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New York, other regional reopenings poised to shift commercial waste trends
Commercial waste volumes are primed for a comeback as some local leaders set official dates for rolling back coronavirus-era business restrictions and move toward full ‘reopenings.’ At least 45% of the U.S. population is now partially vaccinated against COVID-19.
Chicago Mayor Lori Lightfoot said this week the city’s goal is to reopen by July 4, while other cities like Philadelphia are yet to set specific dates. In the most populous U.S. city, Mayor Bill de Blasio last week announced a target for New York City to be fully reopened by July 1. Gov. Andrew Cuomo this week followed up with an aim to r
Operator
Good day and welcome to the Republic Services First Quarter 2021 Investor Conference Call. Republic Services is traded on the New York Stock Exchange under the symbol RSG. All participants in today s call will be in listen-only mode. [Operator Instructions] Please not, this event is being recorded.
I would now like to turn the conference over to Stacey Mathews, Vice President of Investor Relations.
Stacey Mathews
Vice President of Investor Relations
I would like to welcome everyone to Republic Services first quarter 2021 conference call. Don Slager, our CEO; Jon Vander Ark, our President and Incoming CEO; and Brian DelGhiaccio, our CFO are joining me as we discuss our performance.
Greetings, and welcome to the Clean Harbors, Inc. First Quarter 2021 Conference Call. [Operator Instructions]
It is now my pleasure to introduce your host, Michael McDonald, General Counsel for Clean Harbors, Inc. Thank you. Mr. McDonald, you may begin.
Michael McDonald
General Counsel
Thank you, Christine, and good morning, everyone. With me on today s call are Chairman, President and Chief Executive Officer, Alan S. McKim; EVP and Chief Financial Officer, Mike Battles; and SVP of Investor Relations, Jim Buckley. Slides for today s call are posted on our website, and we invite you to follow along. Matters we are discussing today that are not historical facts are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Participants are cautioned not to place undue reliance on these statements which reflect management s opinions only as of today, May 5, 2021. Information on potential factors and risks that could affect ou
A semiconductor shortage has affected vehicle production.
This means there is a shortage of cars - and rental-car companies can t get the new cars they need.
The demand is sending the cost of used cars soaring.
The
semiconductor shortage has slashed vehicle production so much that rental-car
companies can’t get the new cars they need, so they have resorted to buying
used vehicles at auction.
This is uncharted
territory for the likes of Hertz Global Holdings and Enterprise Holdings, which
have made their profits by purchasing new vehicles cheaply in bulk, renting
them out for as much as a year and selling them at auction. In the past, they
Rental companies are buying up used cars as chip crisis deepens
The car crunch is a boon for rental companies, which can probably rent out every car they own at much higher rates than they charged before the pandemic.
Vehicle rental companies including Hertz, Dollar and Budget are listed on a sign at a parking garage in Arlington, Va.
The semiconductor shortage has slashed vehicle production so much that rental-car companies cannot get the new cars they need, so they have resorted to buying used vehicles at auction.
This is uncharted territory for the likes of Hertz and Enterprise, which have made their profits by purchasing new vehicles cheaply in bulk, renting them out for as much as a year and selling them at auction. In the past, they have bought some used cars to shore up an occasional unforeseen burst in demand, but rarely for the mainstays of their fleets.