Sam Boughedda

Investing.com — After receiving an order of 100,000 Tesla’s Hertz Global Holdings Inc. (OTC) secured an exclusive agreement to sell electric cars to Uber drivers (NYSE:). It has also enlisted the assistance of Carvana Co (NYSE: ) will sell its old rental cars

These deals are a major shift in pace of the adoption and will help boost an already struggling business. It is currently under the management of private equity owners and hedge funds, and they are looking to transform this market.

Uber and Hertz will offer drivers the opportunity to rent Tesla’s starting November 1, through Hertz’s program for rental in Los Angeles, San Francisco, San Diego, Washington, D.C., with further expansion expected in the weeks ahead.

Uber’s announcement stated that they believe it will prove to be a win for renters: an opportunity to increase earnings as well as reduce the environmental footprint. 

In regards to Carvana, the two companies are partnering nationally – following a pilot – to allow Hertz to use Carvana’s online transaction technology and logistics network to sell its unwanted rental vehicles.

The company purchased 100,000 Teslas and is now looking to modernize its fleet to be more competitive in the electric car market. Tesla’s value has increased to $1 trillion thanks to the Monday $4.2 Billion order.

“This is another step toward the new Hertz – combining our brand strength and global fleet expertise with new technology and innovations to chart a dynamic, new course for the future of travel, mobility and the auto industry,” said Mark Fields, Hertz interim CEO.