The Hertz bankruptcy saga is still ongoing. Not only does the company have to pay lenders $650 million to remain afloat, it now has until the end of the year to sell off nearly 200,000 vehicles. How this will impact the used car market going forward isn’t so clear.
Hertz will be required to “...dispose of at least 182,521 lease vehicles between June 1, 2020 and December 31, 2020,” as Carscoops reports citing a filing with the Securities and Exchange Commission. That is a lot of used cars. As to whether or not this inventory dump will cause a price drop in the used car market is another story and will depend on a variety of factors.
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