GREENSBORO, N.C. -- Dozens of the largest U.S. rental car companies have reported net losses by the billions due to the coronavirus pandemic, with some even filing for potential bankruptcies.

One local rental car business is feeling that same struggle on a much smaller level.

Since 1998, David Lanzer has been running his family rental car business, Rent a Wreck, but in his 22-years on the job, he's never seen anything like the current moment.

"We try to stay in that 60 to 70 percent utilization daily and, on the weekends, 80 percent utilization," he explained.

During the last two months, Lanzer says that number has dropped as low as 20 percent, an issue many car rental companies are facing across the country. The reason has to do with fewer people traveling and plummeting used car values.

"Car prices are suppressed right now," Lanzer continues. "The stat I read about a week ago was auction prices about 11.4 percent down."

That shocking number is partially why one of the largest rental car companies in the country, Hertz, filed for bankruptcy protection Friday. Now, even small businesses like Lanzer's are just doing what they can to get by.

"We originally laid off three of our seven staff members in April but we've since brought all of them back, just trying to make sure we do a good job of controlling costs. The companies that do business with us have given us deferred payments like everyone else and have helped us weather the storm so just trying to cut costs and keep all of those in check," Lanzer continues.

As stay-at-home orders loosen up, Lanzer said he's already seeing an increase in customers; a hopeful future for his rental car business.