Estero-headquartered car rental company Hertz recorded an adjusted net loss of $208 million, or $0.68 loss per diluted share, during the third quarter, according to an earnings report. The company posted a $1 billion noncash asset impairment charge during the quarter. Company officials said the size of the impairment charge was largely due to the decline in fleet residual values over the last year or so. The timing of the impairment was driven by the business’s cash flow generation over the remaining hold period, primarily impacted by its accelerated fleet rotation initiative. Quarterly revenue was down 5% to $2.58 billion, while vehicle depreciation per unit increased 89% to $537 million.