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News Hertz bankruptcy creates huge stock of bargain-priced used cars

02:42  13 june  2020
02:42  13 june  2020 Source:   cnet.com

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Since filing for bankruptcy on May 22, Hertz 's shares have risen more than threefold in value. Hertz is now seeking approval from a bankruptcy court to potentially sell 246.78 million unissued shares to Jefferies LLC. Hertz said the net proceeds would be used for general working capital purposes.

The car rental company is Hertz is looking to sell as much as billion of shares and capitalize from its recent explosive stock market growth, despite an impending bankruptcy . Hertz has appealed the delisting and its shares will continue to trade on the New York Stock Exchange until a

Hertz officially filed for bankruptcy in late May, citing the coronavirus pandemic's cataclysmic impact on rental-car demand as Americans stay home and avoid travel. Now, the rental car company continues to offload a sizable number of its rental-fleet stock. For those looking to save, there are some mighty good deals afoot.

a car parked in a parking lot: The VW Golf is one of many models selling at a steep discount through Hertz. Emme Hall/Roadshow © Provided by Roadshow The VW Golf is one of many models selling at a steep discount through Hertz. Emme Hall/Roadshow

iSeeCars pored over 20,000 used cars, trucks and SUVs that Hertz currently has listed for sale, all in an effort to identify which models offer the greatest savings. Some of the cars are very typical models you'd imagine for a rental fleet, but others are a little more shocking. The list isn't made up of particularly old cars, either, since rental car companies work to keep their fleets updated for customers. Each car listed hails from the 2017 to 2019 model year.

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Hertz Bankrupt ? Will Used Car Prices Drop From A Hertz Rental Car Bankruptcy ? (HTZ) Hertz car rental has missed a debt payment on April 27th. There are

Car rental firm Hertz Global Holdings Inc said it would sell up to billion in shares, cashing in on a huge speculative rise in its share price since filing for bankruptcy late last month. "The recent market prices of and the trading volumes in Hertz 's common stock could potentially present a unique

That's great news for those in the market for a BMW 7 Series, because that's the single best deal from Hertz right now. The study showed the company is selling the luxury sedan nearly 14% below the average market value for an average savings of $6,877. Right behind it is the Chevrolet Trax, which is $1,714 cheaper than the average model listed.

A couple of other luxury cars make the list in the third and fourth spots. The Mercedes-Benz A-Class and Infiniti QX50 round out third and fourth place with savings on average of $4,252 and $4,145, respectively. Toyota's full-size pickup truck, the Tundra, rounds out the top five with an average of $4,714 in savings, or 12.6% below the pickup's average market value.

The final five include a number of more pedestrian vehicles. The Nissan Versa Note on average is $1,375 cheaper than the market average. Buick's Cascada convertible is $2,241 less expensive and the Kia Forte comes in nearly $1,500 cheaper than the market typically calls for. Rounding out the top 10 are the Volkswagen Golf ($2,023 cheaper on average) and the Nissan Quest minivan. Remember it? The very Japanese-looking family hauler is $1,810 cheaper than the market average.

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Hertz shares went into overdrive Friday after the bankrupt car -rental company announced plans to sell up The price has since tumbled to close at .06 on Thursday. The boom has coincided with the While selling stock is a creative bankruptcy financing strategy, it may be “a bridge too far” for the

No activity at airports forced Hertz Rental Car to declare bankruptcy . The company has already started selling its large fleet online at discount prices , and that could put pressure on other auto dealers to drop their used car prices as well. No activity at airports forced Hertz Rental Car to declare bankruptcy .

On average, used car buyers will find a vehicle is 8% cheaper than its average value, likely thanks to Hertz' firesale mode. It's a good chance to save pocket a savings of $1,389 on average, according to the study, and the savings extend to other models like the Chevrolet Silverado, Cadillac CTS, BMW 5 Series and more.

First published June 10.

This was originally published on Roadshow.

Backyard Barn Find 1966 Shelby G.T.350-H Hertz Rental Car Parked Since 1981 .
This G.T.350-H Hertz rental car was parked since 1981. It was found and rescued and waiting for a restoration.The entire car had sunk into the mud and might not have been worth the trouble except it was a real Shelby, one of the 936 G.T.350-H models that Shelby-American produced in the Rent-A-Racer program. Most being automatic, these rental cars were once deemed slightly watered down and thus not destined to be as desirable as a basic four-speed 1966 G.T.350. Perhaps the wondrous black-with-gold paint stripe scheme, and the oddity of a real Shelby being available for $19.95 a day is what has put this car on a collector pedestal.

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