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A large portion of Hertz’s revenue comes from car rentals at airports, which have all but evaporated as potential customers eschew plane travel.
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.
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 $$$. I read another article that the car makers are concerned about this - there's a huge inventory of new cars waiting to be sold as car dealers reopen. Looks like this summer will be a good time to buy a new(er) car, and interest rates are a really great deal.
I bought a 2013 used rental car from Hertz Car Sales in 2015 and it was a pretty good experience. Did it all online and arranged my financing through my local credit union, no pressure from a salesman, no "let me run your credit and see if I can get you a better deal".
@DaveInAZ wrote:I didn't realize Hertz also owned
Dollar and Thrifty car rentals. Back when I did alot of business travel by air I much preferred Dollar, they were a much better value. And the CNBC article mention Hertz plans to sell around 30,000 cars a month through the end of the year to raise $$$. 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.
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?