The Rise And Fall Of Hertz
Hertz was a pioneer in car rental and a highly recognized brand nearly as old as the American auto industry itself. Decimated by coronavirus, Hertz tried in mid-2020 to take advantage of an odd Robinhood-driven spike in its share price and sell stock to pay off its debts. At the time, the company admitted the shares it was selling could end up worthless. Will Hertz be able to emerge from bankruptcy in some form, or will this be the end of its century-long story.
CORRECTION (December 7, 2020): At 2:35, the video provides an incorrect inflation estimate. The number is $15 million, not $15 billion.
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The Rise And Fall Of Hertz
Oof, bankruptcy. That Hertz.
see yourself out
:D
😂😂😂😂😂😂😂😂😂😂😂😂😂😂
Didn’t age well lol
My local Hertz never answers their phone. I canceled my reservation and went to Enterprise and they were cheaper and answered the phone on the second ring. I’ll stick with Enterprise.
How about all the customers that Hertz says stole there cars that they paid to rent then has those customers arrested
Hertz has been morally bankrupt for years. Every time I've rented with them, they've charged me for gas afterwards despite a full tank. They knew it wasn't worth me calling their customer service 8 times over $30.
And they buy their cars cheaper then anyone else
Me too. I picked up a car with 3/4 of a tank and brought it back with exactly the same amount and they charge me for a gas charge. I called the store manager and they would do nothing and just laughed. I called corporate and they just blew it off like I was trying to scam them out of money or something. Horrible company!
Aside from their high prices!
@@disneyfan9099 you don't know what your talking about... they don't own the cars ... they are leased and they are registered in a trust
east wood why I always take pictures before and after if gas ain’t full and I have them put it on the rental slip it wasn’t full
Sky high prices, arrogant, rude and dishonest management. That’s why.
I totally agree and they don't divulge all their charges at hiring such as tyre wear road tax and they even charge for paying the bill
So true
@@yudhisr Thank you
The fact that they tried to issue worthless shares says it all. Hertz is a predatory company and I will dance on their grave.
Lots of hate here. I don’t work for Hertz nor do I own stock so I am not affected by this other than losing my Club Gold points which weren’t that many anyway since I don’t rent more than once or twice a year. I never had rude service and I rented from them because their prices were usually within 5% of being the cheapest and they offered free additional drivers based on my car insurance. Based on your spelling of “tires” you must not be in the USA. Maybe the operate differently in other countries. Sorry you had bad experiences with them
who saw company man's video first before coming here?
Captain Argonut 24 me
Me 2
Captain Argonut 24 I don’t feel sorry for Mark Cuban
Captain Argonut 24 I literally opened this video to look for your comment
Same
Hertz is horrible, at least internationally. I've tried twice to rent a car from them and they try to rip you off. You reserve it for one price and go pick it up and they try to charge you 3x what your reservation was for. They deserve to fail.
I’ve worked for dollar thrifty for over 10 years . We were doing good until hertz bought us and changed everything to the worst 🤦🏻♂️
That’s hertz for you.
Let people know hurts has been on unfalsely accusing people of Auto Theft when they rental the Hertz cars for the last 7years
Working here was the worst experience of my life. Management is clueless.
LAX?
English please.
This is a classic example of what you get when it’s more about rewarding already exceedingly wealthy executives rather than doing what’s best for the company or even the average Joe. Hertz has long been one of the least competitive car rental companies on the planet resulting in serious losses yet they still don’t seem to get it. Hertz deserves to fail and their senior management of the week should, but won’t, fail with them. America needs more accountability instead of selfish greedy corporate executives who only care about further expanding their own already massive personal wealth.
one problem is that if hertz goes bankrupt, the other major players become so much stronger and less wary of customer dissatisfaction.
Literally used Hertz once because the insurance company had to go through them after an accident. Everytime I travel or need extra room, it's either Enterprise, or U-Haul, with a home depot truck leased for a day here or there.
might have gotten better revenue streams if they weren't having all their customers arrested
We need a car rental company for the modern age. Transparent and predictable pricing and counters that don’t try and scam consumers with extras and add ons.
Jambo Cambo Yeah it’s called National or Alamo
Disney Fan i haven’t had any experience with National yet. Maybe give them a try when we can actually travel again. Every other company I have tried so far have tried to use the same tricks... Hertz, Avis, Sixt, Europcar.
Dude if I didn’t take the insurance out from Hertz I and State Farm would have been stuck with a $25,000 car bill. Some idiot crashed into my rental car and totaled it
The 'add ons' are how the counter ppl make a living. $10/hr base is good if u live in an old.van.
@@RobFrank22 yes and thats the problem
I thought hertz was the refresh rate for screens.
Nope, its how you measure the frequency of a wave
@@dr.christopherdiaz4473 Well hertz IS the refresh rate for screens
@@Epic_Aviation The screen is a wave.
Also named after a guy called Hertz.
Christopher Diaz, PhD actually it is just frequency. You can apply to whatever you want. It is just best known for waves. I don’t have a PhD but my degree is in physics
I once paid close to $1500 USD to rent a car in Orlando, Florida for about 5-7 days... It was INCREDIBLY expensive.
Wtf did you rent? A Lambo?
Dude I was just about to say that 😂😂😂
@@secretAZNman_ I was just about to say that minus the lambo
@@secretAZNman_ Nope! A Kia or ford. Something very economical...
@@alansmith888 That’s insane!
I love hertz, I tried to rent a car and drop it off in another location and it was a total wild wild west rental venture. I can write an entire page of complaints.
Rented hundreds of cars over the decade and only once it was with Hertz. All other times the prices were consistently much higher. Plus their website is awful, created by kindergartners, just a huge waste of time to even try to use. Much simpler to use their competitor's simplified system.
oldtwins na Yep
I agree!
They are sooo expensive
Thought this was a company man reupload for a second
It pretty much is
I worked here for about a year during college and learned so much about psychology. It gave me tough skin and prepped me for the world.
Tough skin meaning , how to cheat people of their money etc or something else.
Hertz had provided me with one of the WORST customer experiences of my life
I used to used them exclusively until 10 years ago after a bad experience. The company I worked for gave me the choice of what company I rented from and I rented vehicles about 90 days a year. After the second time of showing up and the vehicle type I reserved wasn’t available and not offering an upgrade but a down grade for a replacement that was it with them. Since I left them the two rentals I used always gave free upgrades when short of the type I rented. They even gave me free upgrades just for being a good customer.
Businesses come and go.
G goodkzhead.info/sun/Y6WcfdRxgXxupGg/bejne.html
Ahti or stay forever like Microsoft or hp
mostly gone.. who ever left just waiting to be replace... oh.. yeah your job as well..
You are correct.
Who else reads comments at the same time watching the video ?? 😃
I do
They had terrible service, they would hire whoever applied and training was poor, their fleet was dirty most of the time, no full tanks of gas, it was just a matter of time.
AGREED.
Good
I have always been faithful to Avis. I was in the south of France and was supposed to return the vehicle to the same location, but due to COVID, I drove back to the UK and Avis was saying that due to not returning the car to the same location, I could be liable for a £1000 fee to return the car - but they kindly waived this fee! That is what I call Customer Service!
Worked there 5 years horrible mngmnt and horrible treatment of workers that moved cars around.
Damn right
3:10 ... thats a GREAT SCREENSHOT OF A BEAUTIFUL CITY IN AFRICA ! Thank you 👌🏿👌🏿👌🏿
Feck hertz. They charged me a smoking fee... I haven’t smoked in 8 years prior to renting the car in June.
File false police report and let customers got arrested are just simply unacceptable and ridiculous!
I worked for Hertz for 17 yrs from '91 here in Australia. Great company to work for they were.
I saw a guy in a Hertz van delivering packages for Amazon today
Amazon leases their vans from hertz
Good! They deserve it. I worked at the call center in Oklahoma City 27 years ago and quit after four months. They treat their employees like crap, and their employees tell on each other. I have since finished school, have a good job, and have never rented from Hertz.
Bankruptcy? That....Hertz
get out
now
Fgoodkzhead.info/sun/Y6WcfdRxgXxupGg/bejne.html
This year has been crazy. The scary thing is, it's only been about half the year. We still got 4 months left 🙃
Thank you cnbc for your free awesome mini documentarys!
The phrase "SEC" and "best we can" should never be in the same sentence, unless it is something like "Those of us at the SEC, do 'the best we can' to make all of the cocktail parties held by people we are supposed to regulate".
HERTZ has been a crap company for over 10 years. They once claimed my friend's car flew in the air at the speed of 3 mph to land on top of one of their vehicles. True story.
Enterprise really is the best for a reason... i have two kids and when my car was in the shop (QX60) my insurance gave me a sentra... don't get me wrong it is a rental if it was just for me fine... but my 3 row SUV was outta commission! The manager over at the Enterprise I visited was confused my insurance company would set me up with a small car. He gave us a murano and didn't charge us the difference in fee. That is why Enterprise is king!
Only bailed out the airlines, not the businesses that go with them
goodkzhead.info/sun/Y6WcfdRxgXxupGg/bejne.html
Shouldn’t have bailed out Airlines why bail out them when ......go bankrupt.
@@johnl.7754 how else are we going to travel overseas? And its high employment rate means itll hurt more to not bail them out
Jarrod Reti as long as there’s business then there will be investors/business people looking to fulfill the need. If the airlines go bankrupt the planes, infrastructure, pilots.... will still be available to be bought up in bankruptcy by new investors. The old shareholders & management need to pay a price for not encouraging the airlines to save more money during good times (instead of buying back stock) and the banks for giving them leveraged up loans.
@@johnl.7754 the process of starting up something like that will take a year minimum. They need to plan new flight plans, employments, insurance, investors alone will take 6 months and then youve got to re do health and safety. The simpliest answer is usually the best
I rented from Hertz this week for the first time. They were considerably cheaper than anywhere else I checked. They also didn't charge extra for a one way rental.
Just wait until you get arrested for the theft of the car that you returned on time. I'm not kidding!
Good. Your fellow customers went to jail. Falsely arrested. 😡👎 kzhead.info/sun/o5iMdt2dqKiIjXk/bejne.html
Hertz is celebrating an epic comeback. Not everyone's pleased: It really Hertz when you rent from Hertz they are a really tricky company
"Tricky"? More like viciously backstabbingly impossible! Why rent from a company that falsely reports its customers stole their cars?
Company man did it first
Ok
Got charged for a chip on a windshield that was chipped before i took possession from hertz. I can see the agents smirking as I paid the bill. I was so angry I wished this company go bankrupt.... Kind of feel bad now 😕
Lol don't feel bad. They did it to themselves! That is their karma for being mean to you!
Sorry but that’s on you. You gotta inspect the car and document its condition before you take it.
@@theWebmasterify that branch had negative reviews online of charging for the same chip on windshield. You couldn't see it until you looked close. Its ok I lost $40 bucks but I feel good knowing they won't rob other honest customers now.
There's a lot of industrial equipment at my work site thats rented from Hertz, crazy news!
GaLoS That’s a different company. In 2016 they became a independent, publicly traded corporation.
@@disneyfan9099 good to know!
Rented a Turo BMW X6 which was fun until my family and I were left stranded in Niagara Falls (US) as the car owner wasn't making his payments leading to the car was repossessed there. Turo couldn't get a replacement car nor did they pay for the inconveniences experienced. I ended up taking a taxi to Buffalo and using an Enterprise rental back to Washington DC.
$1 million in 1925 is $15 million, not billion
Agreed. I caught this too.
yea, thought that didn't sound right
@Mali Wright b is pretty close to m so it might of been a typo
Excellent piece of journalism
I’ve only rented hertz lmao, everyone hating but I’ve always had cheaper rates and even no extra charge if I picked up a day early. Only thing is that sometimes they weren’t very clean
Yes, Company Man pulled the trigger first and did a good job, but CNBC also provided great additional details that we didn’t know. Both sources combined gave us the full story.
company X: going through a down time (a common phase with most companies) youtubers: time for a 'rise and fall' video
I'm not sure if it's always been this way, but when I was looking at cars for sale at Avis, they were selling 2019 midsize sedans for $10,000 and it confused me why they're so cheap
Un-competitive pricing, #1 reason why Hertz was never on the radar. I've rented with Avis, Enterprise, and Alamo, and always had a good experience.
Alamo actually belongs to enterprise.
Knowing that when you rent a car from Hertz, that you risk being arrested for grand theft auto, is a little disturbing.
Crazy how Company Man beat them to this topic. Not complaining though. They both have their own perspectives.
Great results of Hertz falling down hill for falsely accessing customers that have been making them rich. Never over looked the people that butter your bread.
Hertz was a bad company! They always charge people gas fees when you bring the car back with a full tank. They did it to me
I rented a car from them in June. They charged me a smoking fee, I haven’t smoked in 8 years.
Solomon did you try to let them cheat you first and then show them the evidence? What % of times did they falsely accuse you?
this is why i never fill them and only rent hybrid...
Me too.
I’m not surprised. Their fleet and prices don’t compare with the Enterprise group. Most of Hertz cars are beat up, with high mileage.
F goodkzhead.info/sun/Y6WcfdRxgXxupGg/bejne.html
Kinda true. They bought way too many cars and got screwed. Enterprise leases a lot of cars
Budget, Avis and hertz are the only car rental companies I can rent from under 25 without a sky high fee (USAA Waiver). I honestly don’t know what I would do without them. I literally rent from hertz at least once a week even during the pandemic
Poor boy. Kleenex poor msn?
your lucky your didn't go to jail for a stole car.
Their spin off-HERC has done very well, the fleet and construction rental business is booming.
Only old school and some companies rent vehicles from these rentals nowadays there is so many online rentals with vehicles all around the suburbs and you can drop it off any where . Rental car day is over after 100 years don't be surprised.
As a regular business traveler for 30+ years, I almost never used Hertz, because they consistently had the highest rates. Following the bankruptcy, they became very competitive on pricing, and they quickly became my go-to rental company. Now, they have reverted to top-of-the-market pricing, so I have dropped them again. Over the years, I have used every rental company, and I find no significant difference between them. Like gasoline, it is simply a commodity, and I will take the lowest price available.
I do not see Uber/Lyft as competitors, but allied. With more alternatives, owning a car makes less and less sense, and thus create a lot of opportunities for private car renters like Hertz. As someone who took that path, I can say I never rented car as much as before. Before, I would only rent if I take the planes, and for short travel destination, I would even ditch the plane and drive to there. As for Turo, well if you like to book expensive 12 years old Corolla, go for it.
Not related : do you know what that place is at 3:07 where it says Europe? 🙏
First time I heard of Hertz was in a Ross vlog Creations video. Enterprise is the brand I think of.
I was in Aruba, and Hertz was definitely all over the place. and yes some of the cars are a bit old.
Some company's fell hard, and no rise since march 20... I keep short position in dal, luv, rcl. i never buy on bottom😣
Hertz should keep their fleet and pivot into the online space. Offer on demand, cheap car rentals, for the day through technology innovations just like turo
John D. Hertz born as Hertz Sándor in Hungary. Hertz was the founder of YellowCab as well, and you see the logo of Hertz rental is yellow too.
Hertz is like Dollar General amongst Target/Walmart
I noted in a movie that Hertz also offers heavy machinery rental in certain countries.
Bryce Cherry They became a independent, publicly traded corporation back in 2016
Just used them. They tried to scare me to use their toll tag saying i had to use 3 different tools to my final distination. I never used any. I prepaid for my car but still had to leave deposit of $200. Plus they never told me i had to pay another hour for picking up early. I would have waited another 20 minutes until pickup time. They just charged me without asking if i wanted to be charged or wait
If you couldn't survive in pandemic, that says you never had loyal costumers. You were just an opportunist, and you're meeting your karma now.
So true, their customer service was horrible. Everything so over priced.
Unlike many others, I had nothing but excellent experience (especially with the people working there) with Hertz, mainly in Germany and Greece. Godspeed and good luck for these in the future!
It’s a pretty classic story. Sold off to venture capital firm who loaded it with debt, hired a Shady CEO who cooked the books, went pubic to cash out, Icahn got involved Etc. it was on the path for quite a while.. the latter Is always a sign company is going bankrupt that’s his whole business
I am a 39 year old male living in Tennessee and I think I have only rented a car 10 times in my life. I think that if you want to attract car renters, focus on vacationers. Rent exciting cars. Most rental cars are extremely boring. For many families vacations are a time to splurge and are willing to spend a little more for something that adds excitement to their vacation. Another focus could be those insurance company that offer car rentals after accidents. Other actions would include shorter than 1 day rentals. Some people need to rent larger vehicle to transport large purchases like furniture, lumber, maybe a grill. This is a huge under served market! I can't tell you how many people have asked me to help them move something because they don't have a truck. Think about the mattress on top of a sedan, everyone has seen it.
new pricing model made them more expensive than competitors. They took on additional debt to grow business again, but then the pandemic hit, and they were not able to service their debt.
Just bought a 2019 camry with 24k miles on it for 17.4$$. From Hertz.Got a great deal. My mechanics checked it out and everything is fine. A few scratches and small dings but thats ok. I have a few myself😃. Thanks Hertz!!
I was scammed for an insurance i didnt ask for by one of Hertz agents at Calgary Airport in Canada back in 2017. Aint that too bad, Hertz!
Yup. They get commission on ing insurance and gas catching. I got frauduntly charged for a tank of gas when I returned it full.
CNBC are really catching up to Company Man when comes to video ideas nowadays.
I honestly do not trust Hertz anymore after this recent scandal.
$15 million, not $15 BILLION, although that would be nice in the 1920s
I haven't ever heard of Hertz *IRRELEVANT*
I wish I had seen this before pre-paying for a full sized "luxury" car this coming May, I wonder what awaits me there.
Lol i must of misread this or something because i thought yall were talking about Ketchup, mustard, and barbecue sauce.
Why are you stealing video ideas from Company Man? I mean, I like your videos as well, but the timing is interesting ;)
goodkzhead.info/sun/Y6WcfdRxgXxupGg/bejne.html
Wouldn’t be surprised if it helps the recommendations & logarithm to release the same subject closely after another channel
Not good for business when you keep having your customers arrested.
Hertz will be back. I can’t wait to buy their Stock🍷
I worked for Hertz. It was easily the most toxic work place I’ve worked.
This reminds me of company man vid
Very bad experience as we were overcharged at los vegas airport because our reservation called for a drop off at Reno Tahoe airport!! Reservation was made 3 weeks prior to trip!
I spy a third gen Toyota 4runner in the thumbnail. Looks to be in great condition as well
*Rent the car. Own the memory from jail.*
Company man knock offs
Eh, both very different in style. Both are usually pretty great though
Ok
5:22 I rented a car from Hertz awhile back. I brought the car back after 3 days. Two weeks later I got a call from them asking when I was going to bring their car back. I never rented from them again.
You really might want to follow up on that. Hertz has a nasty history of reporting those cars stolen by the people who rent them.
@@gp556by45 well this was 7 years ago so if they did report it stolen the cops haven't called me yet. Thanks for the tip though. It left a bad taste in my mouth as the seemed unorganized.
The title should be "From Car Rental to Car Retailer"
I can fix this companies issue. Take your old fleet use a certified mechanic to go through each one. Resell those old fleet cars on Carvana, Or a similar company can be created to sell these older cars for lower prices. Adapt to the change you're not just in the rental car business any more if you want to survive.
Stop stealing Company man 😤
He’ll probably open another trump tower!!
Robinhood Traders: *Surprised Pikachu Face*
When Kanye said “but everybody hertz, but I don’t judge rentals” 😭😭😭😭
hertz is name fit for business related to sound. hertz can change business to online music streaming or sound systems
Accusing people of stealing their rental cars wouldn't have anything to do with their downfall wouldn't it ? Putting people in prison for something they didn't do came back to bite them where the sun don't shine . Lawsuits cost a lot of money ,hey Hertz ?
I'm going away for the weekend and decided on renting a car. I figured I would try and rent from Hertz. Considering what they were going through I thought they would have competitive pricing. Nope, they're still priced higher than their competitors. Went with budget.
And their customer service is the worst of them all.
My days of flying, both business and personal, are over with. I don't need to rent a car anymore. I'm sure many people feel the same way.