If ever you wanted proof of the topsy-turvy world we now live in, look no further than the blizzard of excited headlines about the recent car deals brokered by Hertz.
Not long ago, bulk-selling to rental fleets was seen as desperation, an opportunity to offload excess stock at speed. It was an ultimate act of robbing Peter to pay Paul, with the immediate benefit to the bottom line eradicated as poorly treated, basic-spec cars flooded onto the used market, hurting residual values and therefore raising leasing and financing prices.
Yet perversely, as mass- market brands have seized the opportunities of a chip- supply-restrained market to reset their norms, focusing on profit rather than volume and consequently retreating from bulk sales to rental companies, so Hertz has steamed in with headline- grabbing orders, first from Tesla and now from Polestar.
Back in October, Hertz (recovering from pandemic- induced bankruptcy) shared its plans to order 100,000 Teslas.
