Lockdown Luxation—The Rental Car Disaster

Among the industries hardest hit immediately following lockdowns were rental cars. When flights stopped – airports were ghost towns for many months – two-thirds of their business vanished. The Wall Street Journal reported on May 4, 2020: “The vehicles now sitting on rental-car lots are rapidly losing value in a slumping used-car market and yet the rental firms must still make monthly payments on them, adding to financial strains, analalsts say.