Hertz

Hertz to buy 100,000 Tesla cars as rental car company pivots toward electric vehicles

Having survived a brush with death, Hertz is aiming for an electric rebirth.

The rental car company, which filed for Chapter 11 bankruptcy protection early in the COVID-19 pandemic, announced Monday that it plans to buy 100,000 cars from Tesla by the end of 2022 in a pivot toward electric vehicles.

It is among the largest electric vehicle orders ever placed, matching the 100,000 electric vans that Amazon has ordered from startup Rivian. The deal is worth about $4.2 billion, estimated Wedbush Securities analyst Dan Ives.

Hertz also plans to install thousands of electric vehicle charging stations at its locations.

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The moves represent the largest investment by a rental car agency in technology widely considered the future of the

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Tesla drives toward $1 trillion club on record Hertz order

By Subrat Patnaik, Sanjana Shivdas and David Shepardson

(Reuters) – Tesla Inc on Monday neared $1 trillion in market capitalization as the company founded by Elon Musk received its biggest-ever order — 100,000 electric rental cars for Hertz.

Tesla shares were up 7.5% at $978, hitting a new record high Monday, following the order. Shares were also buoyed by news of the company’s Model 3 becoming the first electric vehicle to top monthly sales of new cars in Europe.

The news from Hertz comes as Tesla is coping with a backlog of unfulfilled orders for its vehicles and continuing supply chain disruptions, but it does solidify the mainstream appeal of electric cars.

Interim Hertz Chief Executive Mark Fields told Reuters the order will primarily be Model 3 vehicles. Hertz customers can rent a Tesla starting in November and the company will have 3,000 chargers in 65 markets by the end

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How to hunt down a used-car deal from a rental company like Hertz, Enterprise during coronavirus

As Hertz offers to sell thousands of its cars at steep discounts and millions of Americans face financial uncertainty due to coronavirus, now might be a good time to hunt for bargains from rental car companies. 

“There are definitely good deals out there,” said Rick Ricart, president of the pre-owned vehicle dealership Ricart Automotive in Ohio. “Rentals are down, and rental car companies might be getting aggressive to cut their losses.”

But there are also things to look out for. 

Pouncing on a used-car deal just because you see an alluring price could leave you in a financial bind down the line. And with cases of COVID-19 ticking up, buyers should take extra precautions before taking off in a car previously driven by dozens or even hundreds of other people. 

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Here’s how to smartly and safely find a used-car deal from a rental company in the age of COVID-19:

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The 25 best deals on used rental cars being sold by bankrupt Hertz, ranked according to the data

Ford Focus 2018
Ford Focus 2018

Ford

Rental car company Hertz has filed for bankruptcy amid the coronavirus pandemic and is now selling its inventory of used cars online at a discount price.

There are several ways to purchase used rental vehicles, but now may be the best time to take advantage of the rental car company’s sale: Hertz is currently selling its cars at an average of 8% below the car’s market value, according to car search engine and automotive research firm iSeeCars. This translates to an average of $1,389 in savings, which is a 43.3% increase from April’s average of $969.

iSeeCars also compiled a list of 25 vehicles posted by Hertz Car Sales that are currently being sold for the highest percentage below market value, therefore offering the greatest discounts.

The list is topped by the BMW 7 Series, which is currently being sold at 14.7% below its

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