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.[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]
External links
References
- 2024 Annual Report (Form 10-K) U.S. Securities and Exchange Commission, February 14, 2025^
- Avis Budget Group Forbes^
- Christian Stoyanov. Avis Budget Group: A Time For Transformation Seeking Alpha, retrieved 30 April 2019^
- Cendant cutting hotels, strikes deal for Budget Chicago Tribune, retrieved 30 April 2019^
- Brands Avis Budget Group, retrieved 7 September 2020^
- Avis Budget Group Enters Agreement to Acquire Apex Car Rentals of New Zealand Auto Rental News, retrieved 30 April 2019^
- Chelsey Dulaney. Avis Budget to Buy Italy's Maggiore Group for $170 Million Wall Street Journal, retrieved 30 April 2019^
- Jesse Pound. These 91 companies paid no federal taxes in 2018 CNBC, December 16, 2019, retrieved 2020-02-11^
- How Consolidation in the Car Rental Industry Is Likely to Overhaul Ground Transportation GEP, retrieved 2021-06-23^
- Cendant to become Avis. Budget Pacific Business News, August 29, 2006, retrieved 18 August 2012^
- SEC Filings: 10-K 2019 Avis Budget Group, 20 February 2020, retrieved 7 September 2020^
- Avis Budget Group to Acquire Apex Car Rentals - Quick Facts retrieved 2015-05-09^
- Avis Budget to buy Zipcar for $500 mln Reuters, 2 January 2013, retrieved 2 January 2013^
- Rebecca Greenfield. Uh Oh, ZipCar's CEO Stepped Down Right After Its Merger with Avis The Atlantic, 2013-03-15, retrieved 2022-01-20^
- Emily Bader. Avis completes $160M acquisition of Italian vehicle rental business NJBIZ, 9 April 2015^
- Rental car company Avis wrecked $1 billion of its largest shareholder's stake this year Quartz, 26 February 2024^
- Jason Karaian. Meet the new meme stocks? Shares of Avis and Bed Bath & Beyond soar. New York Times, 3 November 2021^
- A Hedge Fund Made a Killing on Avis Stock. Now the Trade Is Backfiring. Wall Street Journal^