Avis Budget Group

Last updated
Avis Budget Group, Inc.
Company type Public
Industry
Predecessor Cendant
Founded2006;19 years ago (2006)
Founders
Headquarters
Parsippany, New Jersey
,
United States
Number of locations
10,999 (2025)
Areas served
Worldwide
Key people
Services Car and truck rentals
RevenueDecrease2.svg US$11.79 billion (2024)
Decrease2.svgUS$−1.32 billion (2024)
Decrease2.svgUS$−1.82 billion (2024)
Total assets Decrease2.svgUS$29.04 billion (2024)
Total equity Decrease2.svgUS$−2.32 billion (2024)
Number of employees
23,995 (2025)
Subsidiaries
Website avisbudgetgroup.com
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]

Contents

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

  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 30 April 2019.
  4. ↑ "Cendant cutting hotels, strikes deal for Budget". Chicago Tribune. Retrieved 30 April 2019.
  5. 1 2 "Brands". Avis Budget Group. Archived from the original on 20 September 2020. Retrieved 7 September 2020.
  6. ↑ "Avis Budget Group Enters Agreement to Acquire Apex Car Rentals of New Zealand". Auto Rental News. Retrieved 30 April 2019.
  7. ↑ Chelsey Dulaney. "Avis Budget to Buy Italy's Maggiore Group for $170 Million". Wall Street Journal. Retrieved 30 April 2019.
  8. 1 2 Pound, Jesse (December 16, 2019). "These 91 companies paid no federal taxes in 2018". CNBC . Retrieved 2020-02-11.
  9. ↑ "How Consolidation in the Car Rental Industry Is Likely to Overhaul Ground Transportation". GEP. Retrieved 2021-06-23.
  10. ↑ "Cendant to become Avis. Budget". Pacific Business News. August 29, 2006. Retrieved 18 August 2012.
  11. ↑ "SEC Filings: 10-K 2019". Avis Budget Group. 20 February 2020. Retrieved 7 September 2020.
  12. ↑ "Avis Budget Group to Acquire Apex Car Rentals - Quick Facts". Archived from the original on 2015-05-18. Retrieved 2015-05-09.
  13. ↑ "Avis Budget to buy Zipcar for $500 mln". Reuters. 2 January 2013. Retrieved 2 January 2013.
  14. ↑ Rebecca Greenfield (2013-03-15). "Uh Oh, ZipCar's CEO Stepped Down Right After Its Merger with Avis". The Atlantic. Archived from the original on 2013-03-21. Retrieved 2022-01-20.
  15. ↑ Emily Bader (9 April 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. 26 February 2024.
  17. ↑ Karaian, Jason (3 November 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.
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