Hertz and Avis Plummet on Pessimistic Used-Car Price Predictions
- Morgan Stanley sees more downside for pre-owned autos in 2018
- Competition from Uber and Lyft could hit the top line, too
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Dimming views on used-car prices are weighing down shares of rental-car giants Hertz Global Holdings Inc. and Avis Budget Group Inc.
Hertz dropped as much as 12 percent Tuesday and Avis shares fell to their lowest price in seven months. Both companies’ stock prices have now declined more than 20 percent this year, and their bonds are slumping, too.