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The company made its first public stock offering in 1987. [4] Team Rental Group purchased the public company in 1997 and took the name Budget Group. In 2002, Budget filed for bankruptcy and was later sold to the Cendant Corporation, which also owned Avis. [5] In September 2006, Cendant Corporation separated into four independent companies.
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 .
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By the end of 1989, the company was acquired by the Chrysler Corporation for US$263,000,000 (equivalent to $646,450,470 in 2023) and merged into the company's Pentastar Transportation Group. [2] A few months later, Chrysler would also purchase Dollar Rent A Car. In September 1994, Chrysler would sell Snappy Car Rental to a group of investors. [7]
A car rental, hire car or car hire agency is a company that rents automobiles for short periods of time to the public, generally ranging from a few hours to a few weeks. It is often organized with numerous local branches (which allow a user to return a vehicle to a different location), and primarily located near airports or busy city areas and ...
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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