'Perfect storm': Pandemic, demand and global chip shortage contribute to rental car price surge
CHICAGO - The shortage in rental cars is causing prices to surge not only in Chicago, but across the country as well.
While searching online for a car rental from Hertz or Enterprise next weekend, not a single vehicle is available from O'Hare International Airport.
"I think for rental cars it’s going to last for at least six months if not longer," said Phil Flynn, Fox Business Analyst.
The shortage is a combination of what some business analysts call "a perfect storm."
Some rental car companies, like Hertz, filed for bankruptcy during the pandemic and started selling off their fleet.
The company has emerged from bankruptcy, but has fewer vehicles.
Additionally, the demand to rent a car is increasing as more vaccinated people want to travel.
"Some of these car prices may be triple or quadruple what they would have been pre-COVID," said Flynn.
FOX 32 Chicago reached out to several car rental companies for comment on this story, but did not hear back.