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
Author: Auto Rental International Online News
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
Enterprise Holdings Cuts Over 2k Employees
Photo via Wikimedia Commons/travelarz. Enterprise Holdings has laid off over 2,000 employees in Missouri, most of them will be permanent. Layoffs began Thursday. The layoffs were posted as notices on the state of Missouri website under the Worker Adjustment and Retraining Notification Act (WARN Act). The layoffs affect workers with the Enterprise Rent-A-Car, National Car… Continue reading Enterprise Holdings Cuts Over 2k Employees
Uber CTO Resigns
While Uber’s food delivery business, Uber Eats, has seen an uptick in use as people stay home, it has failed to make up for the losses on the ride-hailing side. Photo via Shopblocks/Flickr. Uber’s Chief Technology Officer, Thuan Pham, is leaving the company, according to a filling with the Securities and Exchange Comission. Pham had been… Continue reading Uber CTO Resigns
Hertz Misses Lease Payment
The Wall Street Journal reports that the company is preparing for a bankruptcy. Photo via Depositphotos. In an 8-K filing with the Securities and Exchange Commission on April 27, Hertz disclosed it has missed certain vehicle lease payments for its U.S. rental car fleet “to preserve liquidity to support its ongoing operations,” Hertz states in the… Continue reading Hertz Misses Lease Payment
Europcar Updates Financial Plan
Europcar is continuing its negotiation with some of its lending banks to obtain additional financing guaranteed by the French State via the BPI. Photo via Depositphotos. As part of the cash preservation plan announced on March 23, and updated April 15, Europcar has finalizated the second tranche of its Spanish State guaranteed program, with new three-year maturity… Continue reading Europcar Updates Financial Plan
Avis Receives Loan
Photo via Travelarz/Wikimedia. Avis Budget Group has received a waiver of the leverage covenant included in its existing senior credit facilities, comprised of a term loan and revolving credit facility, until June 30, 2021. The waiver is included in an amendment to the credit facilities, which allows Avis to incur an additional $750 million of first lien… Continue reading Avis Receives Loan