After posting losses in the early quarters of the pandemic, rental car businesses are more than making up for it. Both Hertz and Avis Budget have seen profitability skyrocket above pre-COVID levels, when measured on an LTM EBITDA per vehicle basis. Downsized fleets and a rapidly recovering economy have driven the rebound. After reaching pre-COVID levels of around ~$1,000 in annual cash flow per vehicle, both companies are now generating north of $4,000 per vehicle in cash flow over the last 12 months.