Hertz - Hertz CEO: We're Buying Cars...Lots of Cars

http://www.cnbc.com/id/31541922

They need to buy some, especially after winding up with a beat to hell car with almost 37k on the clock that smells like smoke. This has never been like Hertz.

Yeah, yeah, yeah...everything is just peachy when he's in front of reporters but in e-mails to employees it is the most difficult time in history. This guy had the audacity to send an e-mail saying how everyone was taking a 5-10% paycut a week after he took a stock award worth millions. Hmm...I wonder why employee surveys aren't very good.

I was at BOS this past week and saw brand-new cars being unloaded from a vehicle transport.

My own car was a Toyota Camry with 524 miles (or so) on it.

That was a great improvement from many previous Logan rentals. So this is good news.

Yes and they buy lots of cars each and every year.

What would be more interesting to know is:

What is the projected average fleet age for the end of this year
When will these cars be delivered
etc etc

Facts are always better than big talk

Many of my Hertz rentals in the past 4 months have featured cars that none were fewer than 20k miles on it. One rental two weeks ago in OKC was just a hair under 40k miles.

My last two rentals with Hertz I've had new cars. One in PHX last week had 35 miles on it. Another one in MSY also last week only had 1200 miles on it. I rented from Avis this past weekend as DEN and their car had 480 miles on it. I'm seeing a lot of temp tags in the rear windows of a lot of rental car lots in the past couple of weeks.

I wonder if the major car manufacturers is selling excess inventory to the car rental companies and a substantially reduced price?

I rented from Avis this past weekend in DEN from Avis and that car had 480 miles on it. I'm seeing a lot of temp tags in the rear windows of a lot of rental car lots in the past couple of weeks.The Alamo/National lot in DEN was a sea of temp tags when I was there last week.

I wonder if the major car manufacturers is selling excess inventory to the car rental companies and a substantially reduced price?

The article actually says just that.

The incentives have been out there for months. Buying cars at cheap prices is only half the battle...you still need to sell the cars you already have. Used car values were so low that you would have lost a fortune on each unit and that is also why there are so many high mileage cars out there right now.

You don't see too many people getting high mileage Priuses. The Priuses sold very well, especially when gas was at $4...not exactly the same story for an Explorer.

The article actually says just that.

I didn't read the article. :)

That means there is going to be a huge glut of used 2009's with very high miles on the sales lots.