Avis Budget Group Key Stats
2024 Annual Revenue
Market Cap (Nov 2025)
Rental Locations
Employees Worldwide
Countries of Operation
Avis Budget Group, Inc. operates as one of the three major car rental holding companies in the United States. The company manages several well-known brands including Avis Car Rental, Budget Rent a Car, Budget Truck Rental, Payless Car Rental, and Zipcar.
Headquartered in Parsippany, New Jersey, Avis Budget Group serves both leisure and business travelers through a network spanning more than 180 countries. The company maintains a fleet of approximately 695,000 vehicles and processes over 38 million rental transactions annually.
Avis Budget Group trades on the NASDAQ stock exchange under the ticker symbol CAR. The holding company structure allows it to operate premium, value-oriented, and car-sharing services through distinct subsidiary brands. This approach enables the company to capture different segments of the mobility market under one corporate umbrella.
Avis Budget Group History
The history of Avis Budget Group spans nearly eight decades, starting from the founding of Avis Rent A Car in 1946. The company evolved through multiple ownership changes before emerging as an independent entity in 2006. Below is a timeline showing the major milestones that shaped this global car rental leader.
Warren Avis founded Avis Airlines Rent-A-Car System at Willow Run Airport in Detroit with an $85,000 investment. This marked the first car rental operation located at an airport.
Morris Mirkin founded Budget Rent A Car in Los Angeles with a $10,000 investment and a fleet of 10 vehicles, targeting value-conscious renters.
Avis launched its iconic “We Try Harder” advertising campaign, transforming its second-place market position into a competitive advantage against Hertz.
Avis introduced Wizard, the first computer-based information and reservations system in the U.S. car rental industry.
Cendant Corporation acquired Budget Group’s domestic assets for $107.5 million following Budget’s bankruptcy filing.
Cendant Corporation split into four separate companies. The vehicle rental division became Avis Budget Group, Inc., trading on NASDAQ under ticker CAR.
Avis Budget Group acquired Avis Europe plc for approximately $1 billion, reuniting global operations under single ownership.
The company acquired Zipcar for $500 million, entering the car-sharing market and expanding into urban mobility solutions.
Avis Budget Group stock reached an all-time high of $339.35 per share in November, becoming a meme stock with shares doubling in a single day.
Brian Choi became CEO in July 2025. The company announced a strategic partnership with Waymo for autonomous vehicle integration.
Avis Budget Group Co-founders
The modern Avis Budget Group traces its origins to two separate entrepreneurs who recognized opportunities in the car rental market during different decades.
Warren E. Avis
Former U.S. Army Air Forces pilot who founded Avis Airlines Rent-A-Car System in 1946 at Willow Run Airport in Detroit. He invested $85,000 to create the first airport-based car rental operation, establishing the model that would define the industry.
Morris Mirkin
Founded Budget Rent A Car in 1958 in Los Angeles with a $10,000 investment. He positioned the company as an affordable alternative to existing rental services, using the “Budget” name to attract value-conscious customers seeking lower rates.
Jules Lederer
Partnered with Morris Mirkin in 1959 to help expand Budget’s fleet. In 1960, they formally established Budget Rent A Car Corporation in Chicago, which fueled rapid national and international growth through the 1960s and beyond.
Avis Budget Group Competitors
Avis Budget Group operates in a competitive car rental market dominated by three major holding companies. Enterprise Holdings leads the U.S. market, followed by Hertz Global Holdings and Avis Budget Group. Together, these three companies control approximately 94% of the domestic market share.
New entrants including peer-to-peer platforms like Turo and Getaround have gained traction by offering alternative rental models. Traditional competitors are responding with subscription services and short-term rental options through mobile apps.
| Company | Brands Owned | Headquarters | Market Position |
|---|---|---|---|
| Enterprise Holdings | Enterprise, National, Alamo | St. Louis, Missouri | Largest U.S. car rental company |
| Hertz Global Holdings | Hertz, Dollar, Thrifty | Estero, Florida | Second-largest U.S. rental company |
| Sixt SE | Sixt | Pullach, Germany | European leader expanding in U.S. |
| Europcar Mobility Group | Europcar, Goldcar, InterRent | Paris, France | Major European operator |
| Turo | Turo | San Francisco, California | Leading peer-to-peer platform |
| Getaround | Getaround | San Francisco, California | Car-sharing marketplace |
| Fox Rent A Car | Fox | Los Angeles, California | Budget-focused regional operator |
| ACE Rent A Car | ACE | Indianapolis, Indiana | Franchise-based operator |
| U-Save Car Rental | U-Save | Salisbury, Maryland | Economy rental franchise network |
| Midway Car Rental | Midway | Los Angeles, California | Regional value-focused operator |
Avis Budget Group Revenue
Avis Budget Group generated $11.8 billion in revenue during fiscal year 2024. This represents a slight decline from 2023 levels as the company navigated elevated fleet costs and moderating travel demand following the post-pandemic surge.
The company’s revenue experienced significant volatility over the past decade. Revenue dropped to $5.4 billion in 2020 during the COVID-19 pandemic before rebounding to record levels by 2022. The recovery reflected pent-up travel demand and favorable used vehicle pricing that benefited fleet management operations.
Avis Budget Group Marketcap
Avis Budget Group maintains a market capitalization of approximately $4.7 billion as of November 2025. The company trades on NASDAQ under the ticker symbol CAR, making it the world’s 3,137th most valuable publicly traded company by market cap.
The stock experienced dramatic swings in recent years. Market cap peaked at approximately $18 billion in late 2021 when increased travel demand and elevated used car prices drove shares to record highs. The company briefly became a meme stock, with shares doubling in a single trading day.
Avis Budget Group Acquisitions
Avis Budget Group has pursued strategic acquisitions to expand its geographic footprint and diversify into new mobility segments. The company’s acquisition strategy has focused on strengthening its position in international markets and capturing emerging trends in car sharing.
The 2011 acquisition of Avis Europe plc reunited the company’s global operations after decades of separate ownership. This $1 billion transaction brought European, Middle Eastern, African, and Asian operations back under corporate control, eliminating licensing arrangements and enabling unified fleet management.
The 2013 Zipcar acquisition represented a major strategic shift into car sharing. Avis Budget Group paid approximately $500 million for the Cambridge-based company, gaining access to over 760,000 members and positioning the group to serve urban consumers seeking hourly rentals. The deal reflected recognition that short-term car sharing complements traditional daily and weekly rentals.
Additional acquisitions have targeted specific geographic markets. The 2012 purchase of Apex Car Rentals strengthened the company’s presence in New Zealand and Australia. The 2015 Maggiore Group acquisition, valued at $170 million, made Avis Budget Group a stronger competitor in Italy. Regional brands including Turiscar in Portugal and AmicoBlu in Italy have further expanded the European portfolio.
The company also acquired Payless Car Rental in 2013 for $50 million. This addition provided a budget-focused brand to complement the premium Avis offering and value-oriented Budget service. Payless operates approximately 120 locations across the United States, Canada, Europe, and South America, targeting the entry-level rental segment.
These acquisitions reflect a strategy of building a comprehensive mobility platform. By operating brands across price points and rental durations, similar to how General Motors maintains multiple automotive brands, Avis Budget Group can capture different customer segments without cannibalizing its core offerings.
FAQs
Who founded Avis Budget Group?
Warren Avis founded Avis Rent A Car in 1946. Morris Mirkin founded Budget Rent A Car in 1958. The two companies merged under Cendant Corporation and became Avis Budget Group, Inc. in 2006.
What brands does Avis Budget Group own?
Avis Budget Group owns Avis Car Rental, Budget Rent a Car, Budget Truck Rental, Payless Car Rental, and Zipcar. Regional brands include Apex, Maggiore, France Cars, and Turiscar.
Where is Avis Budget Group headquartered?
Avis Budget Group is headquartered in Parsippany, New Jersey. The company moved to this location in 2001 when Cendant Corporation acquired the remaining shares of Avis Group Holdings.
How many locations does Avis Budget Group operate?
Avis Budget Group operates approximately 10,250 rental locations across more than 180 countries and territories worldwide. These include both company-owned and franchised locations.
What is Avis Budget Group stock symbol?
Avis Budget Group trades on the NASDAQ stock exchange under the ticker symbol CAR. The company began trading under this symbol in August 2006 following the Cendant Corporation spin-off.