Rental car company Hertz recently announced it's teaming up with Liberty Tire Recycling to save up to 160,000 tires annually.

The two companies will work together for a new program that is part of Hertz's new zero-landfill policy for its new tires, which will allow tires to be reprocessed by Liberty and go into use as shredded mulch, playground and public park surface, composite railroad ties and rubberized asphalt.

This is just one of the several programs that Hertz has organized to achieve sustainability. Other efforts include utilizing car wash water and motor oil for recycling purposes. Hertz has gathered information that shows 80 percent of the car wash water consumed is recycled and some 650,000 gallons of motor oil was recycled last year.

Used car price to increase
While Hertz and Liberty Tire Recycling are teaming up, the auto industry is dealing with the aftermath of Hurricane Sandy, which recently ripped through the east coast and caused billions of dollars in damage.

According to EQECAT, insured losses for the storm could total between $10-$20 billion. With used car prices increasing, more Americans might look into purchasing a new car, which might have a better performance than an older vehicle.

Hurricane Katrina occurred in 2005 and caused around $46.5 billion in insured losses and equaled a total loss of $145 billion, according to the AIR Worldwide and the National Oceanic and Atmospheric Administration.

"Current estimates for insured and total losses place Hurricane Sandy on average at about one-third of the cost of Hurricane Katrina," Banks added. "The destruction wrought by Hurricane Sandy was most severe in New York and New Jersey, and supply and demand disruptions will be especially severe in these states."

The National Automobile Dealers Association recently announced that it would donate $1 million to jump-start fundraising for relief efforts.

"It's wonderful that NADA is leading by example," said Bob Mallon, chairman of the NADA Foundation. "We want to be in a strong position to provide timely assistance to dealership employees as they work through the long process of recovery. We now need to reach out to dealers everywhere to join in the relief campaign."