"Building New Horizons" is the theme for the conference being held Feburary 19-21 in Tucson, Arizona. Much is on the agenda for the policy and marketing conference, from "Understanding the RFS Program" to "How Long, How Much and How So for Cellulosic Fuel Ethanol?" Highlighted speakers include EPA Administrator Stephen Johnson, Bobby Rahal of Rahal Letterman Racing, and Congressmen Collin Peterson (D-MN) and Kenny Hulshof (R-MO).
Raleigh, N.C.-Area Rental Car Firms Slash Prices for Holidays.
Knight Ridder/Tribune Business News November 27, 2001 By Chris Serres, The News & Observer, Raleigh, N.C. Knight Ridder/Tribune Business News Nov. 27–For travelers still wary of boarding airplanes, there is some good news: Rates are plunging on car rentals.
In an effort to kick-start slumping sales, auto rental companies are offering steep discounts — as much as 35 percent — on vehicles rented during the holiday season. Almost anyone renting between now and the new year can find compact cars for less than $30 a day and minivans for less than $50 a day.
But industry analysts say the low rates might not last long. Rental car companies have been dumping thousands of vehicles in an effort to cut costs and reduce the number of idle cars sitting on their lots. As the supply of available autos declines, rental car companies will have more leverage to raise rates again. in our site 2001 ford focus
“If you’re looking for a bargain, now’s the time to do it,” said Sherb Brown, publisher of Auto Rental News, a trade magazine based in Torrance, Calif.
Triangle Rent A Car, a Raleigh-based company with 20 locations and 4,000 vehicles in the Carolinas, recently cut its weekend rate (Friday through Monday) on compact cars rented from its location at the Raleigh-Durham International Airport to $25 a day from $37.99 a day. Hertz is charging just $20 a day for those renting compact cars between Dec. 20 and Dec. 25 at all its locations. Customers visiting Thrifty can rent a compact car for $26.99 a day, versus the company’s normal rate of $39.99 a day.
Even car dealerships that rent cars are getting in on the act. On Dec. 7, Capital Ford Rental will cut rates by 20 percent on all 240 vehicles at its lot on Millbrook Road in Raleigh. Customers can rent a 2001 Ford Focus for $23.16 a day and a Ford Windstar for $47.96 a day. The lower rates will be in effect through Jan. 2, but they could last longer if business doesn’t pick up.
Rental companies hope the rate-slashing will stimulate business, which skidded to a halt immediately after the Sept. 11 terrorist attacks.
Rental-car use, which is closely tied to air travel, fell 50 percent compared to the previous year in the two weeks immediately following the attacks, according to Moody’s Investors Service, a debt-rating agency based in New York. As air travel resumed, car rentals started to pick up — but they still remain 20 percent to 30 percent below the levels seen a year ago.
On Nov. 13, the nation’s fourth-largest rental car company, ANC Rental of Fort Lauderdale, Fla., filed for Chapter 11 bankruptcy protection. The company, which owns Alamo Rent A Car and National Car Rental, cited the “tremendous toll” caused by the Sept. 11 terrorist attacks as the primary reason for the bankruptcy filing. The company continues to operate, and consumers who have rented cars with National or Alamo are unaffected.
The magnitude of the slump surprised Charlie Bruce, director of rentals at Capital Ford, which didn’t get a single reservation in the two weeks following Sept. 11.
“I used to think this industry was recession-proof,” said Bruce, who has been renting cars for 28 years. “Even in bad times, folks were going places or renting cars because they needed repairs. But since [the terrorist] attacks happened, people are acting funny. They’re just not driving like they used to.” And the decline could not have come at a worse time. September and October are when many rental-car companies receive delivery of new cars ordered in the spring and summer. As a result, many companies were stuck with too many cars — especially the small, compact variety — precisely when people stopped traveling.
So instead of letting these cars sit idle, rental-car companies have started selling them to used-car lots or at auctions. Nationwide, auto rental companies unloaded between 450,000 and 650,000 cars through the first 10 months of the year, which represents 23 percent to 35 percent of their total supply, according to Auto Rental News. this web site 2001 ford focus
Rent A Wreck of Raleigh has sold one-third of its fleet, or 40 of its 140 vehicles, to used car lots and individuals in the Triangle. “When we’re not renting `em, we’re selling `em,” said Don Brusca, owner of the Rent A Wreck lot at 4201 Capital Blvd. “We can’t afford to pay loans on cars that are just sitting there, not earning money.” Others are delaying orders of new cars from manufacturers. For instance, Triangle Rent A Car ordered just 400 new vehicles this fall, down from 1,300 a year ago. As the company gets rid of some of its older-model vehicles, its fleet will get smaller, said Frank Colonna, president of Triangle Rent A Car.
“Sometimes a half a loaf is better than a full one,” said Colonna, “if it means remaining profitable.” But smaller fleets mean higher rates, warns Auto Rental News’ Brown. As business and leisure travel regains its pre-Sept. 11 levels, a larger number of travelers will be vying for a smaller number of cars. That will give rental car agencies room to raise rates, Brown said: “It’s the laws of supply and demand at work.” HRZ, DTG, F, ANCX,
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