Avis Budget Group

Avis Budget Group
Public
Traded as NASDAQ: CAR
DJTA Component
S&P 400 Component
Industry Rental & leasing services
Founded 2006
Founder Henry Silverman
Headquarters Parsippany, New Jersey, United States
Key people
 Larry DeShon
(Chairman, and CEO)[1]
Products Car rental
Revenue $8.5B (2014)[2]
$327M (2014)[2]
Total equity $771M
Number of employees
 30,000 [2]
Website www.avisbudgetgroup.com
Avis Budget Group

Avis Budget Group, Inc. is the American parent company of Avis Car Rental,[3] Budget Car Rental,[3] Budget Truck Rental, Payless Car Rental, Apex Car Rentals,[4] Maggiore Group[5] and Zipcar.[6] The company's headquarters are located in Parsippany-Troy Hills, New Jersey, United States.

As of 2011, Avis Budget is the leading general-use vehicle rental company in North America, Australia and New Zealand.[7]

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.[8] At the end of 2008, Avis Budget became the first vehicle rental company to begin deployment RFID transponders in their fleet using a product from TransCore which includes an active RFID tag that can work with nearly all electronic toll collections systems in the United States, including E-ZPass in the Northeast, TxTag (Texas) and SunPass (Florida).[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 September 5, 2012, Avis Budget Group acquired Apex Car Rentals of New Zealand. [4][11]

On April 9, 2015, Avis Budget Group announced it had completed the acquisition of Maggiore Group, Italy's fourth-largest vehicle rental company.[5][12]

References

  1. ↑ Avis Budget Group. "Avis Budget - Management". avisbudgetgroup.com.
  2. 1 2 3 "Avis Budget Group Reports Record Fourth Quarter 2014 Results". avisbudgetgroup.com.
  3. 1 2 "Avis Car Rental and Budget Car Rental Recognized Among Top 50 'Green' Brands". avisbudgetgroup.com.
  4. 1 2 "Avis Budget Group Announces Agreement to Acquire Apex Car Rentals of New Zealand". avisbudgetgroup.com.
  5. 1 2 "Avis Budget Group Completes Acquisition of Maggiore Group". avisbudgetgroup.com.
  6. ↑ "Avis Budget to buy Zipcar for $500 mln". Reuters. Retrieved 2 January 2013.
  7. ↑ "Avis Beats on Better Travel Trends". Zacks Investment Research. May 4, 2011. Retrieved 2011-05-14.
  8. ↑ "Cendant to become Avis. Budget". Pacific Business News. August 29, 2006. Retrieved 18 August 2012.
  9. ↑ "Avis Budget Group Plans to Put Interoperable Toll Transponders on the Road". RFID Journal. December 23, 2008. Retrieved 2011-05-14.
  10. ↑ Rebecca Greenfield (2013-03-15). "Uh Oh, ZipCar's CEO Stepped Down Right After Its Merger with Avis". theatlanticwire.com.
  11. ↑ "Archived copy". Archived from the original on 2015-05-18. Retrieved 2015-05-09.
  12. ↑ Emily Bader (9 April 2015). "Avis completes $160M acquisition of Italian vehicle rental business". NJBIZ.

External links


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