Shares of Avis Budget Group (NASDAQ: CAR) coughed and sputtered like a stalling car on Hump Day, shedding almost 6% of their price across the trading session. That was almost entirely due to the news that its archrival had secured one of the strongest sales channels in online retail. That 5%-plus decline was notably more pronounced than the S&P 500‘s (SNPINDEX: ^GSPC) modest 0.2% drop.
That rival was none other than Hertz Global Holdings, which reported that it has entered into a sales agreement with Amazon Autos. Since Amazon is a near-unavoidable monster in online retail, its vehicle marketplace is an obvious and handy destination for customers searching for new rides.
Image source: Getty Images.