Company:Avis Budget Group

From HandWiki
Avis Budget Group, Inc.
TypePublic
Industry
PredecessorCendant
Founded2006; 20 years ago (2006)
Founders
  • Henry Silverman
  • Warren Avis
  • Julius Lederer
Headquarters
Parsippany, New Jersey
,
United States
Number of locations
Approx. 10,000[1]: 4  (2025[1])
Areas served
Worldwide
Key people
ServicesCar and truck rentals
RevenueDecrease US$11.652 billion (2025)[1]: 36 
Decrease US$−1.32 billion (2025)
Decrease US$−995 million (2025)[1]: 36 
Total assetsDecrease US$31.2 billion (2025)[1]: F-8 
Total equityDecrease US$−3.1 billion (2025)[1]: 39 
Number of employees
Approx. 25,000 (2026): 14 
Websiteavisbudgetgroup.com
Footnotes / references
[1][2]
Not to be confused with Mavis Tire.

Avis Budget Group, Inc. is an American car rental agency holding company headquartered in Parsippany, New Jersey. It is one of the three big rental car holding companies in the United States.[3] In 2021, it held a 26% market share, placing it behind both the Hertz Global Holdings and Enterprise Holdings. It is the parent company of several brands including Avis Car Rental, Budget Rent a Car, Budget Truck Rental, Payless Car Rental, and Zipcar.

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.[4]

In 2011, Avis Budget Group acquired Avis Europe, an independently owned company licensee, globally reuniting the Avis and Budget brands.[5]

On September 5, 2012, Avis Budget Group acquired Apex Car Rentals of New Zealand.[6]

On March 14, 2013, Avis Budget Group purchased carsharing company Zipcar for about US$500 million in cash.[7][8]

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

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.[3]

The company's stock value rose dramatically due to increased demand for car rentals during the COVID-19 pandemic[10] and it became a meme stock in November 2021, with shares at one point doubling in a single day.[11] In 2021, it held a 26% market share, placing it behind both the Hertz Global Holdings and Enterprise Holdings.[12] 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.[13]

Operations

File:An Avis Budget Group car and truck rental location in Knoxville, Tennessee 01.jpg
An Avis Budget Group location in Knoxville, Tennessee

Avis Budget Group is the parent company of several brands including Avis Car Rental,[14] Budget Rent a Car,[15] Budget Truck Rental, Payless Car Rental, and Zipcar.[16] It also operates several smaller, regional brands including ACL Hire, Apex Car Rentals,[17] AmicoBlu, France Cars, Maggiore Group,[18] MoriniRent, TurisCar and TurisPrime.[16] As of 2018, the company had over 600,000 cars in its fleet.[19]

References

  1. ↑ 1.0 1.1 1.2 1.3 1.4 1.5 1.6 "UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM 10-K". https://ir.avisbudgetgroup.com/node/33981/ixbrl-viewer. 
  2. ↑ "Avis Budget Group". https://www.forbes.com/companies/avis-budget-group/?sh=efabf4718d75. 
  3. ↑ 3.0 3.1 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. 
  4. ↑ "Cendant to become Avis. Budget". Pacific Business News. August 29, 2006. http://www.bizjournals.com/pacific/stories/2006/08/28/daily27.html. 
  5. ↑ "SEC Filings: 10-K 2019". Avis Budget Group. 20 February 2020. http://ir.avisbudgetgroup.com/node/29931/html. 
  6. ↑ "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. 
  7. ↑ "Avis Budget to buy Zipcar for $500 mln". Reuters. 2 January 2013. https://www.reuters.com/article/zipcar-offer-avisbudget-idUSL4N0A72IF20130102. 
  8. ↑ 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/. 
  9. ↑ 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. 
  10. ↑ "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. 
  11. ↑ 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. 
  12. ↑ "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. 
  13. ↑ "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. 
  14. ↑ Christian Stoyanov. "Avis Budget Group: A Time For Transformation". Seeking Alpha. https://seekingalpha.com/article/4249745-avis-budget-group-time-transformation. 
  15. ↑ "Cendant cutting hotels, strikes deal for Budget". Chicago Tribune. https://www.chicagotribune.com/news/ct-xpm-2002-08-21-0208210133-story.html. 
  16. ↑ 16.0 16.1 "Brands". Avis Budget Group. https://avisbudgetgroup.com/brands/. 
  17. ↑ "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. 
  18. ↑ 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. 
  19. ↑ Wahba, Phil (29 October 2018). "A Fork in the Road for Avis". Fortune. https://fortune.com/longform/a-fork-in-the-road-for-avis/. 

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