The Decline of Hertz...What Happened?

In May of 2020, the rental car company Hertz filed for bankruptcy. This video takes a look at their constantly changing history while trying to find reasons behind their recent troubles.
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[@MrKanjidude]

If there's anything this video series has taught me it is that many huge American companies are just houses of cards, built on debt and short-term thinking.

[@briananderson7497]

Sounds a lot like our Federal Government.

[@winniebae4alwayyz963]

*Quite the stellar observation. Yup, you summed it up perfectly.*

[@tongobong1]

Yes but you can quickly see which one is or is becoming a house of cards by looking at its finances before you buy it or sell it. You should check it once per year if you hold it.

[@hektaah]

Research Japanese business vs American business.

[@DrGandW]

I get so hype when he mentions a company not choosing to take on debt

[@MatthewHoag77]

With a name like Hertz, declining business frequency is always a bad sign.

[@DJErnVideos]

/dadjoke

[@Raskolnikov70]

Bad puns don't help a company's bottom line either.

[@GregGreggerson559]

You're doing God's work, son!

[@iskandertime747]

Ouch!

[@champnotchicken4318]

My profolio Hertz right now

[@peterbarlow7781]

That’s private equity for you: do leveraged buyout then leverage the acquired company to buy more companies. Take company public, run off with the cash. Asset Strip the acquired company. Declare bankruptcy and walk away. Rinse and repeat. (Also cars are some of the worst assets to leverage against as hey presto they depreciate every single month)

[@DeeDerry]

Exact breakdown! 💯

[@GyroCannon]

To be fair, people who buy bad IPOs deserve to get ripped off. People who bought shares of Uber, Snapchat, or Dropbox on IPO day, despite all the publicly available financial statements saying that they're not profitable (nor will be profitable for the foreseeable future) are really dumb with their money.

[@cameraman655]

GyroCannon AGREED!

[@bigstupidgrin]

Yeah quickly depreciating collateral sounds like a bad plan

[@Raskolnikov70]

That's the moment I want for in every one of these videos. "Then they were sold to a private equity firm....." - WELL THERE'S YOUR MISTAKE RIGHT THERE!

[@monstersociety3360]

I rented a truck from Hertz a couple of years ago while I was on vacation. When it came time to return the vehicle, I saw a sign at their establishment that said "Please check your vehicle for valuables before returning them." (Or however they articulated it on that sign, I guess.) I asked the guy I was returning the truck to "What's the weirdest thing you've ever found that someone left in a rental car?" (Kind of fishing for a funny story, obviously.) Without missing a beat, the guy goes "Tons of people forget their babies in car seats around here." Not really the hilarious anecdote I was hoping for, but the good news is the guy assured me that absolutely everyone comes back for em eventually.

[@zoozagt5]

😳

[@elia.8993]

😂😂😂

[@KalodexD]

that's scary yo

[@MaximNightFury]

Eventually... Just wait until someone waits 18 years

[@Rogue849]

Oh wow

[@johndelong7795]

I'd like to see a merger between Hertz and Dunkin. Then you could order a Hertz Donut.

[@tonysfreshpepperoni4802]

Punches in face

[@rosegroshek1218]

There is already a real Hertz donut company. (Actually they spell it Hurts) And it is awesome

[@craig8128]

It’s a Eurorack module.

[@mauricemaple1430]

Im way late but you just made my day.

[@topsykretts7642]

@@rosegroshek1218 Springfield, MO. Their donuts are phenomenal

[@FingeringThings]

It must Hertz to see them have a rough time

[@danielmartin9057]

You are everywhere

[@Mrsrandomwhat69]

Finger man is *here again*

[@angusmacfrankenstein7227]

Mr. Fingering Things, do you practice social distancing while fingering?

[@IAmNotAFunguy]

Do a video on Stein Mart. They just filed for bankruptcy today!

[@Hopeguz3]

Dang really? Brings me back.

[@john091077]

That is one depressing store. Every one I have gone into has had the a/c cranked to like 60 degrees, it's dark as crap inside and only like 2 very old ladies shopping at a time.

[@ilurvemv]

Many years ago, after a Stein Mart store opened in my town, we were driving by and stopped to check it out. We left within a few minutes because my mom said the prices were outrageous. We were the only ones in the entire store and it was empty and the owner was standing by the door waiting to see if anyone would come in when we left.

[@TaxTimeForever]

I remember when I was young, people always offering me a Hertz Donut. How is that subsidiary doing?

[@smartestmoronx19]

That depends, want one?

[@pucketthagen]

Nabisco-Mondelez would be a very interesting episode the history is more complicated then most know

[@devincreislerstudios]

Turned 25 in April. Yay I can finally rent a car! Oh wait never mind.

[@schalitz1]

Hertz will actually rent to 18 year olds now since the flu started I've rented from them twice this year (2021) and I'm only 20.

[@shannon21229]

Do the decline of ecko!

[@michaelkeller8072]

They were to slow in getting into the insurance rental business in the early 2000s and spreading out the business from just travel. Then Enterprise got into the travel rental business big time in late 1990 into 2000s.

[@t_ylr]

They also have terrible customer service. I work at an insurance company and we have a contract with Hertz. People hate them. They're always telling me their customer service horror stories.

[@Hopeofmen]

I rented a car from them the day before they declared bankruptcy...still payed out my nose for it, even though it was a lower-tier car. :/

[@Nicholas-f5]

Probably could have kept it lol

[@hewhohasnoidentity4377]

When a company gets repeatedly sold and the debt goes up it is a sign that the board realizes the organization is essentially bankrupt but not quite past the point of turning it around. There are no consequences for them to drain it, so they do a series of restructurings and add major transaction fees and executive sign on bonuses for a "turn around" CEO, CFO and COO, followed by their contract termination fees when they can't turn it around then repeat until they can't find another hedge fund to roll over the debt. Then the executive team and the lawyers still get a couple years of work dissolving the entity..

[@Raskolnikov70]

What's that old saying - "It's hard to get a man to understand something if his job depends on him not understanding it" or words to that effect? When the system is set up to reward people for focusing on short-term profits instead of the long-term health of their businesses, this is the result.

[@SupremeLeaderKimJong-un]

The pandemic is the nail in the coffin for several businesses. This is what happens when your country doesn’t take things seriously. One case was all it took to shut down an entire city for us

[@Nicholas-f5]

Wishing you a speedy recovery and please don't shoot missiles at us 🙏🏽

[@davidnakashima8621]

When hertz got ride of the heavy equipment side the car side suffered and the heavy equipment side got better and is now opening up new stores

[@devingiles6597]

Company Man, I have some suggested topics you should cover in future videos. Suggestions: Netflix - Why They're Successful General Mills - Bigger Than You Know The Decline of Circuit City...What Happened? TikTok - Why They're Successful In-N-Out Burger - Why They're Successful Berkshire Hathaway - Bigger Than You Know KZbin - How It Started Discovery, Inc. - Bigger Than You Know The Decline of KB Toys...What Happened? ViacomCBS - Bigger Than You Know The Decline of Pizza Hut...What Happened? The Decline of MySpace...What Happened? Hanna-Barbera - The Rise and Fall The Great Recession of 2008 Hasbro - Bigger Than You Know McDonald's vs Burger King Twitch - Why They're Successful Samsung - Bigger Than You Know

[@persjofors2586]

John Hertz lived about two blocks from where I live in the L.A. area and during the late 40s built an underground fallout shelter that could accommodate about 50 people. To be safe from Soviet nukes. It was still there a couple of years ago.

[@madaction9373]

I used to work there back in 2005 at a small location at the hotels in Orlando. It was 1 person working the desk and cleaning and putting gas in the cars. A lot of days i wouldn't have enough cars to get through and would rely on returns to make it through the day. It was a stressful job for the employees and the customers. I knew it would be a matter of time where they would be at the spot there in now.

[@isaiahcounts6889]

Tell me why this is like my fav channel now 😂😂😂 love this info

[@Impossible_Fishy]

I have no idea what Hertz is That hertz

[@BELCAN57]

" Mega-Hertz" is a larger version.

[@later_skateboards]

Wow.

[@angusmacfrankenstein7227]

The daddy humor is string in this thread...

[@JaKingScomez]

Thought it had something to do with pretzels

[@locke103]

@@BELCAN57 i hear the game got stepped up with "giga-hertz"

[@1manarmy_]

As an employee this video is spot on. Especially the last part about buying dollar thrifty. Dtag is literally the reason hertz is still in business today. There generate most of the revenue for hertz right now, yet they treat dtag employees like shit while also getting rid of dollar thriftys business model which was a proven success. Should’ve just left the dtag alone

[@oscarherrera641]

I love hertz. I rented a car to go to Florida in May and had an awesome experience!

[@reubenshupe2273]

When I was in Orlando we rented a car from Hertz. They didn’t have enough cars so we got bumped to the gold stuff. It was nice.

[@caitlinmccloud7431]

I’m actually renting from hertz for the first time next week to move back to college. I’ve never used them before, but my move in date changed and not one enterprise near me has cars unless I rent a car for a month....so anyway I’m buying a used car in two weeks!

[@joecoolio]

What happened to the restaurant chain Tony Roma’s?

[@utterbullspit]

I love Avis! They're my favorite rental car company.

[@lmfd7373]

Me too! They won me over hate i shopped with Hertz and Enterprise so long , Avis is amazing and Budget too

[@aarontylerbellfilms8486]

“Debt is dumb.” True for individuals. True for organizations.

[@DBR00]

Quite simple: They say, “Hertz, We’ll pick you up.” However, the one time I needed to rent with them, they didn’t. So I never used them again.

[@jsnwbbr]

Considering that's Enterprise's slogan.....

[@miguelmejia4656]

@DBR00 they tried hard upselling me a car rental at the airport to the point of repulsion. they also claimed I damaged their car when it already came like that. I hate them. I never used them again.

[@taylorbrewton8777]

Wrong company slogan, bud

[@theschiznit8777]

Whenever I rented a car for myself Hertz would always have uncompetitive prices. They seemed to cater more to business accounts.

[@NostromoSulaco1]

I love your videos. Its can be something i couldn't care less for but i watch it period.

[@ajaay9244]

I'm a big fan of Hertz. Back in 2017 when I totaled my car, and for the next couple of months was car shopping. Hertz rental prices were consistently the lowest.

[@PnoidNews123]

Uber and Lyft have been killing them. The tell tale sign that it was not a good business model is when auto manufacturers stopped wanting thier sales based on fleet vehicles.

[@mang5949]

Ahh a new company man video

[@uacbpa]

I'm neither surprised nor heartbroken about their bankruptcy. I was quite mistreated by them as a customer and and as a consultant for them. Worst people I ever had the displeasure of working with.

[@BoyNamedSue4]

Still use hertz but that’s only because my wife’s work has it where they get a 30% discount. And if we rent it for personal use we just have to pay the remaining 70%

[@fatbart8551]

Oh man I just reserved a rental with them this morning!

[@MrDan708]

Last time I dealt with Hertz was when I rented a car from them at Belgrade-Bozeman Airport in Montana. I got a very reasonable rate from them through Expedia and put 1000 miles on the car in five days/nights. I don't see how they can make money on that.

[@jasonmirabile5184]

Perhaps they could now be on an upswing now with the costs of cars new and used going up? In otherwords their "collateral" value has increased?

[@quanahk]

One thing that definitely hurt them is that they have had many locations as part of a Sears

[@DwayneIsK1NG]

I remember seeing them in commercials and at the airport but I literally haven't seen even their logo in like 10-15 years 😂

[@devingiles6597]

Hey, Company Man. Can you please do a video on the rise and fall of RCA (Radio Corporation of America)?

[@danlancaster2239]

Excellent job as always, keep up the good work and thank you.

[@LoydChampion]

I rented exclusively from Hertz for 20 years. Once Ford sold the company they started to see customers more as a liability than an asset. The investment firm that purchased it from Ford started only getting Kia's and Hyundai's, and none were very well equipped either. Plus, they seemed to keep them for a long time, and frankly, they were pretty beat up cars. Additionally, their prices were higher than the others. I see their biggest problem from your video, but that is why I've switched to other firms for my rental needs. In short, they went from great... to sucking.

[@TheHonorableAngelinaNordstrom]

Can you do a video on Enterprise and Avis?

[@seabass62yearsago]

Gonna be honest. I’ve never even heard of “hertz”

[@Noone9227]

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.

[@williamrae9954]

Famous for the soccer joke..."Our team just bought a new Dutch footballer,Hertz Van Rental!"

[@joshuagipson1267]

You should do a vid on the decline of bealls and why they are going away. My mom wont stop telling me about The crazy sales

[@craig8128]

It was interesting to hear about Hertz’s financing woes, but: if you ask me, from a customer’s POV, Hertz just sucked. I was Hertz Gold #1 for 20+ years, and I never understood the ‘benefit’ of it. My company dictated that I had to use Hertz for business travel, so I suffered through it - there was some kind of high-level deal in place, I’m sure. But the “ideal Hertz experience”, where I’d jump off of the bus and go directly to my car via the display board gizmo? That worked maybe three times during all of the years I traveled. I could go on and on. I never understood how they were “#1”.

[@Fix-it-tony]

There was important factor you missed and it was the depreciation scandal. After the run up in used car prices after 2010 when reduced new car production caused a vacuum in the used car market. Hertz reduced their monthly depreciation of their fleet to near zero. When prices softened in the following years they didn’t adjust it back up leaving a time bomb of under depreciated cars in their fleet. The rumor was they bought Thrifty Dollar to push those under depreciated cars to them, then spin that company off on their own to go bankrupt protecting Hertz from the huge depreciation loss and possible lawsuits. Needless to say they were caught and the spin-off never happened. They were forced to take more loans to cover the depreciation as they sold off those units. Please take a look into this, it’s an important part of the story.

[@christopherconard2831]

A company using a subsidiary or semi independent division purely as a place to park debt so the main company looks good on paper. Hmm, where have I heard of this trick before?

[@davidsmith1898]

Hertz is always the most expensive choice for the same product.

[@juandaltonius69]

I never thought I would enjoy Wednesdays so much! Thanks for the vids.

[@eugenetswong]

Maybe a playlist of episodes, where each episode covers 1 of the big 6 corporations that control the entire world.

[@ThePowerofJames]

Talks about Hertz, doesn’t talk about the Shelby GT-H, I am now sad

[@Leatherkid01]

In my experience, Hertz fleet ia usually feels old (not talking abt millage driven) or if new, been abused thus it looks worn compared to the other rental fleets ....its like their detailer guys gave up .

[@devonhuynh5832]

lucky me i get to watch good content on my lunch break!

[@rooney0423]

I'm surprised that there was no mention of ride sharing services and their impact on the car rental industry. I haven't rented a car in years because any time that I would need to, I just call an Uber or Lyft.

[@GingerGilligan]

Some people might prefer to drive themselves instead of being in a car with a stranger though.

[@mahmoodmawed4347]

Hey company man make a video about Dish network please love ur vids

[@elmashable9722]

Dang, it really Hertz for them to go bankrupt and close down :(

[@UndeadEggmiester]

Honestly for the longest of time I never thought far rentals were a real thing being that my family never traveled or used them my only experience with them were in movies or tv shows.

[@coupdeforce]

It turns out that it's bad to take on more debt before paying off existing debt, unless you're buying an amazing profit generator. And amazing profit generators tend to not be up for sale when they're still generating amazing profits.

[@knockywigglesworth1909]

Even worse, they sold off many newer more valuable cars to raise cash in mid-2020. Now business is coming back, they don't have the credit to replace the cars they sold. Plus the chip shortage has made new vehicles in short supply. Leaving Hertz with many older high mileage, less desirable rental vehicles. At a time when they still have high debt and the competition is better positioned to take market share. Leveraged buyouts, the savvy weasels behind them & high corporate debt do not make for a happy ending.

[@MarcMiller22]

Why do people choose other rental car companies? Either because of the price, or because of vehicle availability. And though one way trips do shift cars around, extra money is needed to move those cars to where they need to be. So the extra investment in the fleet was warranted, and the other car rental companies gave them additional vehicles and options for using the market to move those assets around as needed. A measured risk, and as the world becomes less localized and more international, business travel was continuing to grow. A measured but acceptable risk for pushing to maintain a top tier status. Even those that warned we would eventually have a pandemic were probably thinking H1N1, which didn't have that much of an economic impact. It was a safe bet at the time.

[@UmmYeahOk]

You didn’t comment at all on Hertz Rent-A-Racer. Basically people were renting their cars for weekend track use. It became such a big deal that Hertz decided to just go with it and offer their own special edition vehicles to rent out for this purpose. I think they attempted to bring back the program in the aughts. I used to take my car to car shows, and noticed that at the shows which were located at the track, people were bringing brand new vehicles, still with stickers on the windows, and winning. They could have been legitimately purchased, but they were so new, it made me wonder if they didn’t just take a lengthy “test drive.” While I don’t see the point of renting a car to win a car show award, I do see the point in racing one. But back on the Hertz Rent-A-Racer... ...I have seen people create REPLICA Rent-A-Racers, and enter them at shows. What’s funny is, my own car truly WAS a rental. Though the company is unknown. It may have been an actual Hertz!

[@Nicole-iv7zc]

Hey Co. Man, Can you please do Stein Mart? I have wondered how they’ve been opened this long anyway, lol

[@Ever443]

Their service sucked, you would schedule a car, arrive to pick it up and get “oh we’ve rented that vehicle, let me see if we can find another one in another county. Happened more than once, so I switched all our company car rental to Enterprise, no issues.

[@MrMatthias]

I've only heard of Hertz through their NASCAR sponsorship. I had no clue they were a rent-a-car place. This is all news to me. Sounds like they made some unwise spending decisions in the last decade.

[@EspiIsHere]

I have never heard of them before

[@shaunsmith9526]

As a frequent business traveler, I lose no sleep with Hertz, Enterprise, National, Avis etc go bankrupt. Constant issues with unethical business practices and scamming customers. $19.95 a day 'Convenience fee' if you use a toll booth , coming back and charging customers $3000 for hail damage literally a year after a rental, not providing customers a way to document damage to a car before they rent one, nonstop scams. Let them go out of business and let others take that share

[@sdjrinc.6921]

One reason Hertz was getting beat by Enterprise was a lot of there vehicles have high mileage I remember in 2018 I rented a Ford Escape it had 56k and that's not a lot of miles if it's a personal vehicle but that Escape had a bad alignment at 70mph would wobble the check engine light would come on and go out when you accelerate just a all around bad experience.

[@Kitkatze]

ride sharing and public transit is easier than paperwork plus renting a car always felt like a scam.

[@ObsessedCollector]

Amazing how much MORE you pay attention to a Company Man video when you OWN stock in the company he does a video of! Don't worry though, I bought it when it was under $1 a share =)

[@dippst]

it's really simple. i have rented a fair few cars for various reasons in the past 5 years. i rented from hertz once. usually end up going enterprise or budget/avis. the reason? they're cheaper AND have a better selection. hertz almost always was $15+ more PER DAY than their competitors inthe cheapest classes. why pay $120 before all taxes, fees and add-ons when enterprise is $110 out the door? beyond that, enterprise requires a $200 deposit. budget varied from 0 to 500 (500 was renting a truck for a week). hertz required $500 for a day, and they took a week to return it! enterprise and budget return it within 2 days.

[@QuickQuips]

As someone using business trips often, Hertz Gold is too complicated and less consistent than National's Emerald one. And they both are quick to get into a car and on your way.

[@mikelx79]

How about a video on CarMax?

[@curiositypursued3507]

They also tried to issue more shares of stock once they announced bankruptcy kinda scummy thing to do. Carl Icahn was a big share holder and we all know what happened when he get involved in businesses TWA for instance.

[@Nicholas-f5]

There was a weird Robinhood twist to this, not mentioned, agreed

[@curiositypursued3507]

@@Nicholas-f5 You are right a lot of Robinhood traders where jumping in not knowing how bankruptcy works for common share holders.

[@Dakid015]

That's the risk of being such a capital-heavy business. Almost all your assets are going to be tied up in debt. Hertz only turbocharged their downfall by bloating their balance sheet with more debt-filled acquisitions. Valuation folks saw this coming. So not surprising this would happen.

[@zmitty6089]

Could you maby do why target is successful? Love your videos 💕

[@mariomejia1701]

Can you do a video about retailer “Service Merchandise “. I showing my age ..lol … they completely disappeared

[@uthmanbaksh3530]

All those employees now have a Hertz donut!

[@TheFirBall]

Every thought about doing a second channel about Countries or Governments

[@scudmonger]

Maybe if they weren't borderline scammy with the gas fill ups, "optional" insurance, and toll transponder fee they'd be doing better. Not surprised if other car companies fail too since they all do this and only make money on that crap.

[@EraseableCrab]

I am watching on a RCA tablet

[@MBarberfan4life]

I didn't even know they made tablets. lol

[@Lithilic]

I don't understand why these companies are so eager to take on more debt in acquisitions when they are so far underwater. I get it they see a long term benefit but why they see it, is still a mystery to me more often than not.

[@atomzero1]

I've never used Hertz. Enterprise always seems like the best deal. I don't know how any of the others stay in business.

[@jlcs96]

And yet for some reason they decided to move their headquarters to my town a few years back and buy our local stadium to put their name on it. I guess it was a giant waste of money after all just like we knew it would be lol

[@lowerclassbrats77]

Who knew you could take something as vanilla as a rental company and make it interesting.😄

[@CashisKingtrucking]

I wouldn't be surprised if Ford bought them again. Not saying that it would be a good deal two wrongs don't make a right

[@ilearnedsomethingnewtoday6193]

I think one of their issues is they won't rent on a debit card. That doesn't help

[@bigoeasy1]

I bought Hertz stock last year at .60 cents a share and sold them a week later at $6.00 a share

[@laurabradley7805]

Please this one would hit close to home for me rise and fall of brighthouse

[@minnesotathrills]

Can you do a video on Cedar Fair of why they’re so successful? 🎢

[@carlosmartinez-py3ro]

You should also do a rise and fall of The PepBoys i recently got laid off from that company

[@TheInkPitOx]

I had forgotten about them

[@carlosmartinez-py3ro]

@@TheInkPitOx from what they told me they are closing down stores in "waves" and we were the 10th wave in the nation

[@jasonleman1396]

from what I remember they were also on the high end of price range for car rental prices, so basically for less price I often got a better deal (and more often than not a free upgrade). why would I rent from them

[@zzebowa]

Private Equity, AKA asset strippers. Buy a firm, load it with debt, take the cash and run. And we have this happening in the UK right now.

[@Chepecafeteria]

It Hertz to see them like that!

[@FatalMasamune]

Can you do a decline of Pizza Hut? Several locations near me have permanently closed since the pandemic started, and something tells me theres more to the story than covid

[@leemacdonald6533]

So many zombie companies about. Not long till you do a video on tesla.

[@reedflynt8134]

Do enterprise next!