Hertz's Oro Mobility Raises $80M for Fleet Growth

Hertz says its fleet business Oro Mobility has secured an $80 million strategic equity investment, setting it up as a standalone company that manages cars for ride-hail drivers and autonomous vehicle operators. In a release on 20 October 2026, Hertz said the money comes from a consortium of investors “including Cohen Private Ventures and certain funds or accounts affiliated with each of Certares Opportunities LLC and/or Knighthead Capital Management”.

Hertz will keep majority economic ownership. No valuation was disclosed. The deal is a bet that as robotaxis spread, someone will need to own, finance and maintain the cars, and that a rental company is well placed to do it.

In brief

Hertz-backed Oro Mobility has secured an $80m strategic equity investment from a consortium including Andrew B. Cohen’s Cohen Private Ventures.
Oro operates “approximately 45,000 vehicles across every major U.S. mobility market”, Hertz says, across rideshare rentals and driver-led and autonomous fleet management.
Hertz retains majority economic ownership; no valuation was given.

What Oro does

Hertz describes Oro as “the ownership, orchestration and operations layer” that connects vehicles, technology providers and consumer demand. It runs three business lines: rideshare rentals, driver-led fleet management and autonomous vehicle fleet management. Hertz says Oro partners with leading mobility companies, but the release names none of them.

The new capital will support expansion of Oro’s fleet, operational infrastructure, technology, talent and partnerships, according to the release. Hertz will remain Oro’s fleet and corporate services partner, so it can share in Oro’s growth while Oro uses Hertz’s operations and scale.

The investors

Cohen Private Ventures leads the named investors. “We believe Oro has established a differentiated position in a growing and dynamic mobility market,” said Andrew B. Cohen, the firm’s chief investment officer and co-founder. Funds affiliated with Certares and Knighthead are also part of the consortium. The release gives no breakdown of how much each investor put in.

What the executives say

“As ride-hail demand expands, autonomous vehicle deployments accelerate and consumers increasingly choose mobility services over personal car ownership, demand is growing for purpose-built operators like Oro,” said Gil West, Hertz’s chief executive and Oro’s executive chairman.

Doria Holbrook, Oro’s chief executive, said: “The future of mobility will be powered by professionally managed fleets.” She added that there will be growing demand for companies that can “own, finance, operate and maintain vehicles at scale while delivering safe, reliable service.”

Our read

Robotaxi companies would rather write software than run depots, and Oro is pitching itself as the company that keeps the cars clean, charged and on the road. Spinning it out with outside money lets Hertz show value in that idea without carrying all the cost. But with no valuation, no named partners and no split between driver and autonomous fleets, it is hard to judge how much of Oro’s 45,000 vehicles are tied to the robotaxi future.