The trend toward SUVs and pickup trucks was clear. But car rental giant Hertz went the opposite way — and it helped spur their demise., which came down the line on May 22, Hertz made a variety of "strategic missteps" in managing its fleet and finances. Losing cash, Hertz struggled to challenge traditional rivals like Enterprise, and emerging ones like Uber.
The coronavirus pandemic was ultimately the final straw for the 102-year-old car rental giant. Three years before that, Hertz's leadership team quietly erred in replacing an aging fleet with vehicles that no longer appealed to customers. In the early to mid-2010s, then-CEO Mark Frissora decided to keep a fleet of rental cars that were nearing their end. These cars were placed in Hertz's low-cost fleets, but analystsBy 2017, incoming CEO Kathryn Marinello, who left the company earlier this month, deemed it was necessary to get rid of the detested cars. As The Journal reported, Hertz had already racked up $13.5 billion in debt.
Sedans were cheap and available, so Hertz scooped them up to replace the old fleet. But customers wanted — and still want — SUVs and trucks. That's what competitors Avis and Enterprise, which was free of the massive debt burden, offered in larger quantities to Americans, analysts and former Hertz executives told the Journal. . "We were solving the biggest problem, but not solving all the problems.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inside the Boeing Business Jet 787 Dreamliner's most luxurious designs - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. 1929 much? GTFOOH
Source: BusinessInsider - 🏆 729. / 51 Read more »
Hertz discounted Chevrolet Corvettes gone after declaring bankruptcy - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Did Jared buy them all? Wasn’t widely advertised
Source: BusinessInsider - 🏆 729. / 51 Read more »
The Internet of Medical Things report - Business Insider - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Melania Trump ignores her own advice to Americans to wear face masks - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Masks are not needed when you can properly social distance Now do fauci who told everyone they don’t need to wear masks It's not necessary
Source: BusinessInsider - 🏆 729. / 51 Read more »
American couple stuck in Kuwait lockdown without access to food, water - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. 'We would love to be able to go back to New York, we would love to,' Linda Camaj said. 'But we don't have $10,000.' The US Embassy has been unable to help, and the couple now plans to travel to Europe before figuring out a way home.
Source: BusinessInsider - 🏆 729. / 51 Read more »
5 stats show financial devastation of coronavirus for average Americans - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. Yet the stock market continues to act like nothing happened
Source: BusinessInsider - 🏆 729. / 51 Read more »