For many years, there have been allegations that Hertz, one of the top rental vehicle companies in the world, purchased Thrifty, another well-known rental car company. These rumors are untrue, though. In actuality, Dollar Thrifty Automotive Group, the primary rival of Hertz, which was purchased by The Hertz Corporation, the rival of Hertz, in 2012, is the owner of Thrifty.
The answer to the issue of how many vehicles Hertz purchases from GM is a sizable number. Hertz is one of General Motors’ major fleet sales customers, having bought over 270,000 vehicles from the automaker in 2019. These cars ranged in make from Chevrolet to Buick to Cadillac.
Hertz filed for Chapter 11 bankruptcy protection in May 2020 as a result of the COVID-19 pandemic’s financial effects. This led to a sharp decline in the value of its stock, which fell from $20 per share in February 2020 to approximately $0.56 per share in June 2020. However, Hertz’s stock rose significantly in November 2020 following the company’s announcement that it had received more than $1 billion in finance to aid with its bankruptcy exit. When Hertz was going through its bankruptcy, one significant adjustment it made was to rename its equipment rental company Herc Rentals Inc. This change was done to set the equipment rental company apart from the vehicle rental company, which still operates under the Hertz name. Hertz was able to concentrate more on its core vehicle rental business and streamline its processes thanks to the rebranding.
On June 1, 2016, Hertz changed its name formally to Herc Holdings Inc. The corporation also switched from HTZ to HRI as its ticker symbol. This modification was done to better connect the company’s name with its new corporate identity and to reflect the company’s new focus on the equipment rental industry.
In conclusion, Thrifty and Hertz are still separate businesses that are controlled by different firms; Hertz did not acquire Thrifty. Hertz, one of the biggest car rental firms in the world, continues to buy a sizable number of GM vehicles. Despite recently declaring bankruptcy, the company has taken steps to streamline and restructure its operations, including changing the name of its equipment rental company to Herc Rentals Inc.