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Automakers In Chaos As Broke Rental Car Companies Stop Placing Orders For Vehicles

 
Happy in Nature
the earth laughs in flowers

User ID: 77553547
Costa Rica
05/08/2020 07:28 AM

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Automakers In Chaos As Broke Rental Car Companies Stop Placing Orders For Vehicles
"Automakers are about the feel the brunt of the chaos in the rental car industry, as both Hertz and Avis have put stops on purchases and, in some cases, re-directed purchases they've already made to additional parking lots, according to Bloomberg."

...

The companies have cancelled "all orders of GM vehicles for May, June and into July".

This has left GM and Hyundai taking back cars that it had agreed to sell to Hertz, Avis and Enterprise. Last month, Fiat underwent efforts to try and redirect almost 30,000 vehicles these companies had purchased, but was unable to transfer them.

The chaos continued this month when Avis had to sell $500 million in junk bonds and Hertz was granted a last-minute concession from its lenders to narrowly avoid bankruptcy.

[link to www.zerohedge.com (secure)]

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User ID: 77707324
United States
05/08/2020 08:02 AM

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Re: Automakers In Chaos As Broke Rental Car Companies Stop Placing Orders For Vehicles
it will drive down automobile prices and open up more Americans to owning a vehicle. It's a curse and blessing in disguise.
Rev El Haitian's Revelation
Anonymous Coward
User ID: 75540213
United States
05/08/2020 08:02 AM
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Re: Automakers In Chaos As Broke Rental Car Companies Stop Placing Orders For Vehicles
Watch out for Fire Sales.





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