Avis Budget Group, Inc. is an American car rental agency holding company headquartered in Parsippany, New Jersey. It is the parent company of several brands including Avis Car Rental,[3] Budget Rent a Car,[4] Budget Truck Rental, Payless Car Rental and Zipcar.[5]
 | |
 An Avis Budget Group location in Toronto | |
| Company type | Public |
|---|---|
| Industry | |
| Predecessor | Cendant |
| Founded | 2006 |
| Founders | |
| Headquarters | , United States |
Number of locations | 11,000 (2019) |
Areas served | Worldwide |
Key people |
|
| Services | Car and truck rentals |
| Revenue |  US$12.1 billion (2023) |
| US$2.6 billion (2023) | |
| US$1.6 billion (2023) | |
| Total assets | US$27.4 billion (2023) |
| Total equity |  US$349 million (2023) |
Number of employees | 21,000 (2023) |
| Subsidiaries | |
| Website | avisbudgetgroup |
| Footnotes / references [1][2] | |
The company also operates several smaller, regional brands including ACL Hire, Apex Car Rentals,[6] AmicoBlu, France Cars, Maggiore Group,[7] MoriniRent, TurisCar and TurisPrime.[5]
It is one of the three big rental car holding companies in the United States. In 2021 it held a 26% market share, placing it behind both the Hertz Global Holdings and Enterprise Holdings.[8]
History
editFollowing the decision to dissolve the Cendant company name and split into four separate companies, the vehicle rental division of Cendant became Avis Budget Group in 2006.[9]
In 2011, Avis Budget Group acquired Avis Europe, an independently owned company licensee, globally reuniting the Avis and Budget brands.[10]
On September 5, 2012, Avis Budget Group acquired Apex Car Rentals of New Zealand.[11]
On March 14, 2013, Avis Budget Group purchased carsharing company Zipcar for about US$500 million in cash.[12][13]
On April 9, 2015, Avis Budget Group announced it had completed the acquisition of Maggiore Group, Italy's fourth-largest vehicle rental company.[14]
The company's stock value rose dramatically due to increased demand for car rentals during the COVID-19 pandemic[15] and it became a meme stock in November 2021, with shares at one point doubling in a single day.[16] Despite rising revenues, the value of the stock began to decline in 2024 due to rising federal interest rates and declining values for used cars.[17]
References
edit- ^ "Avis Budget Group". Forbes.
- ^ "Avis Budget Group Reports Fourth Quarter and Full Year Results". avisbudgetgroup.com.
- ^ Christian Stoyanov. "Avis Budget Group: A Time For Transformation". Seeking Alpha. Retrieved 30 April 2019.
- ^ "Cendant cutting hotels, strikes deal for Budget". Chicago Tribune. Retrieved 30 April 2019.
- ^ a b "Brands". Avis Budget Group. Retrieved 7 September 2020.
- ^ "Avis Budget Group Enters Agreement to Acquire Apex Car Rentals of New Zealand". Auto Rental News. Retrieved 30 April 2019.
- ^ Chelsey Dulaney. "Avis Budget to Buy Italy's Maggiore Group for $170 Million". Wall Street Journal. Retrieved 30 April 2019.
- ^ "How Consolidation in the Car Rental Industry Is Likely to Overhaul Ground Transportation". GEP. Retrieved 2021-06-23.
- ^ "Cendant to become Avis. Budget". Pacific Business News. August 29, 2006. Retrieved 18 August 2012.
- ^ "SEC Filings: 10-K 2019". Avis Budget Group. 20 February 2020. Retrieved 7 September 2020.
- ^ "Avis Budget Group to Acquire Apex Car Rentals - Quick Facts". Archived from the original on 2015-05-18. Retrieved 2015-05-09.
- ^ "Avis Budget to buy Zipcar for $500 mln". Reuters. 2 January 2013. Retrieved 2 January 2013.
- ^ Rebecca Greenfield (2013-03-15). "Uh Oh, ZipCar's CEO Stepped Down Right After Its Merger with Avis". The Atlantic. Archived from the original on 2013-03-21. Retrieved 2022-01-20.
- ^ Emily Bader (9 April 2015). "Avis completes $160M acquisition of Italian vehicle rental business". NJBIZ.
- ^ "Rental car company Avis wrecked $1 billion of its largest shareholder's stake this year". Quartz.
- ^ "Meet the new meme stocks? Shares of Avis and Bed Bath & Beyond soar". New York Times.
- ^ "A Hedge Fund Made a Killing on Avis Stock. Now the Trade Is Backfiring". Wall Street Journal.
External links
edit- Official website
- Business data for Avis Budget Group, Inc.: