Companies that have all sought bankruptcy protection in recent weeks. Hertz was just another victim of the pandemic, people will say. It’s easy to blame the company’s misfortunes, as well as the other corporate casualties, on the pandemic. The reality is a different story.
Hertz faced tough competition in the car-rental space, and also impact from e-hailing service Uber & Lyft. People preferred to use e-hailing services compare to rent a car and have to drive it themselves in an unfamiliar location. Drive a car by ourself is really a stressful way of travel, I done it, I knew it.
The failures of Hertz and the others have more to do with their own arrogant inertia and inability to recognize the fast-changing trends and a refusal to adapt their business models accordingly. Hertz has lost money for the past four consecutive years, including $58 million in 2019.