Company type | Public |
---|---|
Industry | |
Predecessor | Cendant |
Founded | 2006 |
Founders | |
Headquarters | , United States |
Number of locations | 11,000 (2019) |
Areas served | Worldwide |
Key people |
|
Services | Car and truck rentals |
Revenue | US$12.1 billion (2023) |
US$2.6 billion (2023) | |
US$1.6 billion (2023) | |
Total assets | US$27.4 billion (2023) |
Total equity | US$349 million (2023) |
Number of employees | 21,000 (2023) |
Subsidiaries | |
Website |
avisbudgetgroup |
Footnotes / references [1] [2] |
Avis Budget Group, Inc. is 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. In 2021 it held a 26% market share, placing it behind both the Hertz Global Holdings and Enterprise Holdings. [8]
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. [9]
In 2011, Avis Budget Group acquired Avis Europe, an independently owned company licensee, globally reuniting the Avis and Budget brands. [10]
On September 5, 2012, Avis Budget Group acquired Apex Car Rentals of New Zealand. [11]
On March 14, 2013, Avis Budget Group purchased carsharing company Zipcar for about US$500 million in cash. [12] [13]
On April 9, 2015, Avis Budget Group announced it had completed the acquisition of Maggiore Group, Italy's fourth-largest vehicle rental company. [14]
The company's stock value rose dramatically due to increase demand for car rentals during the COVID-19 pandemic [15] and it became a meme stock in November 2021, with shares at one point doubling in a single day. [16] 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. [17]