Operates rental car business under Avis, Budget and ZipCar brands.
6 Sylvan Way
Parsippany, NJ 07054
CEO: Ronald Nelson
Stock Symbol: CAR
Avis Budget Group, Inc. is a leading global provider of vehicle rental services, both through its Avis and Budget brands, which have more than 10,000 rental locations in approximately 175 countries around the world, and through its Zipcar brand, which is the world's leading car sharing network, with more than 860,000 members.
Avis Budget Group operates most of its car rental offices in North America, Europe and Australia directly, and operates primarily through licensees in other parts of the world. The company's rental fleet is over 487,000 vehicles.
For 2013, the company reported record revenues of $7.9 billion, a 12% increase, and net income of $256 million. Average car rental revenues were $41.12 per day, about the same from the previous year.
Budget has a fleet of over 24,600 trucks through a network of 2,300 dealer-operated, 230 company-operated locations throughout the continental United States.
The Avis and/or Budget vehicle rental systems in Europe, Africa, the Middle East and parts of Asia are operated at approximately 3,800 locations by subsidiaries and sub-licensees of an independent third party primarily under royalty-free trademark license agreements.
In 2013, Avis purchased ZipCar, a car-sharing company in major cities and college campuses, for $500 million. The company also acquired Payless Car Rental for $50 million in July 2013.
Avis Budget Group was formed in 2006 when
it was spun off as the vehicle rental division of Cendant Group.
Avis was was originally founded in 1946
with 3 cars at Willow Run Airport in Detroit by Warren Avis.
Budget Rent A Car was founded in 1958 in
Los Angeles by Morris Mirkin.
The company was eventually acquired by
Transamerica Corporation, and then sold in 1986 in a leveraged
buyout. It was taken public in 1987.
The public company was purchased by Team Rental Group in 1997, which took the name Budget Group. In 2002 the company's assets were sold to Cendant Corporation, which also owned Avis.
In 2006, Cendant Corp. separated into four independent companies: Realogy, Wyndham Worldwide, Travelport and Avis Budget Group, Inc.
Avis Budget Group offers use of a company car for some employees, and excellent benefits including dental, medical, tuition reimbursement, 401K, employee stock purchase plan and more.
Employees are paid based on performance and have opportunity to earn bonuses.
Updated February 22, 2014