SEASONALITY
Our car rental business is subject to seasonal variations in customer demand patterns, with the spring and
summer vacation periods representing our peak seasons. Our truck rental operations also experience higher
levels of demand during the late spring and summer months when most self-moves occur, with the third quarter
typically being our busiest quarter. Generally, however, December is also a strong month for our truck rental
operations due to increased retail sales activity and package deliveries. Our Zipcar operations are also subject to
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seasonality due to increased usage during the summer months and holidays. We vary our fleet size over the
course of the year to help manage any seasonal variations in demand, as well as localized changes in demand.