Avis Budget Group

☆ Save On Wikipedia ↗
Avis Budget Group, Inc.
TypePublic
Industry
PredecessorCendant
Founded2006 (2006)
Founders
Headquarters
Parsippany, New Jersey
,
United States
Number of locations
10,995 (2025)
Areas served
Worldwide
Key people
ServicesCar and truck rentals
RevenueDecrease US$11.79 billion (2024)
Decrease US$−1.32 billion (2024)
Decrease US$−1.82 billion (2024)
Total assetsDecrease US$29.04 billion (2024)
Total equityDecrease US$−2.32 billion (2024)
Number of employees
23,999 (2026)
Subsidiaries
Websiteavisbudgetgroup.com
Footnotes
[1][2]

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 Knoxville, Tennessee

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.[8] In 2021, it held a 26% market share, placing it behind both the Hertz Global Holdings and Enterprise Holdings.[9]

History

Following 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.[10]

In 2011, Avis Budget Group acquired Avis Europe, an independently owned company licensee, globally reuniting the Avis and Budget brands.[11]

On September 5, 2012, Avis Budget Group acquired Apex Car Rentals of New Zealand.[12]

On March 14, 2013, Avis Budget Group purchased carsharing company Zipcar for about US$500 million in cash.[13][14]

On April 9, 2015, Avis Budget Group announced it had completed the acquisition of Maggiore Group, Italy's fourth-largest vehicle rental company.[15]

During 2018 Avis along with 90 additional Fortune 500 companies "paid an effective federal tax rate of 0% or less" as a result of Donald Trump´s Tax Cuts and Jobs Act of 2017.[8]

The company's stock value rose dramatically due to increased demand for car rentals during the COVID-19 pandemic[16] and it became a meme stock in November 2021, with shares at one point doubling in a single day.[17] 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.[18]

References

  1. "2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 14, 2025.
  2. "Avis Budget Group". Forbes.
  3. Christian Stoyanov. "Avis Budget Group: A Time For Transformation". Seeking Alpha. Retrieved April 30, 2019.
  4. "Cendant cutting hotels, strikes deal for Budget". Chicago Tribune. Retrieved April 30, 2019.
  5. "Brands". Avis Budget Group. Archived from the original on September 20, 2020. Retrieved September 7, 2020.
  6. "Avis Budget Group Enters Agreement to Acquire Apex Car Rentals of New Zealand". Auto Rental News. Retrieved April 30, 2019.
  7. Chelsey Dulaney. "Avis Budget to Buy Italy's Maggiore Group for $170 Million". Wall Street Journal. Retrieved April 30, 2019.
  8. Pound, Jesse (December 16, 2019). "These 91 companies paid no federal taxes in 2018". CNBC. Retrieved February 11, 2020.
  9. "How Consolidation in the Car Rental Industry Is Likely to Overhaul Ground Transportation". GEP. Retrieved June 23, 2021.
  10. "Cendant to become Avis. Budget". Pacific Business News. August 29, 2006. Retrieved August 18, 2012.
  11. "SEC Filings: 10-K 2019". Avis Budget Group. February 20, 2020. Retrieved September 7, 2020.
  12. "Avis Budget Group to Acquire Apex Car Rentals - Quick Facts". Archived from the original on May 18, 2015. Retrieved May 9, 2015.
  13. "Avis Budget to buy Zipcar for $500 mln". Reuters. January 2, 2013. Retrieved January 2, 2013.
  14. Rebecca Greenfield (March 15, 2013). "Uh Oh, ZipCar's CEO Stepped Down Right After Its Merger with Avis". The Atlantic. Archived from the original on March 21, 2013. Retrieved January 20, 2022.
  15. Emily Bader (April 9, 2015). "Avis completes $160M acquisition of Italian vehicle rental business". NJBIZ.
  16. "Rental car company Avis wrecked $1 billion of its largest shareholder's stake this year". Quartz. February 26, 2024.
  17. Karaian, Jason (November 3, 2021). "Meet the new meme stocks? Shares of Avis and Bed Bath & Beyond soar". New York Times.
  18. "A Hedge Fund Made a Killing on Avis Stock. Now the Trade Is Backfiring". Wall Street Journal.