Company:Avis Budget Group
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 An Avis Budget Group location in Toronto | |
| Type | Public |
|---|---|
| Industry |
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| Predecessor | Cendant |
| Founded | 2006 |
| Founders |
|
| Headquarters | Parsippany, New Jersey , United States |
Number of locations | 10,995 (2025) |
Areas served | Worldwide |
Key people |
|
| Services | Car and truck rentals |
| Revenue |  US$11.79 billion (2024) |
| US$−1.32 billion (2024) | |
| US$−1.82 billion (2024) | |
| Total assets | US$29.04 billion (2024) |
| Total equity | US$−2.32 billion (2024) |
Number of employees | 23,999 (2026) |
| Subsidiaries |
|
| Website | avisbudgetgroup |
| Footnotes / references [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]
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. 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] 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
- ↑ "2024 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. February 14, 2025. https://www.sec.gov/ix?doc=/Archives/edgar/data/723612/000072361225000005/car-20241231.htm.
- ↑ "Avis Budget Group". https://www.forbes.com/companies/avis-budget-group/?sh=efabf4718d75.
- ↑ Christian Stoyanov. "Avis Budget Group: A Time For Transformation". Seeking Alpha. https://seekingalpha.com/article/4249745-avis-budget-group-time-transformation.
- ↑ "Cendant cutting hotels, strikes deal for Budget". Chicago Tribune. https://www.chicagotribune.com/news/ct-xpm-2002-08-21-0208210133-story.html.
- ↑ 5.0 5.1 "Brands". Avis Budget Group. https://avisbudgetgroup.com/brands/.
- ↑ "Avis Budget Group Enters Agreement to Acquire Apex Car Rentals of New Zealand". Auto Rental News. https://www.autorentalnews.com/82743/avis-budget-group-enters-agreement-to-acquire-apex-car-rentals-of-new-zealand.
- ↑ Chelsey Dulaney. "Avis Budget to Buy Italy's Maggiore Group for $170 Million". Wall Street Journal. https://www.wsj.com/articles/avis-budget-to-buy-italys-maggiore-group-for-170-million-1425300289.
- ↑ 8.0 8.1 Pound, Jesse (December 16, 2019). "These 91 companies paid no federal taxes in 2018". CNBC. https://www.cnbc.com/2019/12/16/these-91-fortune-500-companies-didnt-pay-federal-taxes-in-2018.html.
- ↑ "How Consolidation in the Car Rental Industry Is Likely to Overhaul Ground Transportation" (in en). GEP. https://www.gep.com/blog/mind/how-consolidation-in-the-car-rental-industry-is-likely-to-overhaul-ground-transportation.
- ↑ "Cendant to become Avis. Budget". Pacific Business News. August 29, 2006. http://www.bizjournals.com/pacific/stories/2006/08/28/daily27.html.
- ↑ "SEC Filings: 10-K 2019". Avis Budget Group. 20 February 2020. http://ir.avisbudgetgroup.com/node/29931/html.
- ↑ "Avis Budget Group to Acquire Apex Car Rentals - Quick Facts". http://www.rttnews.com/1959974/avis-budget-group-to-acquire-apex-car-rentals-quick-facts.aspx.
- ↑ "Avis Budget to buy Zipcar for $500 mln". Reuters. 2 January 2013. https://www.reuters.com/article/zipcar-offer-avisbudget-idUSL4N0A72IF20130102.
- ↑ Rebecca Greenfield (2013-03-15). "Uh Oh, ZipCar's CEO Stepped Down Right After Its Merger with Avis". The Atlantic. https://www.theatlantic.com/business/archive/2013/03/uh-oh-zipcars-ceo-stepped-down-right-after-its-merger-avis/317327/.
- ↑ Emily Bader (9 April 2015). "Avis completes $160M acquisition of Italian vehicle rental business". NJBIZ. http://www.njbiz.com/article/20150409/NJBIZ01/150409796/avis-completes-160m-acquisition-of-italian-vehicle-rental-business.
- ↑ "Rental car company Avis wrecked $1 billion of its largest shareholder's stake this year". 26 February 2024. https://qz.com/srs-investment-management-avis-budget-car-rental-stock-1851286572.
- ↑ Karaian, Jason (3 November 2021). "Meet the new meme stocks? Shares of Avis and Bed Bath & Beyond soar.". https://www.nytimes.com/2021/11/03/business/bed-bath-beyond-avis-kroger-stocks.html.
- ↑ "A Hedge Fund Made a Killing on Avis Stock. Now the Trade Is Backfiring.". https://www.wsj.com/finance/stocks/a-hedge-fund-made-a-killing-on-avis-stock-now-the-trade-is-backfiring-b6ed3f6a.
External links
- Official website
- Business data for Avis Budget Group, Inc.:
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