Plunging Used Car Prices Wreak Havoc On Rental Car Bondholders [zero hedge]
Morgan Stanley (MS)
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Source: zero hedge
Plunging Used Car Prices Wreak Havoc On Rental Car BondholdersOnce hedge fund darlings, almost no one is more perfectly aligned to get obliterated by falling used car prices than America's auto rental companies, Hertz and Avis. As Bloomberg notes today, on a combined basis, Hertz and Avis dump about 400,000 vehicles per year into the used car market and operate fleets that are multiple times larger.And with used car prices plunging, bondholders are starting to get slightly anxious about the collateral impact of writing down billions of dollars worth of capital assets.Of course, as J.D. Power pointed out in it's most recent "NADA Used Car Guide Industry Update," the flood of lease returns has just started to push used car prices lower.......and, unfortunately, the volume of lease returns is only expected to grow......all of which Morgan Stanley thinks could spark a 50% decline in used car prices over the coming of years. All of which begs the obvious question of who is right...auto sup
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