Avis Budget Group
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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,[1] Budget Rent a Car,[2] Budget Truck Rental, Payless Car Rental, and Zipcar.[3]
The company also operates several smaller, regional brands including ACL Hire, Apex Car Rentals,[4] AmicoBlu, France Cars, Maggiore Group,[5] MoriniRent, TurisCar and TurisPrime.[3]
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.[6]
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.[7]
In 2011, Avis Budget Group acquired Avis Europe, an independently owned company licensee, globally reuniting the Avis and Budget brands.[8]
On September 5, 2012, Avis Budget Group acquired Apex Car Rentals of New Zealand.[9]
On March 14, 2013, Avis Budget Group purchased carsharing company Zipcar for about Template:USD million in cash.[10][11]
On April 9, 2015, Avis Budget Group announced it had completed the acquisition of Maggiore Group, Italy's fourth-largest vehicle rental company.[12]
The company's stock value rose dramatically due to increased demand for car rentals during the COVID-19 pandemic[13] and it became a meme stock in November 2021, with shares at one point doubling in a single day.[14] 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.[15]
References
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External links
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- Business data for Avis Budget Group, Inc.: Template:Hlist
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- Avis Budget Group
- American companies established in 2006
- Car rental companies of the United States
- Companies based in Morris County, New Jersey
- Companies listed on the Nasdaq
- Companies in the Dow Jones Transportation Average
- Corporate spin-offs
- Franchises
- Holding companies established in 2006
- Holding companies of the United States
- Parsippany-Troy Hills, New Jersey
- Retail companies established in 2006
- Transport companies established in 2006
- Companies in the S&P 400