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In 2011, Avis Budget Group acquired Avis Europe, an independently owned company licensee, globally reuniting the Avis and Budget brands. [10] On September 5, 2012, Avis Budget Group acquired Apex Car Rentals of New Zealand. [11] On March 14, 2013, Avis Budget Group purchased carsharing company Zipcar for about US$500 million in cash. [12] [13]
The company was founded in 1946 with three cars at Willow Run Airport, [10] Ypsilanti, Michigan, by Warren Avis (August 4, 1915 – April 24, 2007). [8] It established branch operations across the United States over the next few years, becoming the second largest car rental company in the country by 1953.
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[43] [44] In 2002, Cendant bought Budget Rent a Car out of bankruptcy for $110 million plus $2.8 billion in assumed debt. [45] The combination of Budget with Avis made Cendant the second-largest car rental company in the U.S. [45] In 2004, Cendant began a series of moves to simplify its business and focus on its core areas of real estate and ...
From January 2008 to December 2012, if you bought shares in companies when Richard C. Notebaert joined the board, and sold them when he left, you would have a -28.0 percent return on your investment, compared to a -2.8 percent return from the S&P 500.
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