Avis Budget Group

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Avis Budget Group, Inc.
TypePublic
IndustryRental and leasing services
PredecessorCendant
Founded2006 (2006)
FounderHenry Silverman, Warren Avis, Julius Lederer
Headquarters,
United States
Number of locations
11,000[1] (2019)
Areas served
180 countries
Key people
Joseph A. Ferraro, Interim President & CEO[1]
ServicesCar and truck rentals
RevenueIncrease US$9.172 billion (2019)[1]
Increase US$788 million (2019)[1]
Increase US$302 million (2019)[1]
Total assetsIncrease US$23.126 billion (2019)[1]
Total equityIncrease US$656 million (2019)[1]
Number of employees
30,000[1] (2019)
Websitewww.avisbudgetgroup.com
Footnotes / references
[1]

Avis Budget Group, Inc. is the American parent company of Avis Car Rental,[2] Budget Car Rental,[3] Budget Truck Rental, and Zipcar,[4] consisting of its global brands.[5] Its local brands include: Payless Car Rental, Apex Car Rentals,[6] Maggiore Group,[7] and France Cars.[5] Its network brands include: AmicoBlue, MoriniRent, TurisCar, TurisPrime, and ACL Hire.[5] The company is a Delaware Corporation headquartered in Parsippany, New Jersey, United States.

History[edit]

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.[8]

In 2011, Avis Budget Group acquired Avis Europe, an independently-owned company licensee, globally reuniting the Avis and Budget brands.[1]

On September 5, 2012, Avis Budget Group acquired Apex Car Rentals of New Zealand.[9]

On 14 March 2013, Avis Budget Group purchased Zipcar for about US$500 million in cash. Zipcar now operates as a subsidiary of Avis Budget Group. Scott Griffith, who had run the company for the previous 10 years, resigned the day after the acquisition closed, and passed the reins to a new company President, Mark Norman.[10]

On April 9, 2015, Avis Budget Group announced it had completed the acquisition of Maggiore Group, Italy's fourth-largest vehicle rental company.[11]

References[edit]

  1. ^ a b c d e f g h i j "SEC Filings: 10-K 2019". Avis Budget Group. 20 February 2020. Retrieved 7 September 2020.
  2. ^ Christian Stoyanov. "Avis Budget Group: A Time For Transformation". Seeking Alpha. Retrieved 30 April 2019.
  3. ^ "Cendant cutting hotels, strikes deal for Budget". Chicago Tribune. Retrieved 30 April 2019.
  4. ^ "Avis Budget to buy Zipcar for $500 mln". Reuters. Retrieved 2 January 2013.
  5. ^ a b c "Brands". Avis Budget Group. 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. ^ "Cendant to become Avis. Budget". Pacific Business News. August 29, 2006. Retrieved 18 August 2012.
  9. ^ "Archived copy". Archived from the original on 2015-05-18. Retrieved 2015-05-09.CS1 maint: archived copy as title (link)
  10. ^ Rebecca Greenfield (2013-03-15). "Uh Oh, ZipCar's CEO Stepped Down Right After Its Merger with Avis". theatlanticwire.com.
  11. ^ Emily Bader (9 April 2015). "Avis completes $160M acquisition of Italian vehicle rental business". NJBIZ.

External links[edit]