We now know who the next domino to fall in the car rental industry is. Advantage Rent A Car officially filed for Chapter 11 bankruptcy protection today becoming the second major car rental company behind Hertz to seek such protection. This is the third time Advantage has filed for bankruptcy.
With travel continuing to slump the travel industry as a whole is facing an existential crisis in some sectors none of which is more prevalent than the rental car industry which has massive lots of cars (many on leases) sitting idle. Advantage Rent A Car announced the decision on May 27th.
Advantage, who serves 27 markets, was relatively silent with further details, although this is the 3rd bankruptcy for the embattled car company which filed during the Great Recession and again in 2013 where current owner, Catalyst, emerged as the “white knight” for Advantage taking ownership as the firm came out of bankruptcy.
Catalyst further grew the business by acquiring E-Z Rent-A-Car in 2016.
The travel industry remains hardest hit by the COVID-19 pandemic with unemployment soaring and recently crossing the 51% mark for the industry.
- Have you seen the face shields worn by passengers on a recent IndiGo flight? No thanks!
- TSA planning to totally revamp passenger screening process
- Mileage Runs
- Global Entry for Military?
- IRS Mileage Rate?
- United Airlines Baggage Fees for 2020
- REAL ID for Flying
- What are the TSA rules on Food?
- Cyber Security Travel Tips
- Can I travel with tweezers?
- Under 25 Car Rental Tips
- Useful Travel Gadgets
- Can I travel with vitamins?
- Can I travel with a razor?
- Can I travel with deodorant?
- Where can I buy a hotel mattress?
- Can I purchase a hotel pillow?
- What are the best travel pillows?
- How to use a status match
- What should I bring on my business trip?
- Checked bags vs carry on bags?