Car rental company Hertz said on Tuesday it had elected Francis Blake and Lucy Clark Dougherty to serve as directors on its board, increasing the size to 11 members from nine.

Hertz owns a fleet of more than 500,000 vehicles valued at roughly $12 billion, Ackman noted. A 10% hike in used car prices would equate to a $1.2 billion gain on its auto assets.

The remarks, part of a weekly CEO message to employees, come two days after Ackman's Pershing Square disclosed a sizable stake in Hertz — pushing shares of the car rental company to more than ...