Budget Rent a Car System, Inc. is an American car rental company that was founded in 1958 in Los Angeles, California by Morris Mirkin.[2] Budget is a subsidiary of the Avis Budget Group, with its operations headquartered in Parsippany, New Jersey.[3]
History
With its original fleet of 10 cars, the company lived up to the 'Budget' name by undercutting the daily and per mile rental rates of the established airport based car rental companies. Mirkin was joined in 1959 by Julius Lederer and together, they built the company internationally. In 1960, the headquarters moved to Chicago, Illinois and the rental fleet expanded with franchised and wholly owned rental outlets.
The company was eventually acquired by Transamerica Corporation, and then sold in 1986 in a leveraged buyout by Gibbons, Green and van Amerongen Ltd., along with management (led by CEO Clifton E. Haley) and selected investors.