For automakers, this was a tough market before the Pandemic: decades of stagnation in unit sales, carved up by more competitors, with industry revenue growth by jacking up prices. Then came the Pandemic.
The time for deals on new vehicles has arrived.
Hahahaha, that should have been the universal headline.
To mark this moment in the history of insane stock prices where a tiny automaker with a global market share of 0.5% and a big loss in 2019 became the most valuable automaker in the world.
1958 Ferrari 250 GT California Spyder LWB down 29%. But “Affordable Classics” sizzle. Here are the cars and indices.
Look, I’m rooting for Tesla, a tiny auto maker shaking up the giants, with its global market share of 0.5% and $862-million loss in 2019. But Tesla gets to have supernatural shares that can go anywhere at will.
But auto sales had already dropped three years in a row — before Covid.
The “bare bones” petition is a sign that “something was about to happen.” Pressure piles on the used-vehicle wholesale market.
Here come the “bankruptcy-remote special-purpose subsidiaries” and $14.5 billion in rental-vehicle-backed securities. The stock market – other than Carl Icahn – smelled a rat for years.
Now at least, price discovery can take place amid a more ample flow of vehicles. But the entire industry dreads a Hertz bankruptcy could cause lenders to liquidate its fleet.