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,[3] Budget Rent a Car,[4] Budget Truck Rental, Payless Car Rental, and Zipcar.[5] The company also operates several smaller, regional brands including ACL Hire, Apex Car Rentals,[6] AmicoBlu, France Cars, Maggiore Group,[7] MoriniRent, TurisCar and TurisPrime.[5]
It is one of the three big rental car holding companies in the United States.[8] In 2021, it held a 26% market share, placing it behind both the Hertz Global Holdings and Enterprise Holdings.[9]
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.[10]
In 2011, Avis Budget Group acquired Avis Europe, an independently owned company licensee, globally reuniting the Avis and Budget brands.[11]
On September 5, 2012, Avis Budget Group acquired Apex Car Rentals of New Zealand.[12]
On March 14, 2013, Avis Budget Group purchased carsharing company Zipcar for about US$500 million in cash.[13][14]
On April 9, 2015, Avis Budget Group announced it had completed the acquisition of Maggiore Group, Italy's fourth-largest vehicle rental company.[15]
During 2018 Avis along with 90 additional Fortune 500 companies "paid an effective federal tax rate of 0% or less" as a result of Donald Trump´s Tax Cuts and Jobs Act of 2017.[8]
The company's stock value rose dramatically due to increased demand for car rentals during the COVID-19 pandemic[16] and it became a meme stock in November 2021, with shares at one point doubling in a single day.[17] 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.[18]
