Aug. 1 at 12:38 AM
$CAR The earnings call was a joke. Brian Choi, the new CEO, starts off by saying that there's no reason to go into discussion around the numbers. Instead he focused on Waymo and Avis First. After his comments and Q&A session it was very evident that his "transformation" plan does nothing to change the profits of the company. Waymo lacks any real revenue structure. It does not come online until 2026. Avis First might offer an elevated customer experience but the additional labor required to have a concierge meet you curbside on pickup and drop off is unknown. He makes a ton of pie in the sky comments but it's clear he has NEVER ran a business in his entire career. He was merely a partner at SRS, who owns 49% of CAR. Why they would put him in charge makes zero sense and it's obvious by the end of the call. He even goes so far as to say the company is a cashflow machine. Really? Apparently he missed the fact that they lost over
$50/share last year and another
$15/share through Q2 of 25.
