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Hertz files for U.S. bankruptcy protection

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gdale6
Moderator Emeritus

Hertz files for U.S. bankruptcy protection

A large portion of Hertz’s revenue comes from car rentals at airports, which have all but evaporated as potential customers eschew plane travel.

 

https://www.cnbc.com/2020/05/23/hertz-files-for-us-bankruptcy-protection-as-car-rentals-evaporate-in...

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Anonymous
Not applicable

Re: Hertz files for U.S. bankruptcy protection

Wow, i wouldn't have seen that coming. But then again it makes sense if a large portion of revenue is generated by air travel.

 

I actualy had thought of them recently, and was thinking it would be nice if i had the choice between Enterprise an another Rental company.

Being as we only have Enterprise, they charge astronomical prices to rent locally compared to what they rent elsewhere with competition.

 

Message 2 of 5
DaveInAZ
Senior Contributor

Re: Hertz files for U.S. bankruptcy protection

I didn't realize Hertz also owned Dollar and Thrifty car rentals. Back when I did alot of business travel by air I much preferred Dollar, they were a much better value. And the CNBC article mention Hertz plans to sell around 30,000 cars a month through the end of the year to raise $$$. I read another article that the car makers are concerned about this - there's a huge inventory of new cars waiting to be sold as car dealers reopen. Looks like this summer will be a good time to buy a new(er) car, and interest rates are a really great deal. 

 

I bought a 2013 used rental car from Hertz Car Sales in 2015 and it was a pretty good experience. Did it all online and arranged my financing through my local credit union, no pressure from a salesman, no "let me run your credit and see if I can get you a better deal". 

Message 3 of 5
Revelate
Moderator Emeritus

Re: Hertz files for U.S. bankruptcy protection


@DaveInAZ wrote:

I didn't realize Hertz also owned

Dollar and Thrifty car rentals. Back when I did alot of business travel by air I much preferred Dollar, they were a much better value. And the CNBC article mention Hertz plans to sell around 30,000 cars a month through the end of the year to raise $$$. I read another article that the car makers are concerned about this - there's a huge inventory of new cars waiting to be sold as car dealers reopen. Looks like this summer will be a good time to buy a new(er) car, and interest rates are a really great deal. 


Car makers should be concerned anyway.  There will be some set (measured in the millions) that will be WFH permanently.

 

I didn't see this coming even in my own life and I have built remote access solutions for dozens of companies over the years; anyway, purchased the Tesla and bleh, absolutely lovely car but it wasn't a good use of money at all and the current ~10K miles in the last 18 months includes a trip across the desert and a lot more driving than usual in Houston to get established.  As of yesterday I realized I have literally everything I needed to go all isolation again just as easily as I had in LA if necessary.  

This may well be the last car I ever own, well probably there will be one more eventually as we are talking 30+ years, and I can't be the only one looking at downsizing or at least not refreshing a working vehicle even in places that traditionally have bad walkscores.

 

New cars almost always fell under conspicuous consumption in many places... and now with a bunch of people no longer having the commutes or workplace, I suspect new cars will be something of a luxury for a lot of people that traditionally bought them.




        
Message 4 of 5
jamie123
Valued Contributor

Re: Hertz files for U.S. bankruptcy protection

Hertz is just the first car rental company to go under. I can imagine the other companies aren't far behind.

 

I mean...How many of you guys just can't wait to put your family on a jet and take them to Disney World?


 


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