Russell, who took over at Eclipx earlier this year, has been focused on reducing the business and refocusing by sell non-core assets.
The crowded statement was made recently while discussing that the six major companies were far too many for a market of around 25 million consumers.
"Clearly six players seem like a crowded marketplace,'' Mr. Russell said. "Usually you have two or three players in any given market."
Ecliipx recently announced a loss of around $340 million in the past year which is compared to the net profit of $53 million from just a year earlier.
Before Russell took over at the company, Eclipx was preparing for two different deals that never solidified. Rival company McMillan Shakespeare and Eclipx had announced a potential merger toward the end of 2018, but it was canceled six months later after Eclipx's financials started to flounder. In August of 2018, Eclipx turned down an offer from SG Fleet as apart of a deal to rationalize the industry.
Previously to joining the company, Russell was an investment banker at USB and was formerly an adviser for Eclipx.
Russell said that the company is still undergoing a process of fixing its operations.