'All the money spent on overpriced mergers and acquisition, the questionable fleet management, it caught up with them.” How Hertz, after 102 years, fell into bankruptcy.
Years before it was forced into bankruptcy, Hertz Global Holdings Inc. decided to replace a fleet that was becoming a turnoff to customers.
Because Hertz was strapped, it bought what was cheap and available, doubling down on sedans instead of the SUVs customers wanted. “The fleet had aged to the point that we had customer mutiny,” said former Hertz Chief Executive John Tague. “We were solving the biggest problem, but not solving all the problems.”
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