An Ohio town carsharing scheme has been put on hold, as the public has not had ample opportunity to weigh in due to the coronavirus. According to The Chronicle, the Oberlin City Council’s plan with Sway Mobility of Shaker Heights would supply two electric vehicles, either Nissan Leafs or Chevy Bolts, a charging station, insurance,… Continue reading Ohio Carsharing Plan Put on Hold by COVID-19
Author: Auto Rental International Online News
Private Equity Firm Takes Stake in CarTrawler
CarTrawler announces the winners of its 2019 Customer Satisfaction Awards in Dublin in November, 2019. Photo courtesy of CarTrawler. CarTrawler, a B2B provider of car rental and mobility solutions to the global travel industry, announced on May 19 a controlling equity investment more than €100 million ($111 million) from TowerBrook Capital Partners L.P., an international investment… Continue reading Private Equity Firm Takes Stake in CarTrawler
How Hertz’s Forced Fleet Sale Could Affect the Used Car Market
Chapter 11 is an expensive process, including the obligations that debtors must pay while in bankruptcy. Photo via Enjosmith/Flickr. The sub headline under the Hertz bankruptcy is “Hertz fire sale will flood the used car market and depress prices.” This analysis won’t get us closer to knowing exactly to what extent pricing will be affected —… Continue reading How Hertz’s Forced Fleet Sale Could Affect the Used Car Market
Advantage Rent A Car Files for Chapter 11 Bankruptcy
The bankruptcy petition lists liabilities between $500 million to $1 billion, with estimated assets of $100 million to $500 million. Logo via Advantage Rent A Car. The parent company of Advantage Rent A Car, Advantage Opco LLC, filed for Chapter 11 bankruptcy on Tuesday. The company is owned by Toronto-based private equity firm Catalyst Capital… Continue reading Advantage Rent A Car Files for Chapter 11 Bankruptcy
Hertz Files for Chapter 11 Bankruptcy
Hertz reported $18.8 billion in debt in its first quarter filing. Photo via Flickr/Atomic Taco Hertz Global Holdings announced on May 22 that the company and certain of its U.S. and Canadian subsidiaries have filed for Chapter 11 bankruptcy. All of Hertz’s businesses globally, including its Hertz, Dollar, Thrifty, Firefly, Hertz Car Sales, and Donlen… Continue reading Hertz Files for Chapter 11 Bankruptcy
Sixt Adds 1K Vehicles to Carsharing Fleet
The company reported that demand from business and corporate customers is currently flat due to the general restrictions on travel and the almost complete closure of commercial airports. Photo via Sixt. In its first quarter earnings report released on May 13, Sixt outlined new service initiatives the company is implementing to adjust to the coronavirus… Continue reading Sixt Adds 1K Vehicles to Carsharing Fleet
Uber to Cut 3K More Jobs
In a bid to focus more on its core business and delivery business, Uber plans to cut 23% of its workforce, according to Reuters. In addition to the 3,700 jobs the company announced it was eliminating earlier this month, Uber plans to lay off 3,700 more employees. The preliminary layoffs were confined customer support and recruiting… Continue reading Uber to Cut 3K More Jobs
Avis Q1 Revenues Drop 9%
Avis disposed of 35,000 cars in March and cancelled 80% of incoming rental vehicle orders in the United States for the remainder of the year. Photo via Travelarz/Wikimedia. Avis Budget Group revenues of $1.8 billion for the first quarter of 2020, a decrease of 9% compared to the first quarter last year, the company reported on Monday. … Continue reading Avis Q1 Revenues Drop 9%
Hertz Gains Temporary Lifeline
Photo courtesy of the Hertz Corp. Hertz Global Holdings Inc. has entered into forbearance and waiver agreements with lenders, as outlined in an SEC filing today. The company had not made payments due on April 27 in accordance with its operating lease for its rental car fleet. The lenders gave Hertz a one-week extension that… Continue reading Hertz Gains Temporary Lifeline
Europcar Secures New Funding
The Group remains in negotiation with other corporate countries on potential State Guarantee loans to reinforce its liquidity within the global financing framework. Photo via Depositphotos. As part of the continuation of its cost-saving and cash preservation Europcar Mobility Group today announced the completion of a financing scheme, which aims to secure liquidity to face the COVID-19 crisis and meet anticipated… Continue reading Europcar Secures New Funding