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Hertz sells thousands of used cars at competitive prices due to bankruptcy

A few weeks after filing for bankruptcy protection on May 22, Hertz car rental company sells cars in its fleet at discounted prices. Writes about it USA Today.

Photo: Shutterstock

As of Saturday morning, June 13th, there were thousands of used cars on the website in the Hertz assortment. The number of cars for sale in the region depends on the location used in the search, vehicles are delivered free of charge up to 75 miles (120 km).

The coronavirus pandemic forced several crisis survivors to file for bankruptcy in an attempt to survive. JC Penney, Neiman Marcus, Tuesday Morning are some of the companies that have filed for bankruptcy since the start of the pandemic. Competitor Hertz Advantage Rent A Car sued for protection from its creditors on May 26.

The current Hertz fleet has around 700 vehicles, the cost of which has dropped significantly due to a sharp drop in used car prices due to the pandemic.

When searching the Hertz website within 1000 miles (1 km) of Fort Lauderdale, Florida, on Saturday, June 609, more than 13 vehicles were available, including the 23 Hyundai Elantra SE Sedan, with nearly 500 mileage miles (2017 km) worth $ 71; the car sold for $ 000.

Searching within 1000 miles of Beverly Hills (CA), Saturday showed nearly 21 cars.

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Outside of the 75 mile radius for free shipping, fees vary. Shipping from 76 to 200 miles costs $ 300, and between 600-800 miles costs $ 1000.

According to bankruptcy filing, by the end of March, Hertz Global Holdings Inc. accumulated debt of more than $ 24 billion, with only $ 1 billion available

Since mid-March, the company, whose car rental brands also include Dollar and Thrifty, has lost all revenue. The company said it had made “significant efforts,” but was unable to raise money, so in April it began to miss payments to creditors.

At the end of March, Hertz lost 12 workers and sent 000 more on vacation. This reduced car purchases by 4% and halted all non-essential expenses. The company said these steps saved $ 000 billion a year.

The Bankruptcy Court upheld Hertz’s request for the sale of 246,8 million outstanding shares of Jefferies LLC to raise new capital worth up to $ 1 billion.

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