Hertz’s largest car rental service goes bankrupt

Hertz’s largest car rental service goes bankrupt

May 24, 2020 0 By autotimesnews

The reason for this decision was the coronavirus epidemic, which very much brought down the car rental market.

One of the world’s largest car rental services, Hertz filed for bankruptcy. An official statement appeared on the company’s website on Saturday, May 23. It states that the head office, as well as a number of subsidiaries in the United States and Canada, filed for bankruptcy with a US court in accordance with existing law. The cause was the coronavirus epidemic, which very much brought down the number of orders.

At the same time, the development of the situation with COVID-19 in the United States and Canada is not very favorable, therefore, the company does not expect a quick return of the car rental market to previous levels. In this regard, Hertz decided to close its offices in the most problematic regions in order to preserve part of its assets. According to the managers of the company, this will allow them to return to business in the future with less losses and shocks.

At the same time, the statement on the company’s website says that other Hertz branches continue their work and fulfillment of obligations to customers.