Avis Budget Group
| Company type | Public |
|---|---|
| Industry | Car rental |
| Founded | 2006 |
| Headquarters | Parsippany, New Jersey , United States |
Area served | Worldwide |
| Products | Car rental services |
Avis Budget Group, Inc. is a U.S.-based holding company specializing in car rental services, with its headquarters located in Parsippany, New Jersey. The corporation owns several prominent brands such as Avis Car Rental, Budget Rent a Car, Budget Truck Rental, Payless Car Rental, and Zipcar. Additionally, it manages regional brands including ACL Hire, Apex Car Rentals,<ref>AmicoBlu, France Cars, Maggiore Group,<ref>MoriniRent, TurisCar, and TurisPrime.<ref>
Ranking among the top three rental car holding companies in the United States, Avis Budget Group commanded a 26% market share in 2021, positioned behind Hertz Global Holdings and Enterprise Holdings. Following the Tax Cuts and Jobs Act of 2017, Avis was one of over 90 Fortune 500 firms that reported an effective federal tax rate of zero or below in 2018.
History
Avis Budget Group emerged in 2006 after Cendant Corporation dissolved and divided into four separate entities, with its vehicle rental operations forming the new company.
In 2011, the company expanded by acquiring Avis Europe, thereby consolidating the Avis and Budget brands on a global scale.
The acquisition of New Zealand-based Apex Car Rentals occurred on September 5, 2012.
On March 14, 2013, Avis Budget Group completed the purchase of Zipcar, a carsharing enterprise, for approximately $500 million in cash.
The company further extended its European presence by acquiring Maggiore Group—Italy’s fourth-largest vehicle rental firm—on April 9, 2015.
After the enactment of the Tax Cuts and Jobs Act in 2017, Avis was among many Fortune 500 companies that effectively paid no federal income tax or less in 2018.
During the COVID-19 pandemic, increased demand for car rentals led to a surge in the company's stock price. In November 2021, it became a meme stock with shares doubling within a single trading day. However, despite growing revenues, the stock declined in value throughout 2024 due to higher federal interest rates and decreasing prices in the used car market.
External links
- Articles with short description
- 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