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Hertz Files For Bankruptcy, Stunning US Automakers As Leaders Scramble For Solutions


Late last night, Hertz (NYSE: HTZ) filed for bankruptcy. The restructuring has sent shockwaves through the US auto industry, according to CNN. What’s driving the decision? Reduced air travel. The TSA reports that domestic flights are down 94%. As a result of this massive shrinkage, car rental rivals Avis Budget Group (NASDAQ: CAR) and privately-owned Enterprise are also hurting. Now, major auto manufacturers like Ford (NYSE:F), GM (NYSE: GM) and Fiat Chrysler (NYSE: FCAU) are seeing a vast aspect of their annual sales threatened. Last year, Hertz bought 1.7 million US automobiles - or about 10% of the ...


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