Hertz Rental Car Agency files. for bankruptcy

[HipChick]

Link to tweet

[napi21]

1. WOW! I'd never have thought THEY would be gone. They've been around forever! Back when I was

traveling for business, they were always thought of as the best. I feel bad that another icon could disappear.

[HipChick]

2. Travel down 95%...

Business folks not on the road either...it trickles down..

[Wellstone ruled]

3. A story locally on Hertz.

They offered their rental fleet of 50 yellow Corvettes up for sale as of Monday PM. This was to raise money to make payroll and other expenses.

[napi21]

4. I have to blme this partly on Hertz. A co. that old, experienced, and respected SHOULD HAVE had a

cash reserve to cover a lot of this. i realize their business has fallen off the cliff, but that also means they wouldn't need the staff they had when it was good.

[Hermit-The-Prog]

15. Blame it on the Grotesque Orange Pustule for mishandling the pandemic response

We could've gone through a short, painful blip in the economy if not for the moron-in-chief. Instead, we will have a huge canyon to slog through.

[sinkingfeeling]

5. When I travelled about 45 weeks a year, the entire corporation used

Hertz exclusively.

[HipChick]

7. Yup..me too..even with corporate rate

Their prices were always higher than everyone else...

[Baclava]

6. There should be HUGE sale of their used cars, newer ones with low miles, i will look

[Tink41]

8. So Sad

Boo Hoo! I think us peons are advised to have a 6-9 month emergency fund. Guess they didn't plan ahead.

[USALiberal]

10. Most Americans don't have 6 months, how kind of you. Nt

[Tink41]

12. Sarcasm!

As in should us plebes really feel sorry about this corporate entity going under? When being constantly harped at to have an emergency fund when most Americans don't have wages to do so?

[crickets]

9. That's a shame. I saw the Corvette sale and wondered.

This is just the beginning. Expect more familiar names to appear soon, because the disconnected stock market can only hide the real damage for so long before reality just won't stay hidden any more.

[Wellstone ruled]

11. Most of the Rental Operators

rely on forward Financing with Customer Revenue as Collateral as a repayment source to cover their Financing. Understand from a Dealer source,the margins are razor thin and any disruption can be terminal.

[Xolodno]

13. I have a reservation with them in August...

...told my wife, well, its going to be enterprise or our own car if they go under.

[uponit7771]

14. This is strange, the Feds say they're going to buy junk bond ETF's so everyone's debt is backed by

... the US reserves.

Why declare bankruptcy vs get some money from the feds?

Is it because J Powell freakin lied?!?!