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LOS ANGELES - As Hertz Global Holdings Inc., files for bankruptcy following a near-halt on most travel amid the coronavirus pandemic, rental companies have reportedly begun selling much of their fleets in an attempt to survive the devastating economic impacts of the COVID-19 lockdowns.
While it is not uncommon for most rental companies to sell their cars once they reach a certain milestone in their service, companies like Hertz have listed some of their luxury vehicles at major discount prices.
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According to FOX Business, Hertz listed more than 20 Chevrolet Corvette 2019 Z06s as well as a number of Chevy Camaros and Ford Mustangs for sale on their website just days before their bankruptcy announcement.
Hertz filed for bankruptcy protection on May 22, with nearly $19 billion in debt and approximately 700,000 idled vehicles because of the pandemic lockdowns.
The Corvettes are the special Hertz 100th-anniversary edition model that had been available to rent exclusively through Hertz’s U.S. locations.
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FILE - Car sit idle at the Hertz Rent-A-Car rental lot at San Francisco International Airport on April 30, 2020 in San Francisco, California. (Photo by Justin Sullivan/Getty Images)
Hertz listed the Corvettes for nearly $60,000, which is a steep price cut for a car that typically sells for up to $80,000 brand new, according to Kelly Blue Book.
Hertz didn’t immediately respond to questions from FOX Business. But the Florida-based company told investors earlier this month the pandemic had “significantly impacted” its finances and said it planned to “adjust fleet levels” as one of several measures to mitigate the impact of pandemic-related shutdowns on its business.
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Enterprise has added an additional page to its website entitled “COVID-19: Is Now A Good Time To Buy A Car,” offering special deals on its used vehicles with low financing and trade-in appraisals offered completely online.
The company is currently offering newer cars like a 2020 Kia Optima for $17,000, which is normally valued at around $21,000, according to Kelly Blue Book.
FOX Business contributed to this story.
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May 27, 2020 at 04:10AM
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Rental companies selling cars at discounted prices following halt on travel amid COVID-19 lockdowns - FOX 5 DC
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