The Decline of Hertz...What Happened?
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- Опубликовано: 20 авг 2024
- In May of 2020, the rental car company Hertz filed for bankruptcy. This video takes a look at their constantly changing history while trying to find reasons behind their recent troubles.
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I rented a truck from Hertz a couple of years ago while I was on vacation. When it came time to return the vehicle, I saw a sign at their establishment that said "Please check your vehicle for valuables before returning them." (Or however they articulated it on that sign, I guess.)
I asked the guy I was returning the truck to "What's the weirdest thing you've ever found that someone left in a rental car?" (Kind of fishing for a funny story, obviously.)
Without missing a beat, the guy goes "Tons of people forget their babies in car seats around here."
Not really the hilarious anecdote I was hoping for, but the good news is the guy assured me that absolutely everyone comes back for em eventually.
😳
😂😂😂
that's scary yo
Eventually... Just wait until someone waits 18 years
Oh wow
If there's anything this video series has taught me it is that many huge American companies are just houses of cards, built on debt and short-term thinking.
Sounds a lot like our Federal Government.
*Quite the stellar observation. Yup, you summed it up perfectly.*
Yes but you can quickly see which one is or is becoming a house of cards by looking at its finances before you buy it or sell it. You should check it once per year if you hold it.
Research Japanese business vs American business.
I get so hype when he mentions a company not choosing to take on debt
This man was selling used cars in 1904... that's crazy to think about
Considering that back then a new car came in a box and you had to put it together yourself like an Ikea end table, maybe not such a crazy idea.
@@Raskolnikov70 that is true imagine getting a car in a box
Right? There were only like, five used cars in the world! 🤣
@scottbaino That 70's Show featured a 1969 Vista Cruiser in the year in the year 1976, and was already considered an old piece of crap. That's only 7 years.
@@Raskolnikov70 considering I've never heard of that and can find no source...
With a name like Hertz, declining business frequency is always a bad sign.
/dadjoke
Bad puns don't help a company's bottom line either.
You're doing God's work, son!
Ouch!
My profolio Hertz right now
Hertz was "killed" by budget rental companies. Hertz was never cheap and people just switched to much cheaper competition. The same situation as with budget airlines. I am renting a car once a month and i used Hertz for many years but later i switched to other smaller companies where exactly the same car costs me 50% less ...
I used to visit the US once or twice a year from Europe, and would always rent a car. Hertz or Avis was never an option. Just too expensive. So I went with the budget companies for a much cheaper deal.
I only ever rented from Enterprise. Had a good experience with them while I was in the military (they gave out huge discounts) and stuck with them after that. But you always had to reserve a car in advance. Was Hertz better when it came to providing cars at airports on short notice? They must have been doing something to keep customers coming in if they were that much more expensive, and from other comments it doesn't sound like it was their customer service.
True . Hertz never been my choice for rental .. budget mostly
I usually went with National because of its balance between price and convenience (getting to choose any car in a category). One big advantage with Hertz if you were in their Gold Club was that they would have the vehicle ready to roll... just look on the board, find your name and space number, go to the car, and off you go. You'd pay more, but for some, that convenience is worth the extra cost.
@@Raskolnikov70 "I only ever rented from Enterprise. Had a good experience with them while I was in the military . . ."
Trivia note: The Company is named after the USS Enterprise (WWII version). The people who founded the company all served on that ship in WWII.
That’s private equity for you: do leveraged buyout then leverage the acquired company to buy more companies. Take company public, run off with the cash. Asset Strip the acquired company. Declare bankruptcy and walk away. Rinse and repeat. (Also cars are some of the worst assets to leverage against as hey presto they depreciate every single month)
Exact breakdown! 💯
To be fair, people who buy bad IPOs deserve to get ripped off. People who bought shares of Uber, Snapchat, or Dropbox on IPO day, despite all the publicly available financial statements saying that they're not profitable (nor will be profitable for the foreseeable future) are really dumb with their money.
GyroCannon AGREED!
Yeah quickly depreciating collateral sounds like a bad plan
That's the moment I want for in every one of these videos. "Then they were sold to a private equity firm....." - WELL THERE'S YOUR MISTAKE RIGHT THERE!
As a former Hertz location manager, I knew this was going to happen, just didn't expect it to happen so soon. One advice I can tell folks out there to please be aware of the charges. It is typically more expensive to rent at an airport location than off-site because you will have to pay airport taxes and other fees. Also, it is better to book a reservation directly from the company's site because if something goes wrong with your reservation the agents can fix it easily, rather than booking it through third party companies. I don't know how many times our customers had to call and wait for an agent because they were promised a certain class/car but the problem is they do not see what we have in our inventory. Oh, the nightmares! Nonetheless, our area manager didn't care much about his employees. For the short amount of time I have been there, I have seen customer reps being let go or resigning faster than I could change my own underwear.
Airport location cost more but offer the convenience of longer hours, larger fleet of cars and Sunday drop offs have to pay for more options 🤷🏾♀️
It's the same old song. Private Equity bought the highly profitable business from Ford for $15 billion, putting up only $2 billion themselves and putting Hertz on the hook for the rest. 6 months later they cashed out $1 billion from Hertz, and six months after cashed out again with the IPO. At the IPO, Hertz had a 95% debt to asset ratio, and very little cash on hand, thanks to the corporate vultures who had picked it clean.
At this point Hertz effectively became a bank, packaging collateralized debt to institutional investors, and hoping to make a minor profit off the resale value of the cars at the end of the loan. This insane level of leverage was a ticking time bomb around their necks. Their ebb and flow of their business was now wholly dependent on the timing of deal flows from investors, not the needs of their customers. Then Covid hit, and fleet resale values collapsed at the same time as their rental income disappeared.
TL;DR The death blow was struck in 2005 when Hertz was forced into an unsustainable business model to service debt used to pay the vultures, it just took 15 years for the house of cards to collapse.
Someone else in M&A wrote up a good comment on the same thing. That basically all of this debt-shuffling is an accounting game that allows the people doing it to make profits short-term. Venture (vulture) capitalists are pretty open about doing it, but tons of companies do this kind of stuff for years and keep getting away with it until something like Lehman Brothers or Covid comes along and ends the game.
My goodness Fozzy, you have such a way with words.
Waka waka
That wasn't a very funny joke, Fozzy.
Straight out of the Bain Capital playbook.
We rented exclusively from Hertz for decades. However, the last two times we rent from them, we were very unhappy with... everything. We were horrifically overcharged and not given the lowered rate that was offered through AAA. Then, the last trip I made a point of filling up the car before we turned it in. The station was two blocks from the airport. I took pictures of everything, the mileage, the odometer, with extensive pictures of the interior and exterior, and I was glad I did. They tried to charge us for the fuel, and for damage to the back seat, which we had never even used, not even opened the doors to the back seat area. They refused to honor the AAA rebate. I got with my credit card company and told them I refused to pay the bill, showing them everything, and gave them digital pictures with metadata to prove my assertions. Then I began my campaign with AAA, telling them that twice in a row they had refused to give us the AAA rate.
It was not at one office. The first time was in San Diego, the last time was in Dallas. My credit card company did take the entire charge off my card and I let them fight it out with Hertz. This was about four years ago and we've used Enterprise ever since.
I love Enterprise! Good cars, good service and very accommodating. Carol from California
Always have time for a new company man .
Let's talk about what led to their bankruptcy
OH NO
They sold it to a private equity firm
*OH NO*
Lemme tell you my experience with HERTZ. Me and my large family made it into Toronto from DRIVING from Florida. It was around 2 am. We had to get a rental for some unknown reason. I believe we had to pick up another family member from the airport. I can't go into details since I was a little kid. Anyway. We rented a car from them days before and scheduled for it to be waiting for us. Lo and behold. Little kids are lined up outside alone in the freezing cold with their family. For HOURS. In fact Hertz never refunded us either or got us the car. So we had to rent from some other joint after A long walk to another place. Worst night ever. Besides my 4th of July in east saint louis.
@xPineapple 🤣 Well. My grandmother's key broke at around midnight when we tried to get inside the house. Now its dark and we're starving. So my dad had to break into my grandmother's house to let us in. We were stuck there for hours. No good food or spending time with other family. Stuck in the dark uncomfortable outside mosquitoes eating us alive.
@xPineapple You have no idea.
Overbooking is super common at airport locations ....
@@andrewarmstrong2586 Yes but we had booked days before
Hertz actually had an indirect connection to Ford prior to the 1980s: the Shelby GT350H. Shelby wasn’t owned by Ford back then like they are now, but what it comes down to is that Ford was sending partially completed Mustangs to Shelby, Shelby was turning them into Shelby Mustangs, and some of them with special black and gold (Hertz colors) paint jobs were sold to Hertz to be rented out to people. Sometimes Hertz would get cars back with parts or entire engines swapped out for lower-spec stuff or find evidence of roll cages being welded in.
Rental performance cars sounds like a great Idea at first, but yeah they would end up having a rough life.
One of those GT350Hs was on display at the Hertz HQ in Park Ridge NJ, alongside a Hertz car from the 1920s. Wonder what happened to it as they moved to FL years ago and now with the bankruptcy a big asset.
@@kylesoler4139 Companies that do it today usually put tracking equipment on board so that they can tell if the car has been taken to a race track. If the customer paid for track insurance (which costs more), no big deal, they can go on their merry way. If they didn’t, they’ll either get slapped with a fine and a ban or (depending on how much mileage or damage there is) a lawsuit.
Multiple companies going out of business
Company Man : *it's free real estate*
My wife and I rented from Hertz when we honeymooned in Juneau, Alaska. That car was an absolute hero, considering we flew in and most of our tours were through companies assuming we would be on one of the cruises parked right in the city's harbor rather than sleeping in a hotel on the outskirts. No bus for us. I have a positive opinion of Hertz now, and I hope they pull through.
"Then they were sold to a private equity firm" That is what wong.. Every damn time.
Have any of those equity firm deals ever actually helped a company in the long term? Or, did they only help the equity firm managers?
@@JBM425 Yes and no. There are some cases where the equity firm does its thing extracts everything they can and files for bankruptcy then the company comes back a lean, mean , fighting machines and ends up doing better than ever now that they are better focused and got rid of excess. And I guess you could say that if the equity firm had not come in and did its thing and then forced them into bankruptcy they would have never re-found their focus or gotten rid of the bloat. But this also sometimes happens with companies that filed for bankruptcy without the involvement of equity fims it also often times involves new management (or the return back of older/original management) so they can also be said to be the reason.
I'm sure there's more decline videos on the way.
Hooters
I read a Wall Street Journal article today about the demise of the Branson/Virgin travel empire. It said that Branson's Virgin Group, "whose business sprawls across cruises, hotels, airlines and trains, is being devastated from all angles." Virgin America was bought out by Alaska Airlines a couple years ago, Virgin Australia was declared insolvent about four months ago, and now Virgin Atlantic has file for bankruptcy. A deal with US private passenger rail operator Brightline Trains collapsed. About the most high-profile transportation assets Branson has left are Virgin Galactic (which after so many years has yet to fly a paying passenger into suborbital space) and Virgin Hyperloop.
Yup A lot of them !
Oh I hope so.....well that sounded better in my mind.
But his 'decline of' are my favorite, and also teaches us what 'not' to do if we start a business of our own.
At this point he already has enough material to do plenty of 'Decline of' and 'Rise and fall' videos. He'll be covering 2020 company meltdowns well into 2021.
Can you do a video called corona-kills, where you go over every single business that the virus killed, like Hertz, chuck e cheese, and other business
I like this idea
@@jonahwagner4175 Thank you!
This is an interesting idea, but looking T it the exact way you worded it, "every single business that the virus killed", is imposible, as so many indepentant and corner stores vanished instantly. Putting it logically with bigfer more well known companies, he has Already done a couple of them.
The virus and overzealous governors.
You'd have to come up with some working definition of "murder by Covid", since a lot of the companies that are going out of business now were already circling the drain. The pandemic sped things up, but it wasn't the main reason a lot of them went under.
Yeah. They once froze all money on my bank account and didn’t release for a month after the rent. Never again.
RCA owning Hertz. It sounds like a sharp idea, but ultimately fell flat.
There's so many puns in this sentence
Always go out on a high note.
Oooh that Hertz!
and it happened at their zenith.
At least they got a lucky goldstar for their troubles.
Honestly i see the rise of app based taxis as the biggest reason for their recent decline outside of the pandemic. I drive Lyft in Las Vegas... People told me all the time its their prefered way to get around when they travel. No rental fees or gas refils, in tourist hotspots places are stratigicly close together so in the end they safe a bunch of money by ride hailing and group ridesharing. Even without the pandemic, rental cars are on borrowed time in my opinion.
There will always be a market for rental cars for people who travel extensively once they reach their destination airport, as I usually do. As you correctly note, if people are simply needing a ride from the airport to a hotel and just walk around the Vegas Strip (or any major tourist destination where everything is within reasonable walking distance), it makes no sense to rent a car. Ride sharing or an airport shuttle is all those people need.
Yea their share price is pretty fickle. Obvious loser company at this point.
Nabisco-Mondelez would be a very interesting episode the history is more complicated then most know
I remember when I was young, people always offering me a Hertz Donut. How is that subsidiary doing?
That depends, want one?
I'd like to see a merger between Hertz and Dunkin. Then you could order a Hertz Donut.
Punches in face
There is already a real Hertz donut company. (Actually they spell it Hurts) And it is awesome
It’s a Eurorack module.
Im way late but you just made my day.
@@rosegroshek1218 Springfield, MO. Their donuts are phenomenal
Do a video on Stein Mart. They just filed for bankruptcy today!
Dang really? Brings me back.
That is one depressing store. Every one I have gone into has had the a/c cranked to like 60 degrees, it's dark as crap inside and only like 2 very old ladies shopping at a time.
Many years ago, after a Stein Mart store opened in my town, we were driving by and stopped to check it out. We left within a few minutes because my mom said the prices were outrageous. We were the only ones in the entire store and it was empty and the owner was standing by the door waiting to see if anyone would come in when we left.
It hertz my heart that they filed for bankruptcy
tblades07 s Nice 😎😎
that hertz
It hertz so good, doesn't it?
Hertz also seems to be in the “Blockbuster” category, and I think even Enterprise and Avis and al them suffers from this as well. They are caught up in their own success and not adapting to the changes of the modern time. With all those cars, why not try reaching a deal with Uber or Lyft? That way they can reduce cars not being used (too many assets, not enough activity) and always available for when things go in high demand. This can also help bring in new drivers who have licenses in their criteria but can’t afford their own cars. It seems like something needs to change with their business models that reflects the current time period.
Enterprise has a deal with Lyft and Uber, it’s not profitable.
Anthony Borquez then it needs to make changes too. I didn’t know they had one. Which may show one reason why it’s not profitable.
And now In 2022 there is a rental car shortage lol
As a long time Avis employee, that ownership history mirrors our own.
Lemme ask you is rental car insurance a scam?
🏃🏾♀️ RUN!!! 🏃
rtx/on if you’ve got full coverage car insurance, you don’t need it. If you’re traveling international, buy it. Always book at least a midsize.
Avis was once owned by a food conglomerate called Beatrice, for example.
@@votekyle3000 yea were planning a trip and renting for a week they had a promo $10 a day for 100% coverage it gets totalled we walk away no deductable nothing so it was add about $70 in insurance for a $300 rental just curious appreciate it
Crazy thing is they tried to sell more stocks to pay down their debt even though their stocks were worthless and only went up because of retail investors.
Basically this.
Why does this suddenly remind me of Enron?
I love this channel. I can listen and understand his voice and it isn't annoying. The information is very valuable and sometimes shocking. I literally binge watch this channel all the time.
I called our local Hertz the other day. They didn't even answer the phone. I went with a competitor! I'm always so happy when things must look better for a company that they can afford not to answer the phone for the next customer! 😂
I had the same problem. Oh and no cars anywhere in Louisiana I could change out.
Keep in mind that you can geniunly be busy and can't answer the phone 😐
That seems like a crazy overreaction, have you never missed a phone call?
@@chandlerh2408 Wasn't their branding about convenience?
Turned 25 in April. Yay I can finally rent a car! Oh wait never mind.
Hertz will actually rent to 18 year olds now since the flu started I've rented from them twice this year (2021) and I'm only 20.
The thing I remember about O.J.’s commerials was the line. ”Brutal Juice”
I dont know how but all of your videos are always so fascinating and entertaining. Like before finding your channel i would have never considered thinking about the stories of these brands. It's kinda magic how interesting you can make the backstory of a car rental place sound like. Keep up the good work!
Glad you like them!
If all of the branches treated their customers like the last time I used them, I swore I would never use them again. They overcharged me grossly, meaning the company limit was exceeded, so I was pout of pocket and the car I rented (in advance) was nowhere in sight. The air conditioner worked for about 15 minutes and the car had a red light dashboard smorgasbord - they wouldn't trade me out. I can say I smiled a great deal when I heard this delicious news.
At least you didn't get arrested
You missed Roger Penske, for a while in the middle 1990's Penske Corp had a stake in Hertz and it was called Hertz/Penske that included cars and truck rental.
and you watch in the near future, Rick Hendrick buys out Hertz and adds it to his already big car dealership empire. after all, Hertz does sponsor the #24 car in the NASCAR Cup Series and that's one of the 4 Cup Series cars owned by Rick's Hendrick Motorsports team.
@@WillHendersonTX I totally agree with that!
We've still got a Penske truck rental place where I live. They must have spun that side of the company off at some point.
Back in the late 60's and early 70's OJ was HUGE, those commercials got a lot of attention. It was later that he became a murderer (IMHO) and the despicable person he is known as now.
pardon my history but wasn't he acquitted? (sorry never watched the netflix show also was too young back then)
@@omarally7655 OJ lost the civil suit and was found liable for the murders.
@@Wohlfe Which in turn inspired the South Park Chewbacca defence
He was also in Naked Gun
@@nslouka90 His first TV show appearance was a show called Medical Center after he had been drafted by the Bills. Everybody stayed home to watch it. Few have matched his raw star power at the time.
It's actually rather comforting that in the ocean of insanity around us Company Man still remains his calm, dispassionate self.
It must Hertz to see them have a rough time
You are everywhere
Finger man is *here again*
Robinhood invester be like. What do you mean hertz only go up
🚀
YOLO - it's not just a meme, it's a trading strategy.
Was there for that boom. Love it
Don't believe the hype
You could say... Hertz is feeling a bit _hurt_ recently...
i’m sorry that was bad
Lol; is this company man commenting secretly ?
The company's (un)official statement when their profits took a hit from the pandemic:
"Ouch, that Hertz."
Do the decline of ecko!
They were to slow in getting into the insurance rental business in the early 2000s and spreading out the business from just travel. Then Enterprise got into the travel rental business big time in late 1990 into 2000s.
They also have terrible customer service. I work at an insurance company and we have a contract with Hertz. People hate them. They're always telling me their customer service horror stories.
I rented a car from them the day before they declared bankruptcy...still payed out my nose for it, even though it was a lower-tier car. :/
Probably could have kept it lol
i went to a hertz location once at tampa airport as i had heard they were hiring a supervisory position and i have that experience. i went at 11am, before lunch hour. i drove through the gate to a building surrounded by cars, but no one stopped me. this was not a building where you rent the vehicles, this was a building out by itself. i found it strange that the gate was not guarded and that no one was around. i walked into the building into a front lounge type area with a front desk, and sat in some chairs. i sat for about 15 minutes and no one even noticed i was there, no one ever came to the desk, or even to the lobby. no one. i walked up to the desk and started saying, hello, hello. no one came. i could see a hallway, and there were offices off the hallway that led back to what seemed to be a breakroom. the first office was about ten feet from the fron desk, and all of the roughly six to eight offices had the doors open. i walked over and peeked in the first office, there was a human typing at a desk, she turned and looked at me, then turned back and just started typing again. no acknowledgment i even existed. i repeated this process all the way to the break room. in the break room there were about three or four people. i walked in waiting for acknowledgement, or a who are you, can i help you? nothing. they too looked at me with lifeless sad eyes then back to whatever they were doing. i had a seat there for about 15 minutes. i got up and left. if this was how they ran a company, i thought damn, i thought i worked in a toxic environment.
When a company gets repeatedly sold and the debt goes up it is a sign that the board realizes the organization is essentially bankrupt but not quite past the point of turning it around. There are no consequences for them to drain it, so they do a series of restructurings and add major transaction fees and executive sign on bonuses for a "turn around" CEO, CFO and COO, followed by their contract termination fees when they can't turn it around then repeat until they can't find another hedge fund to roll over the debt. Then the executive team and the lawyers still get a couple years of work dissolving the entity..
What's that old saying - "It's hard to get a man to understand something if his job depends on him not understanding it" or words to that effect? When the system is set up to reward people for focusing on short-term profits instead of the long-term health of their businesses, this is the result.
Amazing video as always, keep it up Company Man!
I’m gunning for the rise and fall of Safeway or A&P again
safeway is a subsidiary of a subsidiary of a subsidary (Safeway, Albertsons, holding company-renamed Albertsons, Cerberus) safeway ain't goin anywhere. Albertsons and Kroger are now king kongs of the grocery chains.
Nick Tansy I know they’re fine now, but Safeway used to be like everywhere and they’re not any longer. So there has to be a fall there somewhere.
As a Canadian, I not only found out about this establishment’s downfall from this video, but its existence
When I see that Company Man has a new upload it's the first video I watch! This is probably the only channel where I've watched every video. Great content!
"Sliding down the flagpole"
~ by Richard Hertz
Lines in the sand. By Peter Dragon.
I was actually waiting for him to say Hertz was sold to John Hertz the third. You know grandson of the original John Hertz. I guess there’s still time on the follow up.
This really Hertz the rental car industry
Company Man, I have some suggested topics you should cover in future videos.
Suggestions:
Netflix - Why They're Successful
General Mills - Bigger Than You Know
The Decline of Circuit City...What Happened?
TikTok - Why They're Successful
In-N-Out Burger - Why They're Successful
Berkshire Hathaway - Bigger Than You Know
RUclips - How It Started
Discovery, Inc. - Bigger Than You Know
The Decline of KB Toys...What Happened?
ViacomCBS - Bigger Than You Know
The Decline of Pizza Hut...What Happened?
The Decline of MySpace...What Happened?
Hanna-Barbera - The Rise and Fall
The Great Recession of 2008
Hasbro - Bigger Than You Know
McDonald's vs Burger King
Twitch - Why They're Successful
Samsung - Bigger Than You Know
I'll always hold Hertz in high regard for my first trip to Vegas.
I reserved an economy car,but I was offered an on the spot upgrade to a Mustang convertible for $5 more a day,which I graciously accepted.
Drove all around Vegas and in the desert in my Star Trek uniform (I was there for the convention.)
They'll always have a soft spot in my heart. ❤😹
Just once I wanted OJ to land on the gear shift knob. He'd really know Hertz.
They used to have a large reservation centre in Oklahoma City. I wonder if that gone?
It probably got replaced by an internet server years ago. Most people make their travel reservations online now, not by calling a human and doing it over the phone.
Hertz still exists in OKC, but have consolidated their ops into one building (where they have several previously). They also outsourced the reservations.
John Hertz lived about two blocks from where I live in the L.A. area and during the late 40s built an underground fallout shelter that could accommodate about 50 people. To be safe from Soviet nukes. It was still there a couple of years ago.
As an employee this video is spot on. Especially the last part about buying dollar thrifty. Dtag is literally the reason hertz is still in business today. There generate most of the revenue for hertz right now, yet they treat dtag employees like shit while also getting rid of dollar thriftys business model which was a proven success. Should’ve just left the dtag alone
I used to work for them....I am not surprised. The cars were in horrible condition almost of the time.
I saw that they were selling their surplus cars online a while back and considered buying one. Then I looked at their financial status and thought "yeah... probably not." A company with that much debt is clearly not going to spend money on maintenance if they can help it.
Raskolnikov70 I worked for the Uber division of the company and all of the cars had Maintenance issues. It was a know fact.
That was Frissora's fault.
Just as with the airlines, rental companies turn around cars so quickly anymore with as little labor as they can get away with, they don't always get more than a cursory cleaning.
@@Raskolnikov70 I would not be too worried about that if the cars are under or right around 20,000 miles. I have seen some relatively high-mileage rentals on the sale lots that would give me pause.
10:15 How in the world did you get a picture of my wallet?
I used to work for them. Quitting was the single best career decision I ever made.
I was thinking earlier how I wanted to see you do a video on Big Dog Sportswear. I remember them being all over the place in my childhood, but I haven't seen anything from them in years. I thought they were out of business. I looked them up today and was surprised to see they are still around! I think it would be a very interesting video with a little nostalgia.
The pandemic is the nail in the coffin for several businesses. This is what happens when your country doesn’t take things seriously. One case was all it took to shut down an entire city for us
Wishing you a speedy recovery and please don't shoot missiles at us 🙏🏽
Quite simple: They say, “Hertz, We’ll pick you up.” However, the one time I needed to rent with them, they didn’t. So I never used them again.
Considering that's Enterprise's slogan.....
@DBR00 they tried hard upselling me a car rental at the airport to the point of repulsion. they also claimed I damaged their car when it already came like that. I hate them. I never used them again.
Wrong company slogan, bud
When hertz got ride of the heavy equipment side the car side suffered and the heavy equipment side got better and is now opening up new stores
Love Hertz. I rented one of their Corvette Z06's because they didn't have the Mustang GT I reserved to take to the racetrack where family members had their own race cars. Best $420 OTD i've spent.
I’ve never ever hertz of this company
I’m sure Uber and Lyft had something to due with their decline.
Interesting to consider. Do you think that people have been renting fewer cars because of the prevalence of rideshare companies? Those seem to be two different types of customer without much crossover but I might be missing something. Maybe people are deciding not to rent cars because it's so much easier to get a "taxi" now?
Raskolnikov70 I’m actually a Hertz Gold Club member and on my last vacation downloaded the Lyft app just to keep from driving. I’ve realized that I’d really rather not rent a car while vacationing anymore. I can’t be the only one who feels that way. The impact is far greater than most want to admit, although Hertz was on shaky ground before the rideshare boon.
I’m not so sure, to me Uber/Lyft and rental cars serve two different functions. The ride shares, to me at least, serve short term needs. Airport to hotel, to and from a arty where large amounts of alcohol is involved, day trips. Whereas car rentals generally serve best as more long term solutions. For example: your car is in a shop for days if not a week, vacations where you are traveling to a lot of locations, and other longer term solutions until a permanent arrangement can be made.
They also have terrible customer service. I work at a company that puts people in rental cars and We have a contract with Hertz. People hate Hertz. They're always telling me their customer service horror stories.
It did. They are a massive scam and constantly kept losing money on their cars.
Me and my family went to this trampoline park called Airwalk in Birmingham, Alabama in 2014. And 6 years later, I found out that Airwalk is actually this 90s shoe brand. I recommend you cover their decline.
I remember the old Hertz commercial from my childhood. A driverless car would be cruising down a highway. Then a man suddenly appeared floating in the air in a sitting position. Said man would gently float down until he was safely behind the wheel of the car. Then the announcer would say the company slogan: Hertz. We put you in the driver's seat.
I have no idea what Hertz is
That hertz
" Mega-Hertz" is a larger version.
Wow.
Thought it had something to do with pretzels
@@BELCAN57 i hear the game got stepped up with "giga-hertz"
@@locke103 "Giggity"
Hertz don't it?
Gottem
You are first
I hate you
Silly basket
Harmless Basket GET OUT! 😏😎
You disgust me
I used to work at Hertz as a team lead/manager. In 2018 they got a new CEO and with it came WAY too many changes in upper management. I knew then that something wasn’t right. It trickled all the way down to the local management too. The communication just wasn’t there on where the direction of the company needed to go. I stuck it out for about 2 years and left right before the pandemic. I’m glad I did.
As a construction guy, i couldnt help but notice you didnt touch upon their equipment rentals. Pick ups, tractors boom lifts, augers and the plethora of other construction related rentals. Also the mysterious name change from"hertz" equipment rentals to "herc" five or so years ago.
Everything went downspiral when it became very corporate instead of helping consumers and workers
My haters throw rocks at me and it hurts. I hope they don't throw The Rock at me because I like him as an actor. GAGAGAGAGA!!! I am funny!!! For more amazing jokes you have to visit my YT site, dear k3l
AxxL what
@@AxxLAfriku Worst comment ever
They were continuously going downhill and then the pandemic really did it to them. Interesting learning the history of the company
Avery the Cuban-American you are everywhere
I used to work there back in 2005 at a small location at the hotels in Orlando. It was 1 person working the desk and cleaning and putting gas in the cars. A lot of days i wouldn't have enough cars to get through and would rely on returns to make it through the day. It was a stressful job for the employees and the customers. I knew it would be a matter of time where they would be at the spot there in now.
With their business practices, I'm not surprised they went bust. Last time I used hertz (over 10 years ago) I filled up the car less than a mile from the airport before turning the car in. They still charged me over $80 to refuel the car. Been a loyal enterprise customer ever since.
What happened to the restaurant chain Tony Roma’s?
can anyone tell me why company man has gloves on in his profile picture
Fingerprints
Because he's the 'real killer' that OJ has been looking for on golf courses for the last 25 years... :P
If the gloves don't fit, you must acquit. Now, this is Chewbacca.....
Not gloves, just the way the sleeves look.
Tell me why this is like my fav channel now 😂😂😂 love this info
Surprised not to see any mention of Uber and Lyft being a big reason for Hertz’s bankruptcy.
Do "How did Company Man get so big?"
Gonna be honest. I’ve never even heard of “hertz”
As sad as it is to hear about Hertz filing for bankruptcy, I am not exactly surprised. Forty years ago, my parents were faced with no choice but to rent a car from Hertz. They were the only company who had a vehicle available, and even if that weren't the case, were also the most expensive. The car they wound up getting only had half a tank of fuel and was very dirty. Since then, other relatives and friends have echoed our experience with Hertz: vehicles in subpar shape in one form or another after paying "through the nose" for the "privilege" of renting from them. In light of all this, it's a miracle Hertz has been in business this long.
I worked for Hertz for just under two years. Oh the pain I went through from customers threatening me over things outside of my control to just a horrible work/life balance in general…
I feel like I'm more likely to rent a car during the pandemic because flying isn't safe and I'd rather drive if I can.
Also, I wouldn't want to risk going around in an Uber with a potentially infected driver.
Made a ton of money on there recent rise everyone was saying it was a bad investment (which is true 😂) but it's only terrible if you held.
The "HERTZ" reputation has suffered, additionally, because of filing false police reports, accusing legitimate customers of stealing the cars they've rented, not good for public relation, will never take a chance with Hertz and rent from them, I'm too old to suddenly have a felony offence on my record!!!!!
I have been craving to see more videos on Hertz, I find what happened fascinating.
Person #1 "Hertz was a good company"
Person #2 "Not exactly"
why is this youtube kids like wtf i can’t get notifications now for u i only saw it because i was surfing the subscription tab
That's the only way I use RUclips anymore, by going to the subscription page. The front page and suggestions are completely manipulated and full of stuff YT is pushing down our throats, not stuff we want to see based on our history.
You forgot to mention 1 more factor :
1. Rental car apps like Turo, have taken a lot customers from Hertz/rental car market as a whole.
I drive a company van (Dodge Ram) managed by Donlen. We've been warned that some repair shops may not participate in the maintenance and repairs. (I haven't read the whole letter). But so far, so good.
Caterpillar Inc please
And as of 2022, with a class action lawsuit against Hertz for customers falsely arrested for 'allegedly' stolen cars, spending days/months in jail, loss of employment, mental anguish, and a ton of negative press, etc., they're probably just shy of closing their doors.
The fact that a whole parking lot full of 3500 rental cars caught fire in SW Florida back in early April makes a lot more sense now.
Cameron Exactly what I’m thinking but of course they’ll never get caught. It was all over the news back when it happened and now barely one article comes up when you try and search for it.
I worked for Hertz in 2017 and 2018. For those of you who don't know, it was standard practice for Branch Managers and higher to just take a rental car that was available at the time for personal usage - what we called fleet privileges. My Area Manager got fired for abusing his fleet privileges (he took a Mercedes, which you're not supposed to do) and ended up drunk driving and crashing it.