#AVIS BUDGET GROUP CAR RENTAL DRIVERS#

Revenues fell by 41% to $5.4bn, and the group reported a net loss of $684m (from a profit of $302m the year before). However, reservations fell by almost half in 2020 to 22m rentals. Its fleet was cut from 600k cars in 2019 to around 533k. However, the company was hit hard in 2020 by the Covid pandemic, prompting wide-ranging cuts to costs and a reduction in its fleet.

Revenues rose for the 10th straight year in 2019 to a new high of almost $9.2bn, from some 41m rental transactions. Larry De Shon announced his retirement as CEO in 2019 and was eventually replaced in 2020 by Joe Ferraro. It even offers voice-operated rentals via Amazon's Alexa app.

#AVIS BUDGET GROUP CAR RENTAL DRIVERS#

The group also operates key partnerships with Alphabet Inc to service their Waymo self-driving fleet and with Lyft to offer drivers fast rentals. At the beginning of 2013, the enlarged group also agreed to acquire car-share service Zipcar followed in 2015 by Maggiore of Italy, FranceCars in 2016, UK-based ACL in 2017, and Morini of Italy and Turiscar of Portugal in 2018. The two entities agreed to merge once again in 2011 and the group has continued to selectively acquire other international licensees and local competitors. Regional ownership of the two main brands was split for more than 25 years between two separate companies: Avis Budget Group, mainly in the Americas and Australasia and Avis Europe primarily in EMEA. The group also owns 'deep value' US operator Payless. In a normal year, both generate more than two-thirds of their business at airports. The two businesses operate as separate brands, but share the same back-office structure. Budget offers a more value-oriented service geared towards cost-conscious renters, and operates a global network of around 3,800 locations. Avis is positioned in the premium segment, targeting an audience of corporate and 'upscale leisure travellers', and has the larger system, comprising around 5,300 locations worldwide.

The group is the third largest rental company by total revenues behind Enterprise and Hertz. Avis and sister brand Budget are respectively the #2 and #3 vehicle rental services worldwide behind Hertz.

Avis budget group car rental