Weeks after filing for Chapter 11 bankruptcy protection on May 22, car rental company Hertz is selling vehicles in its fleet at discount prices. As…
Weeks after filing for Chapter 11 bankruptcy protection on May 22, car rental company Hertz is selling vehicles in its fleet at discount prices.
As of Saturday morning, Hertz had thousands of used cars available on its website HertzCarSales.com. The volume of cars for sale in an area depends on the location used in the search and vehicles are delivered free up to 75 miles.
The coronavirus pandemic has forced several companies strained prior to the crisis to file for bankruptcy to try to survive. J. C. Penney, Neiman Marcus, Tuesday Morning are among the chains that filed for bankruptcy since the start of the pandemic. Hertz competitor Advantage Rent A Car filed for court protection from its creditors May 26.
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Hertz’s current fleet consists of roughly 700,000 rental cars, which have greatly diminished in value due to a sharp drop in used car prices caused by a free fall in auto sales stemming from the pandemic.
