Hertz Bankrupt

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Sad part of times of pushing weaker business over the cliff.

Expecting the used market to get influenced with mass dump of rentals.
 
It'll bring used car prices down for sure, But at the price of many folks are gonna be out of work


My mom worked for one of the call center many years ago, I remember she got GREAT deals on rentals lol


Dave
 
Lots of businesses will soon fail..... 50M+ folks out of work.

Just goes to show everyone how fragile our economy is and the crazy amount of debt companies have.
 
I've been Hertz Gold for over 20 years. Several hundred rentals over that time. I was on a first name basis with the counter folks in some locations.

They've always given me great service, and good cars.

I wish them the best. Employees always get hosed in bankruptcy.
 
If you are a medical professional, and put a patient into an induced coma, then you have a legal obligation to manage them through that period and try to bring them out the end.

The world is currently in an induced coma, and the people who initiated it have a duty of obligation to carry them through that period.
 
I agree that the used car market should be affected but I'm wondering if Hertz will be selling the cars or will
they be taken from them as part of the bankruptcy? I'm sure Hertz didn't pay cash for all their cars.
 
"Expecting the used market to get influenced with mass dump of rentals"

Good point. It didn't previously occur to me but I would expect pretty much EVERY car rental company to start dumping their stock of cars just to raise cash to try and survive. I'm going to be looking for a car soon so this may factor in my decision.
 
Originally Posted by gman2304
Chapter 11. Hopefully they'll be able to recover.


Right, doesn't that mean that they're NOT going out of business just yet; only reorganizing and negotiating their debt?

Sears filed CH 11 over a year ago (I'm not even sure if it was the first time) and they're still breathing (death rattle now, by all indications)
 
Originally Posted by Astro14
I've been Hertz Gold for over 20 years. Several hundred rentals over that time. I was on a first name basis with the counter folks in some locations.

They've always given me great service, and good cars.

I wish them the best. Employees always get hosed in bankruptcy.


Speaking as a technician that works next door to Hertz, 3 great friends that are auto techs for Hertz just got severances yesterday. One had been there long as me or 13 years
frown.gif


Hertz currrently is massively buying ram sprinter vans and leasing them to Amazon. Tons of their "buy back vehicles" like Ford, GM and Chrysler are being hauled away. Still seeing least 25+ tractor trailers a day loading up Hertz vehicles.

I put the theee techs onto shop where I get my car inspected and I put in good words for them. Hope they get hired
 
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Hertz was number 1 and bragged on that for years. "Next door" followed the Walmart recipe of putting stores all over and that meant small towns too. That's all we have and all I rent from - and the dealerships keep them pretty busy instead of doing loaner cars they could be selling … hand them a rent car/truck … all good.
 
Originally Posted by Shannow
The world is currently in an induced coma, and the people who initiated it have a duty of obligation to carry them through that period.

This is exactly the outcome those who initiated it were counting on so don't expect any help whatsoever. Their duty and obligation is to their agenda- not those who are sacrificed on the path to achieving it.
 
Standard accounting practice to minimise loss in a downturn and allow lean restructuring.
Nothing to be "sad" about other than the creditors being hosed.
 
Originally Posted by Mr Nice
Lots of businesses will soon fail..... 50M+ folks out of work.

Just goes to show everyone how fragile our economy is and the crazy amount of debt companies have.




Those were mostly service/support jobs. BUT quite a few white collar jobs have been getting they axe in the last couple weeks. IBM is laying off a lot of people this week and next.
 
Don't companies carry six months worth of cash as a rainy day fund? This is what they keep telling individuals to do.

Our company has an edict to shed 20 to 25% of its work force. I've already seen colleagues that have been with the company 17 years let go.
 
Originally Posted by philipp10
"Expecting the used market to get influenced with mass dump of rentals"

Good point. It didn't previously occur to me but I would expect pretty much EVERY car rental company to start dumping their stock of cars just to raise cash to try and survive. I'm going to be looking for a car soon so this may factor in my decision.


And not just this, a bunch of lease returns will flood the market as their drivers consolidate vehicles in their households as they work from home. As well as businesses that lease-- short and long-term.

Car factories taking a 2-month break will have brought demand down, but not enough. I'm not following their reopenings closely but bet they're just working one shift, enough to keep the supply chains inching along.
 
Decades ago, Avis had the saying "We're #2, we try harder."
Either Avis is the new #1, or this is just a way for Hertz to wipe off debt off their books, including pension costs.
I know car rental is way down, but I suspect Hertz will be back and they now have an advantage over their competitors.
 
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