Hertz Global Holdings Inc. announced a 4% increase in revenue for the second quarter of 2022, reaching $2.4 billion. Despite facing challenges with lower used-vehicle prices in the U.S., the company managed to maintain steady growth.

Net income for the quarter dropped 56% to $227 million compared to the same period last year when used-car prices and rental prices were at record highs. Adjusted earnings per share were 72 cents, down from $1.22 a year ago.

Although depreciation costs nearly tripled to $195 per car per month, Hertz saw an increase in travel demand, resulting in more transactions and higher car rental rates.

Rental companies and car dealers have been grappling with a decline in the used car market, which has experienced a significant drop in prices. Hertz has been focused on maximizing car rentals to mitigate the impact of lower car values.

Hertz CEO Stephen Scherr emphasized the company’s efforts to optimize fleet utilization, stating that they are running their fleet efficiently and achieving a high rental rate. During the second quarter, Hertz had an average of 82% of its fleet rented out, and Scherr expects this rate to increase to around 90% with the recovery in travel demand.

Hertz’s stock price fell 7.5% following the announcement. However, Scherr remains optimistic about future recovery, citing the return of corporate and international travel to pre-pandemic levels as opportunities for further growth.