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Budget Rent a Car System, Inc. is an American car rental company that was founded in 1958 in Los Angeles, California by Morris Mirkin. [2] Budget is a subsidiary of the Avis Budget Group , with its operations headquartered in Parsippany , New Jersey.
In the 1950s, Lederer was president of the Autopoint Company in Chicago, Illinois and in 1960, he joined Morris Mirkin, who founded Budget Rent a Car company in 1958. The pair incorporated as Budget Rent a Car Corporation in 1960. Budget Rent a Car is now a unit of Avis Budget Group.
Belzberg was the chairman of Budget Rent a Car Corp from approximately 1968 to 1989. In 1965, he became Budget's first franchisee in Canada, before joining Budget's Canadian operation. In 1969, he moved to Chicago. [2] After leaving Budget in 1989, Belzberg acquired shares in the Minnesota North Stars. In 1991, he acquired 50 percent of the ...
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]
In 1958, he opened the first Budget Rent-a-Car office at Wilshire and Robertson boulevards in Los Angeles. [2] In 1960, he was joined by Jules Lederer and they incorporated the company as Budget Rent-a-Car Corporation. [3] In 1968, they sold Budget to Transamerica Corporation. [2]
[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 ...
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