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.
Hertz Global Holdings Inc. racked up more than $24 billion in debt by the end of March, according to its bankruptcy filing, with only $1 billion in available cash.
In a search on the Hertz website within 1,000 miles from Fort Lauderdale, Florida, there were more than 23,500 cars available Saturday with a 2017 Hyundai Elantra SE Sedan with nearly 71,000 miles selling for $7,597. According to website iseecars, the car was selling for $1,740 below market price.
Read the article at USA Today.