Avis Budget Group

{{short description|Holding company of several car rental brands}}

{{Infobox company

| name = Avis Budget Group, Inc.

| logo = Avis Budget Group logo.svg

| logo_alt = Avis Budget Group logo

| image = AvisBudgetToronto.JPG

| image_alt = An Avis Budget Group location in Toronto

| image_caption = An Avis Budget Group location in Toronto

| type = Public

| traded_as = {{Unbulleted list|{{NASDAQ|CAR}}|DJTA component|S&P 400 component}}

| founders = {{Unbulleted list|Henry Silverman|Warren Avis|Julius Lederer}}

| hq_location =

| hq_location_city = Parsippany, New Jersey

| key_people = {{Unbulleted list|Joe Ferraro (president and CEO)|Bernardo Hees (chairman)}}

| industry = {{ubl|Rental|leasing services}}

| services = Car and truck rentals

| areas_served = Worldwide

| hq_location_country = United States

| num_locations = 11,000 (2019)

| predecessor = Cendant

| founded = {{Start date and age|2006}}

| revenue = {{decrease}} {{US$|11.79 billion|link=yes}} (2024)

| operating_income = {{decrease}} {{US$|-1.32 billion}} (2024)

| net_income = {{decrease}} {{US$|-1.82 billion}} (2024)

| assets = {{decrease}} {{US$|29.04 billion}} (2024)

| equity = {{decrease}} {{US$|-2.32 billion}} (2024)

| num_employees = 24,000 (2024)

| subsid = {{Unbulleted list

| Avis Car Rental

| Budget Rent a Car

| Budget Truck Rental

| Payless Car Rental

| Zipcar

| Flexcar

}}

| website = {{URL|https://avisbudgetgroup.com}}

| footnotes = {{Cite web |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/723612/000072361225000005/car-20241231.htm |title=2024 Annual Report (Form 10-K) |date=February 14, 2025 |publisher=U.S. Securities and Exchange Commission}}{{cite web|title=Avis Budget Group|url=https://www.forbes.com/companies/avis-budget-group/?sh=efabf4718d75|website=Forbes}}

}}

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,{{cite news |author=Christian Stoyanov |title=Avis Budget Group: A Time For Transformation |publisher=Seeking Alpha |url=https://seekingalpha.com/article/4249745-avis-budget-group-time-transformation |access-date=30 April 2019}} Budget Rent a Car,{{cite news|url=https://www.chicagotribune.com/news/ct-xpm-2002-08-21-0208210133-story.html|title=Cendant cutting hotels, strikes deal for Budget|publisher=Chicago Tribune|access-date=30 April 2019}} Budget Truck Rental, Payless Car Rental, and Zipcar.{{cite web |title=Brands |url=https://avisbudgetgroup.com/brands/ |publisher=Avis Budget Group |access-date=7 September 2020}}

The company also operates several smaller, regional brands including ACL Hire, Apex Car Rentals,{{cite news|url=https://www.autorentalnews.com/82743/avis-budget-group-enters-agreement-to-acquire-apex-car-rentals-of-new-zealand|title=Avis Budget Group Enters Agreement to Acquire Apex Car Rentals of New Zealand|publisher=Auto Rental News|access-date=30 April 2019}} AmicoBlu, France Cars, Maggiore Group,{{cite news|url=https://www.wsj.com/articles/avis-budget-to-buy-italys-maggiore-group-for-170-million-1425300289|title=Avis Budget to Buy Italy's Maggiore Group for $170 Million|author=Chelsey Dulaney|publisher=Wall Street Journal|access-date=30 April 2019}} MoriniRent, TurisCar and TurisPrime.

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.{{Cite news |title=How Consolidation in the Car Rental Industry Is Likely to Overhaul Ground Transportation |language=en |work=GEP |url=https://www.gep.com/blog/mind/how-consolidation-in-the-car-rental-industry-is-likely-to-overhaul-ground-transportation |access-date=2021-06-23}}

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.{{cite news|title=Cendant to become Avis. Budget|url=http://www.bizjournals.com/pacific/stories/2006/08/28/daily27.html|access-date=18 August 2012|newspaper=Pacific Business News|date=August 29, 2006}}

In 2011, Avis Budget Group acquired Avis Europe, an independently owned company licensee, globally reuniting the Avis and Budget brands.{{cite web |title=SEC Filings: 10-K 2019 |url=http://ir.avisbudgetgroup.com/node/29931/html |publisher=Avis Budget Group |access-date=7 September 2020 |date=20 February 2020}}

On September 5, 2012, Avis Budget Group acquired Apex Car Rentals of New Zealand.{{cite web|url=http://www.rttnews.com/1959974/avis-budget-group-to-acquire-apex-car-rentals-quick-facts.aspx |title=Avis Budget Group to Acquire Apex Car Rentals - Quick Facts |access-date=2015-05-09 |url-status = dead|archive-url=https://web.archive.org/web/20150518095534/http://www.rttnews.com/1959974/avis-budget-group-to-acquire-apex-car-rentals-quick-facts.aspx |archive-date=2015-05-18 }}

On March 14, 2013, Avis Budget Group purchased carsharing company Zipcar for about {{USD|500}} million in cash.{{cite news|title=Avis Budget to buy Zipcar for $500 mln|date=2 January 2013|url=https://www.reuters.com/article/zipcar-offer-avisbudget-idUSL4N0A72IF20130102|work=Reuters|access-date=2 January 2013}}{{cite web | url=https://www.theatlantic.com/business/archive/2013/03/uh-oh-zipcars-ceo-stepped-down-right-after-its-merger-avis/317327/ | title=Uh Oh, ZipCar's CEO Stepped Down Right After Its Merger with Avis | author=Rebecca Greenfield | work=The Atlantic | date=2013-03-15 | access-date=2022-01-20 | archive-date=2013-03-21 | archive-url=https://web.archive.org/web/20130321223854/http://www.theatlanticwire.com/business/2013/03/uh-oh-zipcars-ceo-stepped-down-right-after-its-merger-avis/63171/ | url-status=dead }}

On April 9, 2015, Avis Budget Group announced it had completed the acquisition of Maggiore Group, Italy's fourth-largest vehicle rental company.{{cite web|url=http://www.njbiz.com/article/20150409/NJBIZ01/150409796/avis-completes-160m-acquisition-of-italian-vehicle-rental-business|title=Avis completes $160M acquisition of Italian vehicle rental business|author=Emily Bader|date=9 April 2015|work=NJBIZ}}

The company's stock value rose dramatically due to increased demand for car rentals during the COVID-19 pandemic{{cite web|title=Rental car company Avis wrecked $1 billion of its largest shareholder's stake this year|url=https://qz.com/srs-investment-management-avis-budget-car-rental-stock-1851286572|website=Quartz|date=26 February 2024 }} and it became a meme stock in November 2021, with shares at one point doubling in a single day.{{cite web|title=Meet the new meme stocks? Shares of Avis and Bed Bath & Beyond soar.|url=https://www.nytimes.com/2021/11/03/business/bed-bath-beyond-avis-kroger-stocks.html|website=New York Times|date=3 November 2021 |last1=Karaian |first1=Jason }} 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.{{cite web|title=A Hedge Fund Made a Killing on Avis Stock. Now the Trade Is Backfiring.|url=https://www.wsj.com/finance/stocks/a-hedge-fund-made-a-killing-on-avis-stock-now-the-trade-is-backfiring-b6ed3f6a|website=Wall Street Journal}}