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Avis Budget Group

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Avis Budget Group, Inc.
Company typePublic
Nasdaq: CAR
DJTA Component
S&P 400 Component
IndustryRental & leasing services
Founded2006
FounderHenry Silverman, Warren Avis, Julius Lederer
HeadquartersParsippany, New Jersey, United States
Key people
ProductsCar rental
RevenueIncrease US$ 8.66 billion (2016)[1]
Decrease US$ 509 million (2016)[1]
Decrease US$ 163 million (2016)[1]
Total assetsIncrease US$ 17.64 billion (2016)[1]
Total equityDecrease US$ 221 million (2016)[1]
Number of employees
26,300 [2] (2017)
Websitewww.avisbudgetgroup.com
Avis Budget Group

Avis Budget Group, Inc. is the American parent company of Avis Car Rental,[3] Budget Car Rental,[4] Budget Truck Rental, Payless Car Rental, Apex Car Rentals,[5] Maggiore Group[6] and Zipcar.[7] The company's headquarters are located in Parsippany, New Jersey, United States.

As of 2011,[needs update] Avis Budget is the leading general-use vehicle rental company in North America, Australia and New Zealand.[8]

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.[9] At the end of 2008, Avis Budget became the first vehicle rental company to begin deployment of 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).[10]

On September 5, 2012, Avis Budget Group acquired Apex Car Rentals of New Zealand.[11]

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.[12]

On April 9, 2015, Avis Budget Group announced it had completed the acquisition of Maggiore Group, Italy's fourth-largest vehicle rental company.[13]

Tax avoidance

In December 2019, CNBC listed the Avis Budget Group along with 378 additional Fortune 500 companies that "paid an effective federal tax rate of 0% or less" as a result of the Tax Cuts and Jobs Act of 2017.[14]

References

  1. ^ a b c d e f "US SEC: Form 10-K Avis Budget Group". United States Securities and Exchange Commission. Retrieved January 18, 2018.
  2. ^ "Avis Budget Group". Fortune. Retrieved 2018-12-07.
  3. ^ Christian Stoyanov. "Avis Budget Group: A Time For Transformation". Seeking Alpha. Retrieved 30 April 2019.
  4. ^ "Cendant cutting hotels, strikes deal for Budget". Chicago Tribune. Retrieved 30 April 2019.
  5. ^ "Avis Budget Group Enters Agreement to Acquire Apex Car Rentals of New Zealand". Auto Rental News. Retrieved 30 April 2019.
  6. ^ Chelsey Dulaney. "Avis Budget to Buy Italy's Maggiore Group for $170 Million". Wall Street Journal. Retrieved 30 April 2019.
  7. ^ "Avis Budget to buy Zipcar for $500 mln". Reuters. Retrieved 2 January 2013.
  8. ^ "Avis Beats on Better Travel Trends". Zacks Investment Research. May 4, 2011. Retrieved 2011-05-14.
  9. ^ "Cendant to become Avis. Budget". Pacific Business News. August 29, 2006. Retrieved 18 August 2012.
  10. ^ "Avis Budget Group Plans to Put Interoperable Toll Transponders on the Road". RFID Journal. December 23, 2008. Retrieved 2011-05-14.
  11. ^ "Archived copy". Archived from the original on 2015-05-18. Retrieved 2015-05-09.{{cite web}}: CS1 maint: archived copy as title (link)
  12. ^ Rebecca Greenfield (2013-03-15). "Uh Oh, ZipCar's CEO Stepped Down Right After Its Merger with Avis". theatlanticwire.com.
  13. ^ Emily Bader (9 April 2015). "Avis completes $160M acquisition of Italian vehicle rental business". NJBIZ.
  14. ^ Pound, Jesse (December 16, 2019). "These 91 companies paid no federal taxes in 2018". CNBC. Retrieved 2020-02-11.

In the Seth MacFarlane's TV series The Orville, Avis is referenced as a Car Rental Company as well as the God of an alien species called The Krill.

  • Official website
  • Business data for Avis Budget Group:


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