U.S. car rental average fleet: Hertz Global Holdings 2012-2020

In the fiscal year of 2020, Hertz Global Holdings Inc.'s U.S. car rental segment had almost 424,000 vehicles in its fleet. U.S. car rental transaction days nosedived in the second quarter of 2020 due to travel restrictions amid the coronavirus pandemic, and the pandemic's impact on airports in the United States.

Hertz files for bankruptcy

Business and vacation travel restrictions paralysed rental car demand. In order to maintain cash flow, companies felt obliged to sell much of their vehicle fleet. Once among the leading U.S. rental car companies, Hertz was particularly affected, and the business filed for Chapter 11 of the U.S. Bankruptcy Code in in May 2020. Part of bankruptcy proceedings, Hertz was instructed to reduce its fleet by roughly 182,500 cars. The large influx of cars into the used vehicle market could push down prices. Used car sales fared better than the new vehicle industry in the wake of the pandemic. The rental industry is one of the biggest customers of new vehicles in the U.S. As a result, its loss of business is crudely noticeable.