updated 2/9/2009 2:08:01 PM ET 2009-02-09T19:08:01

Rental car company Hertz Global Holdings Inc. said Monday that it has hiked retail prices at airport locations in North America.

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The company said that retail car rental rates have been increased by $5 a day and $30 a week. It said its negotiated contract rates are not affected.

Hertz said it has cut more than $500 million of costs over the past two years. But, it said it still needs the price increases to help overcome a difficult operating environment with higher vehicle depreciation costs, including lower used car values, and inflation in other key areas such as vehicle maintenance and repair.

Hertz serves all major airports in North America.

Last month, the company said it would slash its work force by an additional 4,000 jobs worldwide as it further cuts costs to contend with deteriorating demand and vehicle values. The company eliminated 1,400 employees this past fall.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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