到 Hertz 從銷售中產生的豐厚利潤。亞馬遜也已經盈利，市盈率為 33.5 倍，增長率為 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>亞馬遜的股票確實不便宜——但比起 Hertz 來説安全得多。</p>
</div>

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

- Hertz 將在亞馬遜上銷售二手租車，滿足消費者需求。  
- 亞馬遜汽車目前處於 “測試” 階段，Hertz 將成為其首個車隊經銷商。  
- Hertz 面臨財務困難，而亞馬遜則在此合作中處於更強的財務地位。

投資者需要了解的亞馬遜與 Hertz Global 新協議的三大要點