Motoring Discussion > Hertz files for Chapter 11 Bankruptcy in the US Miscellaneous
Thread Author: Falkirk Bairn Replies: 7
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New Sat 23 May 20 08:28 
 Hertz files for Chapter 11 Bankruptcy in the US - Falkirk Bairn
With next to nobody hiring cars around the world ..................
tinyurl.com/y9durht3
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New Sat 23 May 20 11:38 
 Hertz files for Chapter 11 Bankruptcy in the US - Duncan
I read somewhere they also own BCA.
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New Sat 23 May 20 12:15 
 Hertz files for Chapter 11 Bankruptcy in the US - Falkirk Bairn
>> they also own BCA.
BCA were owned by an American fund but sold out to Haversham Holdings (IIRC) who changed their name to BCA Marketplace. No Hertz name appears in BCA history.
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New Sat 23 May 20 20:45 
 Hertz files for Chapter 11 Bankruptcy in the US - No FM2R
You need to look one level back at Clayton, Dubilier & Rice.

They bought Hertz in 2005.
They bought BCA in 2009 from Montagu.
They divested Hertz in 2013
They divested BCA to Haversham in 2014
Last edited by: No FM2R on Sat 23 May 20 at 20:46
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New Sun 24 May 20 21:29 
 Hertz files for Chapter 11 Bankruptcy in the US - zippy
And agreed a sale to TDR Capital in 2019, though I'm not sure that it has gone through.

Didn't know that BCA finance the sold cars to dealerships though another division. So dealer buys a car at auction. Doesn't have the cash flow to pay for it. BCA lends the money and gets repaid when the car is sold. They go round checking that the cars are still on the forecourts of course!
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New Sun 24 May 20 21:34 
 Hertz files for Chapter 11 Bankruptcy in the US - zippy
Makes one wonder about this:

www.dailymail.co.uk/news/article-8191315/Huge-fire-Florida-airport-destroyed-3-500-hire-cars.html
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New Mon 25 May 20 00:16 
 Hertz files for Chapter 11 Bankruptcy in the US - smokie
A mate's brother was a director at BCA. He was telling me once that when a company wants to lease a lot of cars they give a guaranteed selling price before the purchase is made so the company knows the extent of it's liabilities before the car is bought. Seems sensible
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New Mon 25 May 20 11:25 
 Hertz files for Chapter 11 Bankruptcy in the US - Falkirk Bairn
Forecourt finance is a big business. If you look at small dealers their cash in hand is maybe £30k, their net asset value might be £100K (rented premises) yet they have 60 cars on the lot worth say £8k - £500K stock on finance.

They sell a car and take in £8K and out the door goes £6K to Forecourt Finance.

If the garage does not keep up payments / goes belly up transporters appear and the whole lot are taken off to auction for the finance company to recoup their money.

Even the big chains of Lookers & Pendragon (Evans Halshaw/ Stratstone) are penny shares & have a puny stockmarket value of say £200m each yet have sales of £4 Billion each - someone has to fund their hundred of cars per outlet
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