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Hertz Just Filed Bankruptcy Login/Join 
Dances With
Tornados
posted
This is no big surprise, Hertz has had a large presence in OKC for operations centers and they've dumped a lot of real estate and buildings here.

I've had several friends get laid off in the last couple of weeks from Hertz.

Link to story
 
Posts: 8693 | Registered: October 26, 2009Reply With QuoteReport This Post
come and take it
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People keep talking about small business getting hurt. Many big businesses are going to go under also.

I am fairly sure OKC is going to take another huge soon, I expect Chesapeake Enegy will file for bankruptcy.




I have a few SIGs.
 
Posts: 1590 | Location: Texan north of the Red River | Registered: November 05, 2003Reply With QuoteReport This Post
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Picture of ridewv
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OKC?


No car is as much fun to drive, as any motorcycle is to ride.
 
Posts: 5158 | Location: Northern WV | Registered: January 17, 2005Reply With QuoteReport This Post
Dances With
Tornados
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^^^^^ Oklahoma City is OKC ^^^^^

And regarding Chesapeake, I'm surprised bankruptcy hasn't happened yet.
 
Posts: 8693 | Registered: October 26, 2009Reply With QuoteReport This Post
Knowing is Half the Battle
Picture of Scuba Steve Sig
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I used to work for Enterprise after I graduated undergrad. They are also taking a huge hit too. What do you do with cars not being rented and you have to downsize? Sell them. Problem is, nobody is buying cars either. Selling a depreciated asset isn't going to generate the income stream needed to support a business like that.
 
Posts: 2086 | Location: Iowa by way of Missouri | Registered: July 18, 2002Reply With QuoteReport This Post
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Say good bye to the used car market for the foreseeable future. When you completely flood the used car market with thousands of rental cars and SUV's, it should push the value for all used cars and SUV's into the toilet. That's 'once' the market starts to recover. Upside I guess is 'if' you have any money to spend, you should be able to buy a nice car really cheap.


-----------------------------
Guns are awesome because they shoot solid lead freedom. Every man should have several guns. And several dogs, because a man with a cat is a woman. Kurt Schlichter
 
Posts: 29858 | Location: Orlando, FL | Registered: April 30, 2006Reply With QuoteReport This Post
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I have 2017 and 2018 Subarus. Between the 2, we have driven 106 miles since March 12. I won't need a new car for a looooong time, and I'm eyeing a 2020 Vette for that occasion.


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Posts: 3472 | Location: Colorado | Registered: August 24, 2008Reply With QuoteReport This Post
Get my pies
outta the oven!

Picture of PASig
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No one is traveling, no one is renting cars.

The huge parking lots outside of Philadelphia’s sports stadiums are filled with rental cars from these companies right now.


 
Posts: 26629 | Location: Pennsylvania | Registered: November 12, 2007Reply With QuoteReport This Post
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Picture of sourdough44
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You can just imagine the fixed costs, insurance, titles, registration and the rest. Not to mention the usual expense with buildings, employees and infrastructure.
 
Posts: 4141 | Location: WI | Registered: February 29, 2012Reply With QuoteReport This Post
I Am The Walrus
posted Hide Post
quote:
Originally posted by bigdeal:
Say good bye to the used car market for the foreseeable future. When you completely flood the used car market with thousands of rental cars and SUV's, it should push the value for all used cars and SUV's into the toilet. That's 'once' the market starts to recover. Upside I guess is 'if' you have any money to spend, you should be able to buy a nice car really cheap.


I would also say this has a domino affect on the new car market. If people are seeing great deals on used cars, what's the incentive to pay thousands more for a new car? I mean, there are many out there who want new but is it worth thousands more? I always tell people don't be afraid of mileage/driving on a car, that's what it's meant to do. "Oh it has 50,000 miles!" Yes but most modern cars will drive to 150,000 miles these days (unless it's a Dodge... Big Grin) so I wouldn't worry about miles.

I picked up a 2018 Honda Civic EX for $15k a couple months ago with 24k miles. Bought it in Alabama and they delivered it. This is to replace my 2003 Honda Civic base model with 205k miles. 2003 still runs but is getting a little rough and it's been my work car for the past 2 years.


_____________

Edmond
 
Posts: 10687 | Location: Central Florida | Registered: March 12, 2005Reply With QuoteReport This Post
His diet consists of black
coffee, and sarcasm.
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Bankruptcy doesn't necessarily mean going out of business. A Chapter 11 bankruptcy allows them to still operate, which is mentioned in the article under the "key facts." At least for the time being. How long that will last is another question.
 
Posts: 23661 | Location: Johnson City/Elizabethton, TN | Registered: April 28, 2012Reply With QuoteReport This Post
Happily Retired
Picture of Bassamatic
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Yeah, hard to say but this could a move to keep creditors off their back until they can restructure their debt. I would hate to see them totally go under. Gosh, they have been around a long time. Frown



.....never marry a woman who is mean to your waitress.
 
Posts: 3842 | Location: Lake of the Ozarks, MO. | Registered: September 05, 2005Reply With QuoteReport This Post
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Picture of Wishbone
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quote:
Originally posted by PASig:
No one is traveling, no one is renting cars.

The huge parking lots outside of Philadelphia’s sports stadiums are filled with rental cars from these companies right now.


This and Uber and Lyft were killing them already.
 
Posts: 877 | Location: Oklahoma | Registered: November 23, 2005Reply With QuoteReport This Post
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Probably my fault.... I've used Hertz at least once a year for the last 5 or 10 years...

this past Fall wife and I did a two week trip around South Dakota.... car was rented from Hertz.. during that trip there was a hail storm that did some minor damage to the car... few dings in the hood which you could see if you squatted down at just the right angle with the sun in the right place... got a big thick letter from Hertz a few weeks later... they wanted $15,000 to fix......
 
Posts: 1648 | Location: Greenville, SC | Registered: January 30, 2017Reply With QuoteReport This Post
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The ripple effects of the shutdowns will take a couple of months to trickle down so they're just starting.

Plus the Uber effect. We went through about 12 millennials at work last year and I remember 1 asking the other- "Do you drive?". These guys were in their late 20's and he wasn't asking if the other millennial had a car- He was asking if he had a drivers license.


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Posts: 12281 | Location: Bottom of Lake Washington | Registered: March 06, 2007Reply With QuoteReport This Post
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I have to rent for travel for work. My normal Enterprise is currently closed and they don’t know when it will reopen. Aside from the implications for the rental business (they’ve furloughed a bunch of workers), I have to drive twice as far to get a rental, which is usually twice a week.
 
Posts: 1911 | Location: St. Louis | Registered: January 28, 2006Reply With QuoteReport This Post
Tinker Sailor Soldier Pie
Picture of Balzé Halzé
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I have President's Circle status with Hertz. They are my preferred car rental joint. I hope they are able to restructure and keep going. I've been happy with them.


~Alan

Acta Non Verba
NRA Life Member (Patron)
God, Family, Guns, Country

"My guns are always loaded."
~R.G. Justified

What whiskey will not cure, there is no cure.
 
Posts: 24217 | Location: Ski Town, Utah | Registered: October 29, 2012Reply With QuoteReport This Post
Striker in waiting
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I certainly hope they bounce back. Hertz is far and away my favorite rental company.

-Rob




I predict that there will be many suggestions and statements about the law made here, and some of them will be spectacularly wrong. - jhe888

A=A
 
Posts: 15376 | Location: Maryland, AA Co. | Registered: March 16, 2006Reply With QuoteReport This Post
Tinker Sailor Soldier Pie
Picture of Balzé Halzé
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quote:
Originally posted by BurtonRW:
I certainly hope they bounce back. Hertz is far and away my favorite rental company.

-Rob


Yup. Once I started using Hertz, I never again looked at another rental company.


~Alan

Acta Non Verba
NRA Life Member (Patron)
God, Family, Guns, Country

"My guns are always loaded."
~R.G. Justified

What whiskey will not cure, there is no cure.
 
Posts: 24217 | Location: Ski Town, Utah | Registered: October 29, 2012Reply With QuoteReport This Post
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Picture of valkyrie1
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Been using them since the late 70's.For the most part they've been pretty good except for getting the right car at HLE locations...Can't really complain thou.
 
Posts: 1924 | Location: Florida | Registered: March 01, 2012Reply With QuoteReport This Post
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