[Fat Charlie]

The market only exists in peoples' heads, especially now. What is an average sale price during a lockdown in a pandemic with unemployment benefits about to run out while recovering from riots?

"Going out of business" sales play on the buyer's perception that the seller is desperate. That's why mattress stores that have been around forever always seem to be going out of business. Hertz's bankruptcy draws the eyes of people assuming they're trying to turn their inventory into any sort of cash, even at a "loss"- that they're desperately trying to get out from under their inventory. Joe McStayinginbusiness is actually trying to make a profit and keep his store running. If he's undercutting Hertz, it tells me their deals aren't good. But Hertz will have some success, mainly because there's a sucker born every minute.

I buy and sell things, and I set prices based on perceptions too. But if I advertise a price, it's a price I can be happy with- I don't undercut anyone unless I'm still happy with my markup. I'll sell things at rock bottom prices if I can still make it work for me, and on some of them it's really funny how well it works. I'll even sell things at a loss, but only if I'm trapped and trying to cut my losses. And if a "customer" wants to push too hard, the price goes up and I'll cheerfully tell him to take a hike.

So I'm assuming that Joe McStayinginbusiness is making a decent profit on his year old Caddy. And Hertz, with their "We're in bankruptcy! Look at these cars being sold for below book value!" is riding the hype as far as they can. Joe from Schenectady has got to be jealous.