"While all travel-related companies have been hurt by the pandemic, a big factor for Hertz is its strategy of owning or leasing a large portion of its fleet outright instead of acquiring them through buyback agreements with manufacturers."

https://www.bloomberg.com/news/articles/2020-05-25/hertz-say...

Enterprise is privately owned and I was told they were debt free when I worked there. Enterprise Fleet (i.e. company cars) has different debt covenants.

They were able to better manage their fleets. They also didn't increase their pricing like Hertz did when their debt was spiraling out of control which allowed them to take a lot of Hertz business.

You can see my three bullet points on the previous response on how they mismanaged their fleet.