Following the recent announcement by Hertz Global Holdings, AUTOTECHNICA FLEET SERVICES d.o.o. wishes to inform the public of the following:
The American company Hertz Global Holdings, on May 22, 2020, under the influence of the consequences of the pandemic and mobility restrictions imposed during the last three months, filed for bankruptcy under Chapter 11 for its parent company in the USA and its subsidiaries in Canada.
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The AUTOHELLAS group from Greece, which actively operates in 7 countries and is the franchise holder of the Hertz brand. In Croatia, it operates under the name AUTOTECHNICA FLEET SERVICES d.o.o. and as such has no ownership or credit-debt relationship with Hertz Global Holdings.
The AUTOHELLAS group and its subsidiary AUTOTECHNICA FLEET SERVICES d.o.o. are not directly affected by the financial developments.
Short-term rentals (which are the main area of business for Hertz Global Holdings) account for only 16% of the consolidated revenue of the AUTOHELLAS group, while 84% of the consolidated revenue of the AUTOHELLAS group comes from long-term rentals, sales of used cars, and trade. Additionally, the capital of the AUTOHELLAS group as of December 31, 2019, reached 294 million euros, which enabled the lowest debt-to-equity ratio among all car rental companies in Europe.
Thus, the AUTOHELLAS group and all its subsidiaries, including AUTOTECHNICA FLEET SERVICES d.o.o., continue their franchise operations uninterrupted both in Croatia and beyond. All existing and future clients can continue to book vehicles and use products and services under the same conditions as before.
