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Rental car companies are turning to used car auctions to regrow fleets amid a massive shortage sending prices skyrocketing

Rental car companies are turning to used car auctions to regrow fleets amid a massive shortage sending prices skyrocketing
[email protected] (Brittany Chang)
© AP Photo/Ted Shaffrey, File
A Hertz car rental location in New Jersey in May 2020. AP Photo/Ted Shaffrey, File
There s a rental-car shortage in the US that s causing fleets to be booked out or booked at high prices.
Companies are scrambling to regrow fleets amid high used and new car prices caused by the chip shortage.
For rental companies like Hertz, this means turning to avenues like car auctions.
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Travel is projected to boom this summer as the COVID-19 vaccine rollout and pent-up demand for travel continues to grow tangentially. As a result, car rental companies like Enterprise and Hertz previously told Insider that they have begun seeing strong demand for rental cars through the summertime. ....

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A 'perfect storm' is causing massive rental-car shortages, and prices are skyrocketing up to $700 a day in popular destinations

A perfect storm is causing massive rental-car shortages, and prices are skyrocketing up to $700 a day in popular destinations
[email protected] (Brittany Chang)
A perfect storm has created a car-rental shortage across the US, an expert said.
Prices have risen to $700 per day in some markets, becoming more expensive than airfare and hotels.
If you want to avoid these high prices, plan ahead.
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Vaccinations and easing travel restrictions have been pushing more people to travel again. Airline and hotel costs are still lower than they were before the pandemic, Nerdwallet recently reported. But if you re planning a last-minute vacation to a warm destination, you might want to check the local car-rental prices before you book any flights or rooms. ....

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A 'perfect storm' is causing massive rental car shortages and prices are skyrocketing up to $700 per day in popular destinations

A 'perfect storm' is causing massive rental car shortages and prices are skyrocketing up to $700 per day in popular destinations
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North Carolina , United States , Puerto Rico , South Carolina , New Jersey , Anthony Paulino , John Moore , Jonathan Weinberg , Chris Woronka , Ted Shaffrey , Andre Haddad , Deutsche Bank , Montana Glacier Park National Airport , Getty Images , Gdansk Lech Walesa , Getty Images An Alamo Enterprise , Glacier Park National Airport , வடக்கு கரோலினா , ஒன்றுபட்டது மாநிலங்களில் , ப்வெர்டோ ரிக்கோ , தெற்கு கரோலினா , புதியது ஜெர்சி , அந்தோணி பௌஉலினோ , ஜான் மூர் , ஜொனாதன் வெயின்பெர்க் , ஆண்ட்ரே ஹடாட் ,