Yeah zh is the crappy source, but the photos of rental cars stacked in stadium parking lots is interesting.
https://www.zerohedge.com/markets/so...lots-around-us
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Incidentally, earlier today we reported that Hertz and Avis had put stops on purchases and, in some cases, re-directed purchases they've already made to additional parking lots. These 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 has 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. Meanwhile, rental car sales fell 77% in April.
Most recently, Bloomberg reported this morning that rental icon Hertz hired advisors to consider a bankruptcy and the auto industry has placed a major bet on incentives to try and move inventory off of their lots.
Based on what we're seeing in parking lots around the nation, it isn't working.
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