Operates rental car
business under Avis and Budget names.
6 Sylvan Way
Parsippany, NJ 07054
CEO: Ronald Nelson
Stock Symbol: CAR
Avis Budget Group operates two of the leading brands in the automotive
rental industry through Avis and Budget. Avis is a leading rental
car supplier to the commercial and leisure segments of the travel
industry and Budget targets price-conscious customers.
The company operates two distinctive brands but shares the same fleet, management, maintenance facilities, systems, technology and administrative infrastructure. The company has locations in over 70 countries.
Avis Budget operations include over 10,000 car and truck rental locations in the United States, Canada, Australia, New Zealand, Latin America, the Caribbean and parts of the Pacific region. The company's rental fleet is nearly 469,000 vehicles.
For 2012, the company reported record revenues of $7.4 billion, a 25% increase, and net income of $291 million. Average car rental revenues in the U.S. were $41.11 per day, down 3% from the previous year.
Budget has a fleet of over 26,600 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 March, Avis purchased ZipCar, a car-sharing company in major cities and college campuses, for $500 million.
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 April 14, 2013