by Wolf Richter
The “bare bones” petition is a sign that “something was about to happen.” Pressure piles on the used-vehicle wholesale market.
The second major rental car company popped in less than a week – but this one is owned by a private equity firm, Catalyst Capital Group in Canada. Advantage Holdco Inc., the holding company of Advantage Rent-a-Car, the fourth largest rental car company in the US, filed for Chapter 11 bankruptcy on Tuesday late evening.
The filing included subsidiaries Advantage Vehicles, E-Z Rent A Car, Advantage Opco, Central Florida Paint & Body, Advantage Vehicle Financing, and RAC Vehicle Financing.