Hertz files for bankruptcy

lancpudn

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The car rental giant Hertz has filed for bankruptcy following the global travel restrictions. https://www.motor1.com/news/424902/hertz-bankruptcy-coronavirus-pandemic-crisis/
The travel industry are really suffering from the Covid-19 pandemic lockdown.
There are numerous cruise liners anchored in Weymouth bay off the Dorset coast here in the UK as well as well as dozens more of them anchored around the Caribbean with 57000 staff still onboard :shock:


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rogue3

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Aren't bankruptcies just a front for new start-up companies?

...all i'm getting from this,is,everything will be a lot more expensive in the new world...as will the profit margins.Discounts will be less common for a while.

thank-you sir.and your covid surcharge is 18%... :rofl:
 

SteveC

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That sucks. It was an eventuality, however. Uber/Lyft/etc. had already decimated the car rental business. They were on life support for a while; this mess just pulled the plug on them.

It's hard to remember the last time I rented a car on business. The last five years of my business travel were 100% ride share/taxi. I so hated the "bus" to/from the lot, looking for a place to park, dealing with the bad weather, getting gas, yadda-yadda.

I was something like "Lifetime Unobtainium Status" with both Hertz and Avis, too.

End of an era.


Oh, the airlines? Zero sympathy for those cocksuckers. Those greedy bastards deserve everything they get. Maybe this will force them to bring back civilized air travel again, and stop the cattle-car, warehousing, everything-for-a-fee model.

The employees, however, do not deserve this. I feel horrible for them.
 

rogue3

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Oh, the airlines? Zero sympathy for those cocksuckers. Those greedy bastards deserve everything they get. Maybe this will force them to bring back civilized air travel again, and stop the cattle-car, warehousing, everything-for-a-fee model.
one word needed here...regulation.

The airlines inadvertently spread this.And imperilled their employees . Now they have to answer the call to a much higher standard.Enforcement with teeth,they did not do it on their own previously...and they won't unless someone is carrying a big stick.
 

JTM45

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I hate seeing that, I don’t use them much but it still sucks to see the virus ravage different industries. The new normal will be a fairly simple life for many I guess
 

MikeyTheCat

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The auto industry will take a big hit with the loss of fleet sales/leasing. This will likely also have an effect on companies like CarMax which get some of their used vehicles from fleets.
 
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SteveC

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The auto industry will take a big hit with the loss of fleet sales/leasing. This will likely also have an effect on companies like CarMax which get some of their used vehicles from fleets.
Great point, man. The entire ecosystem of automobiles will get a KITN as this propagates.

Way back when we first got married, my wife owned a used car business (wholesale) with a few friends. They would scoop up the Enterpirse, Hertz and Budget rentals (by the thousands) and take them to auction & flip them. They'd make between $1,000 - $3,000 per vehicle, after transportation, fees, taxes, etc.

The car companies got wise to this and they killed the golden goose. They tried reselling them on their own, and as is usually always the case when a company tries to do something outside of their core competency, they failed miserably.

By that time, everyone in wholesale had moved on to lease turn-ins, and were no longer interested. I think the only one who made any kind of success was Enterprise. Last I heard, Hertz was actually paying to have their cars decommissioned. Fucking idiots!

Once again - greed ruined something that was a win-win. It's too bad that the employees always end up on the short end of corporate failure. But, that's the nature of the game.
 

dsmcl77

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I hate seeing that, I don’t use them much but it still sucks to see the virus ravage different industries. The new normal will be a fairly simple life for many I guess
The virus does not ravage industries, but kills people of old age or with chronic illnesses like me.
 

Fracture

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i suppose you could get it wrapped or painted. wouldn't want the douche car from Silicon Valley.
might be a good LTI, with the end of internal combustion engines and the big shift
in the industry
remember the rent a racer program ?
 


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