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Avis Budget Group

Headquarters:
6 Sylvan Way
Parsippany, NJ 07054
Employees: 30,000
CEO: Ronald Nelson
Stock Symbol: CAR

Website: http://www.avisbudgetgroup.com

Career Site

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 is the largest rental operator in each of North America, Australia, New Zealand and certain other regions that it serves, based on published airport statistics. Avis Budget Group maintains the leading share of airport car rental revenue and operates one of the leading consumer truck rental businesses in the United States.

The company operates two distinctive brands but shares the same fleet, management, maintenance facilities, systems, technology and administrative infrastructure.

Avis Budget operations include 6,900 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 totals more than 425,000 vehicles, and it completed more than 28 million vehicle rentals worldwide in 2007.

For the year ended December 31, 2007, the company generated revenues of $5.98 billion and net loss of $916 million. The Avis, Budget and Budget Truck brands accounted for approximately 63%, 30% and 7% of vehicle rental revenue, respectively, in 2007. Domestically, in 2007 about 81% of the company's $4.0 billion in car rental revenue came from on-airport locations and 19% from off-airport locations.

Budget has a fleet of 28,700 trucks through a network of 2,500 dealer-operated, 230 company-operated and 85 franchisee-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 3,600 locations by subsidiaries and sub-licensees of an independent third party primarily under royalty-free trademark license agreements.

The company opened 195 new off-airport locations in 2007 and now has a total of over 1,500.

History

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.

Benefits

Avis Budget Group offers a competitive salary and excellent benefits including dental, medical, tuition reimbursement, 401K and more.

Updated May 7, 2008