Last Updated on March 3, 2022 by Jonathan
Hertz Car Rental filed for bankruptcy in May, 2020, becoming arguably highest-profile victim of the economic downturn brought on by the COVID-19 pandemic. In July 2021, the company came out of Chapter 11 bankruptcy. Naturally, its short-lived bankruptcy sent shock waves through the industry. But what does the Hertz bankruptcy mean to you as a traveler?
The short answer: Not a thing. Hertz never went out of business and exited bankruptcy in summer 2021 in a far stronger position than anyone expected them to be. A major player in the car rental industry since 1923, Hertz has over 12,000 corporate and franchise locations internationally. By some measures, the company may be stronger now than they were pre-Covid having shed a tremendous amount of debt.
What Happens to Your Current Hertz Reservation
Do you currently have a reservation with Hertz? You don’t have to change anything. There will be no impact to existing Hertz reservations, and locations will continue to operate and service customers. So breathe easy. Hertz (and Dollar and Thrifty) will service your reservation as they normally would.
Should You Make a Future Reservation with Hertz?
We would not hesitate to recommend Hertz, Dollar, or Thrifty for your rental needs.
Hertz has exited a Chapter 11 reorganization with more than $1 billion of value. Many household-name companies have filed for bankruptcy at some point and then came back. Some examples are: Chrysler, General Motors, Texaco, Marvel, Hostess, Converse, Six Flags, Delta Air Lines, American Airlines, the Chicago Cubs and many more.
The company expects to have sufficient funding to operate its brands in the long term.
If, at any time, Hertz had not been able to honor a reservation, you would always have the option of switching to an alternate company (although prices may be different at that time), and any prepaid reservations made through AutoSlash would, of course, had been refunded. In addition, you would have always had the option of booking a backup reservation with a different company through AutoSlash if you had any concerns.
And remember, the very best way to get the lowest possible price on a car rental is to ask AutoSlash to track your reservation. We’ll send you an alert if there is a price drop so you can rebook at the lower rate.