Avis and Alphabet will team up on self-driving cars -- and Avis shares are soaring

Alphabet and Avis Budget will work together on self-driving cars, the companies announced on Monday. Alphabet's self-driving car company, Waymo, will rely on Avis to service and store its fleet of Chrysler self-driving vans, the companies said in a statement. Most of the 600 vehicles will be deployed, in part to support a pilot in Phoenix, Arizona. Shares of Avis bounced more than 18 percent immediately after the news, and were up more than 12.5 percent mid-morning. Avis competitor Hertz also saw shares spike more than 7 percent.