Hertz was in Ch 11 by May 2020 and had little choice but to liquidate much of its fleet. There would be little car rental business for the next couple of years anyway. While Covid was not the sole cause of the company's difficulties, Covid did push them over the edge. Business travel was always the heart of the rental car market and that dried up in 2020 and has yet to make anything close to a full recovery, to the chagrin of both Hertz and the airlines.
Airlines were never all that healthy even in good times, so even with massive federal help, they too had little choice but to trim fleets, crews and ground operations.
When the house is on fire, the only plan is to pour on water. There is no room for longer term thinking.
When the bleed is measured in eight or nine figures each month, long term thinking is an unaffordable luxury.
Our Hertz rentals in 2021 and 2022 were both cars with under 30K and were clean, fully functional, readily available and a whole lot more expensive than in 2019.