During normal times rental car companies account for 10% or more of US new car sales -- an estimated 1.7 million to 1.9 million cars purchases last year. But these are not normal times. Far from it.But rental car companies get two-thirds of their revenue from airport locations. With flying down 94% in April and May, according to data of people passing through TSA checkpoints, there are far fewer people needing to rent cars.
He said it's tough to know how deep the cuts will be.Hertz said it has sold 41,000 cars from its US fleet and another 13,000 cars in Europe in early March, but that the halting of used car auctions and closure of many used and new car dealerships essentially brought sales to a halt. The difficulty in continuing to sell cars is one of the reasons it cited as the cause of its bankruptcy filing. Avis Budget said it already cut its US fleet by 35,000 in the first half of March.
gets giddy about America struggling
If the Media hadn't only read the world into the shutdown, Economic Fall Out & required bail outs/near no one/even airline companys can't afford/the World would've continued/Corona would've been vaccinated at earliest time that it appeared in each country & Media could've walked.
Perhaps if Congress gave more disposable income to those who have the least they would rent cars so they could participate in more recreation, more shopping, etc. There a lot of people without cars were stranded right now. Thanks to Congress they have no money.
Wouldn't have to struggle if you nutjobs end the lockdown
Who is to blame for COVID19
LOCKDOWNS TILL 2022!!!
It’s never been a sustainable industry. No wonder why it’s experiencing bankruptcy.
abdallahcnn Another fallout of the Dem pandemic shutdown.
Last time I checked rental car companies are bloated and overpriced, what did they do with their profits? Let them fail
SOMEBODY NEEDS TO HAVE A HUGE SALE.
Thanks to you idiots propagating fear.
All these years the environmentalists kept attacking the fossil fuel industry and got nowhere. Now that global carbon emissions is way down they should all be happy and stop attacking the fossil fuel companies.
Maybe I can buy a cheap car off them
They need to sell the cars they have made some money on and take a partial loss on. I know they already sell rentals but increase those sales with great prices. I have already have bought 2 great cars from them over a dealership because of great prices.
Thanks to the Left's fear mongering and total policization of the coronavirus... WalkAway TakeTheRedPill IT WORKS
Simply put. . start selling off the fleet . . downsize and restart.
You mean in trouble like most companies? Yes they are. only a small % will be in a good spot during covid.
Ohh I never know Americans rented cars
So many news worthy events this week and this is what you find to be important?
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Source: BusinessInsider - 🏆 729. / 51 Read more »