Something Odd Is Going On In Parking Lots Around The US | Zero Hedge"Over the last few weeks, we have been keeping a close eye on the growing glut of automobile inventory, exacerbated by demand falling off a cliff, plunging used car prices and rental car companies suffering from an unprecedented collapse in business (or, like Hertz, simply going bankrupt).
To wit, just hours ago, we documented how declining fleet sales was having a profoundly negative impact on automakers.
Previously, we pointed out how a crash in used car prices could be putting significant pressure on the rental car industry.
And most notably, several days ago we also wrote that automakers were having so much trouble finding space for their unsellable inventory that ships bearing auto cargo from overseas were denied entry at US ports and sent back out into the ocean.
Now, we are seeing firsthand what buildups of inventory look like in major cities.
Philadelphia is rapidly becoming the case study which other cities will follow, because as Inquirer reports, the city's sports complex parking lots are now being used as lots for rental car companies based at the Philadelphia Airport.
In other words, there are so many cars available, not even airport parking lots can hold them anymore.
..Most recently, Bloomberg reported this morning that rental icon Hertz hired advisors to consider a bankruptcy and the auto industry has placed a major bet on incentives to try and move inventory off of their lots.
Based on what we're seeing in parking lots around the nation, it isn't working."
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