Hertz

[CCC 31]

https://www.theguardian.com/business/2020/may/23/car-rental-firm-hertz-files-for-bankruptcy-protection-in-us
 

No mention of Uk numbers but I’m guessing some of the 30,000 cars per month they will be selling off will be in the UK? 

[New year revolutions...... 197]

they have £92 million in the bank,what they are doing is protecting their assets by filing for chapter 11 this means their assetts are all secured from a creditor trying to wind them up,its the best thing they cane do in these uncertain times but I note the paperwork they submitted was short on ink and there was definitely a scrape on the bottom of page 3 that wasnt there when they originally got the paperwork

[Halfpenny 114]

The bankruptcy affects only the US and Canada operations. They have the best part of $20bn of debts!

Their international operations are seperate and not affect so the 30k vehicles a month are US only.

US car rental companies tend to buy cars outright and then dispose of them themselves. UK rental companies generally use buyback agreements with the manufacturers.

Europcar and Sixt have already had bailouts (France and Germany, respectively) but expect to see a lot of rentals coming onto the market in any case. Almost nobody is renting cars at the moment.

Edited May 24, 2020 by Halfpenny

[Nevillec 11]

I had a Europcar  rental car  delivered to me last week,  the driver said  they had a   branch at Heathrow airport   and on an average day at Heathrow they rent out  400 vehicles...pre  covid 19...

...last week they averaged  40 per day!

There will probably be a lot of ex rental cars on the market soon,  if those figures or anything to go buy

[Scooby who 41]

They are selling off their stock in Southern Ireland too. Have set up an online platform to sell their stock direct to the public at well below dealer pricing. Full finance available with warranty's being backed up by main dealers apparently.