Another iconic American brand files for bankruptcy protection

UncleScoopy

Hertz is out of the driver’s seat.

Travel has ground to a standstill so Hertz can’t use their 700,000 cars for operating income, and the value of used cars has cratered so they can’t sell the fleet. The entire industry must be in similar straits. (Dollar and Thrifty are Hertz’s sister companies, so they are also included in the filing.)

5 thoughts on “Another iconic American brand files for bankruptcy protection”

  1. A little less than 20 years ago, I was watching TV in the middle of the night and came across an episode of What’s My Line from the 1950’s on the Game Show Network. I enjoyed it so much, I had my DVR record all the episodes. The show was on in prime time from 1950 to 1967. Unfortunately, the Game Show Network stopped airing their middle of the night B&W panel shows. In addition to What’s My Line, there was I’ve Got a Secret and To Tell the Truth. A few years ago, discovered Buzzr was airing these shows in the middle of the night in 40 minute blocks. The shows were 40 minutes because they kept in the original commercials. My favorites were the ones for Remington Rand’s UNIVAC computer circa 1955. What has all this to do with a rental car company? Hertz sponsored I’ve Got A Secret. Their commercials featured the slogan “Let Hertz put you in the drivers seat” and featured a man and a woman flying into car heading down the highway. A frame of one of those commercials is at the top of this story. To the best of my knowledge the commercials did NOT feature CGI made on a UNIVAC.

  2. That’s 35, 000+ people out of jobs at a bad time. Great attitude there.

    1. They may be able to reorganize and open up again once people start traveling again. But I think it’s going to be quite a while before travel reaches anywhere near the level it was last year. $14.4 Billion of their debt is secured by their vehicles. Whoever holds those security interests is probably not going to be in a hurry to foreclose and reposes those cars because the used car market is going to be flooded with vehicles reducing their value. Great bargains in the used market are going to hurt new car sales. You know, if I didn’t know better, I’d suspect our economy might be heading towards a recession.

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