It's an old boy's club, they hire their buddies from the club and throw gobs and gobs of money at them while they pinch the workers that actually bring value to the organization and make the organization actually run for every penny they can.
Hertz is selling off a portion of its Tesla fleet... cheap.
- Thread starter mrsilv04
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It's an old boy's club, they hire their buddies from the club and throw gobs and gobs of money at them while they pinch the workers that actually bring value to the organization and make the organization actually run for every penny they can.
At least there is some accountability here. Seems like a step backwards for his successor. COO of large airline to CEO of struggling rental car company. But maybe he was hearing footsteps.
GON
$150 Site Donor 2025
Yes, the "so called" fired CEO came from Goldman Sachs. I imagine his separation from Hertz came with a "hardship package" of no less the eight figures......
Be assured, taking Hertz out of bankruptcy and his time as CEO made seven to eight figures for himself and dozens of Goldman Sachs partners..... The ex CEO financially won and won big, regardless of Hertz's failure or success.
It's still making news. I just heard again this morning Hertz replaced, as in booted the CEO for his botched push for EVs. Maybe Hertz executives read this thread. 
Years ago for a college paper I interviewed someone at Hertz about this. I foresaw this happening a long time ago.
GON
$150 Site Donor 2025
Not sure I concur. A Goldman Sachs partner with limited to no car rental business experience taking over a global car rental car company out of bankruptcy most likely has the mission to generate sign on bonus for himself, generate seven figure fees for his buddies that financed the out of bankruptcy transaction, and hope that he can take Hertz public again, and walk away with 100 million plus payout in a year or two. I doubt he had any concern with the long term success of Hertz, just can he make the books look good to take Hertz public.
The EV rental course of action was a result of a finance guy with zero real world automotive experience making the monster EV decision. Made for some good press releases, but anyone with rental vehicle experience would have had the savviness to know that at this time EV rentals for road warriors, a rental companies most regular customer, are often not a match.
What stands out for me are the number of very high mile examples. With ICE, they dump them around 20-30k miles.
I think this is down to the Lyft or Uber program they were offering. Those cars would be constantly moving all day, which says a lot about Supercharger efficiency to put that many miles on in that short of order. It wasn't regular customers doing those miles.
I will say with purchase cars like these instead of the lease types that went back under 30k miles even when I was still involved with them 10 years ago they'd see 50k-60k miles before selling. I saw some hit 70k. I'm not sure what the average is today, but I remember when those numbers were happening back then we all found it unusual. During my time there they acquired Dollar and Thrifty and they just rotated the higher mileage cars over that way so that most of the time the lower mileage product would stay at Hertz. I think the reason mileage has been pushed higher initially was because they were covering more brands. Now it keeps happening because of the vehicle market.
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