Avis Budget Group, Inc. is an American

car rental A car rental, hire car or car hire agency is a company that rents automobiles for short periods of time to the public, generally ranging from a few hours to a few weeks. It is often organized with numerous local branches (which allow a user t ...

agency

holding company A holding company is a company whose primary business is holding a controlling interest in the Security (finance), securities of other companies. A holding company usually does not produce goods or services itself. Its purpose is to own Share ...

headquartered in Parsippany, New Jersey. It is the parent company of several brands including

Avis Car Rental Avis Car Rental, LLC is a Global car rental company headquartered in Parsippany–Troy Hills, New Jersey, Parsippany, New Jersey. Along with Budget Rent a Car, Budget Truck Rental and Zipcar, Avis is a unit of Avis Budget Group. Avis Budget ...

, Budget Rent a Car, Budget Truck Rental, Payless Car Rental, and

Zipcar Zipcar is an American car sharing, car-sharing company and a subsidiary of Avis Budget Group. Zipcar provides vehicle reservations to its members, billable by the minute, hour or day; members may have to pay a monthly or annual membership fee i ...

. The company also operates several smaller, regional brands including ACL Hire, Apex Car Rentals, AmicoBlu, France Cars, Maggiore Group, MoriniRent, TurisCar and TurisPrime. 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 Enterprise Holdings, Inc. (doing business as Enterprise Mobility) is an American private holding company headquartered in Clayton, Missouri, in Greater St. Louis. It is the parent company of car rental agencies Enterprise Rent-A-Car, Nationa ...

History

Following the decision to dissolve the

Cendant Cendant Corporation was an American provider of business and consumer services, primarily within the real estate and travel industries. In 2005 and 2006, it broke up and spun off or sold its constituent businesses. Although it was based in New Yo ...

company name and split into four separate companies, the vehicle rental division of Cendant became Avis Budget Group in 2006. In 2011, Avis Budget Group acquired

Avis Europe Avis Europe plc is a United Kingdom-based company which holds the licence to operate the two main vehicle rental brands of Avis Budget Group (Avis Car Rental and Budget Rent a Car) in Europe, the Middle East and Africa as well as Asia in the c ...

, an independently owned company licensee, globally reuniting the Avis and Budget brands. On September 5, 2012, Avis Budget Group acquired Apex Car Rentals of New Zealand. On March 14, 2013, Avis Budget Group purchased

carsharing Carsharing or car sharing (AU, NZ, CA, TH, & US) or car clubs (UK) is a model of car rental where people rent cars for short periods of time, often by the hour. It differs from traditional car rental in that the owners of the cars are often pri ...

company

for about million in cash. On April 9, 2015, Avis Budget Group announced it had completed the acquisition of Maggiore Group, Italy's fourth-largest vehicle rental company. The company's stock value rose dramatically due to increased demand for car rentals during the

COVID-19 pandemic The COVID-19 pandemic (also known as the coronavirus pandemic and COVID pandemic), caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), began with an disease outbreak, outbreak of COVID-19 in Wuhan, China, in December ...

and it became a meme stock in November 2021, with shares at one point doubling in a single day. 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.

References

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* {{S&P 400 companies 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