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.
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