Managerial Accounting

Assume you work for a car manufacturing firm, and you are trying to estimate and budget for the upcoming year. What types of factors would need to be considered? What departments would be involved in this budgeting process? Explain.

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COMPANY PROFILE
Avis Budget Group Inc
REFERENCE CODE: 968F57E1-DBAE-4387-B382-245A138FC146
PUBLICATION DATE: 07 Sep 2022
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Avis Budget Group Inc
TABLE OF CONTENTS
TABLE OF CONTENTS
Company Overview …………………………………………………………………………………………..3
Key Facts …………………………………………………………………………………………………………. 3
Business Description ………………………………………………………………………………………..4
History …………………………………………………………………………………………………………….. 5
Key Employees ……………………………………………………………………………………………….24
Key Employee Biographies ……………………………………………………………………………..25
Major Products & Services ………………………………………………………………………………28
Top Competitors ……………………………………………………………………………………………..29
Company View ………………………………………………………………………………………………..30
Locations And Subsidiaries …………………………………………………………………………….33
Avis Budget Group Inc
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Avis Budget Group Inc
Company Overview
Company Overview
COMPANY OVERVIEW
Avis Budget Group Inc (Avis Budget) is a provider of car and truck rental and car sharing services. It
provides car rental services to the premium commercial and leisure segments of the travel industry. Avis
Budget also operates as a rental car supplier to price-conscious travelers. The company operates through
various brands including Avis, Budget, Zipcar, Apex, Maggiore, Morini Rent, Turiscar, ACL Hire, France
Cars and Payless. It operates car and truck rental locations across North America, Europe, Australia and
New Zealand. Avis Budget offers truck rentals and ancillary products and services to consumers and
commercial users in the US. The company also licenses its Avis and Budget brands to licensees in the
areas where it does not operate directly. Avis Budget is headquartered in Parsippany, New Jersey, the
US.
The company reported revenues of (US Dollars) US$9,313 million for the fiscal year ended December
2021 (FY2021), an increase of 72.4% over FY2020. The operating profit of the company was US$1,878
million in FY2021, compared to an operating loss of US$564 million in FY2020. The net profit of the
company was US$1,285 million in FY2021, compared to a net loss of US$684 million in FY2020.
The company reported revenues of US$3,547 million for the third quarter ended September 2022, an
increase of 9.3% over the previous quarter.
Key Facts
KEY FACTS
Head Office
Avis Budget Group Inc
6 Sylvan Way
Parsippany
New Jersey
Parsippany
New Jersey
USA
Phone
1 973 4964700
Fax
1 302 6365454
Web Address
avisbudgetgroup.com
Revenue / turnover (USD Mn)
9,313.0
Financial Year End
December
Employees
21,000
NASDAQ Ticker
CAR
Avis Budget Group Inc
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Avis Budget Group Inc
Business Description
Business Description
BUSINESS DESCRIPTION
Avis Budget Group Inc (Avis Budget) offers vehicle rental and car-sharing services. It operates in the
global vehicle rental industry through several brands such as Avis, Budget, Zipcar, Apex, Maggiore,
France Cars, Morini Rent, Turiscar and Payless. The company licenses its Avis and Budget brands to
licensees in areas, where it does not operate directly. The company along with its licensees operates Avis
and Budget brands in 180 countries.
The company operates through three reportable geographic segments: Americas; Europe, Middle East
and Africa; and Asia and Australasia.
In FY2021, Avis Budget’s rental fleet included 590,000 vehicles that completed more than 28 million
vehicle rental transactions across the world. Its brands operated at over 10,400 car and truck rental
locations, which included 4,000 are licensee car rental locations.
Avis Budget Group Inc
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Avis Budget Group Inc
History
History
HISTORY
Others
Year: 2022
In June, the company’s Avid Prestige to hire out sports cars, supercars and premium luxury cars, with
models including the Lamborghini Huracan, Rolls-Royce Ghost, McLaren 57OS, Ferrari 488, Bentley
Continental GT plus many more.
Contracts/Agreements
Year: 2020
In January, the company and Fiat Chrysler Automobiles entered into an agreement to connect more than
22,000 Fiat vehicles in Avis Budget Group’s European fleet.
New Products/Services
Year: 2019
In December, the company along with Verizon and Edison Interactive had launched a new all-in-one
digital travel assistant.
Contracts/Agreements
Year: 2019
In September, the company and Ford Commercial Solutions entered into an agreement to connect
approximately 14,000 vehicles to its European fleet.
Contracts/Agreements
Year: 2019
In July, the company entered into a partnership with Otonomo to optimize its connected car data to
realize new societal benefits.
New Products/Services
Year: 2019
In July, the company announced to launch its new, pay per kilometre, mobility brand, Smile Rent in Italy.
Avis Budget Group Inc
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Avis Budget Group Inc
History
New Products/Services
Year: 2019
In April, the company extended its Avis and Budget car rental services at Paine Field Airport in Greater
Seattle.
Contracts/Agreements
Year: 2019
In March, the company partnered with Arrive, a provider of parking solutions.
Contracts/Agreements
Year: 2019
In March, Avis Budget signed a global partnership agreement to be an exclusive car rental provider for
Etihad Airways, Etihad Holidays and the loyalty programme Etihad Guest.
Acquisitions/Mergers/Takeovers
Year: 2018
In December, the company sold the business of Show Group Enterprises to Helloworld Travel.
Contracts/Agreements
Year: 2018
In December, the company signed a new purchase agreement with I.D.Systems to deploy 5,000 Unit
Order for Wireless Vehicle Technology.
Contracts/Agreements
Year: 2018
In November, the company selected Amazon Web Services’s connected vehicle solution for data
analytics platform.
Acquisitions/Mergers/Takeovers
Year: 2018
Avis Budget Group Inc
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Avis Budget Group Inc
History
In October, the company acquired Turiscar Group, a car rental company in Portugal.
Contracts/Agreements
Year: 2018
In September, the company entered into a partnership with Brightline to Support Multi-Modal
Transportation in Florida, the US.
Corporate Awards
Year: 2018
In September, the company was declared Best Car Rental Company at the 29th Annual TTG Travel
Awards 2018.
Contracts/Agreements
Year: 2018
In September, the company and J.D. Power joined the internet of things consortium to drive IoT
interactions and partnerships.
Contracts/Agreements
Year: 2018
In September, Waymo collaborated with Avis, Walmart, and AutoNation to advance the access to selfdriving cars.
Contracts/Agreements
Year: 2018
In August, the company entered into a partnership with Lyft, to provide drivers with on-demand access to
Avis vehicles.
New Products/Services
Year: 2018
In July, the company introduced plans to reward Amazon customers with special perks when they rent a
car through Avis.
Contracts/Agreements
Avis Budget Group Inc
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Avis Budget Group Inc
History
Year: 2018
In May, Zipcar, a subsidiary of the company, and the City of New York introduced two plans to minimize
personal car ownership and enhance access to car sharing.
Contracts/Agreements
Year: 2018
In May, Avis, partnered with Universal Parks & Resorts to open five facilities located at Universal/Loews
Hotels & Resorts properties in Orlando, the US.
Plans/Strategy
Year: 2018
In April, the company to sell connected vehicles in Europe through its supplier Groupe PSA.
Corporate Changes/Expansions
Year: 2018
In April, the company opened flagship location at Chitose International Airport on Hokkaido Island.
Acquisitions/Mergers/Takeovers
Year: 2018
In March, the company acquired Olympic Commercial & Tourist Enterprises S.A, a car rental company for
EUR€80.6 million.
New Products/Services
Year: 2018
In March, the company’s Budget Car Rental launched operations in Taiwan that includes locations such
as Taoyuan International Airport, Taichung International Airport, Kaohsiung International Airport and
Taipei’s Main Station.
Contracts/Agreements
Year: 2018
In March, the company signed a multi-year deal with Toyota Corporation to add 10,000 Toyota vehicles in
Avis Budget Group Inc
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Avis Budget Group Inc
History
its fleet network.
New Products/Services
Year: 2017
In July, the company’s subsidiary Avis Car Rental in collaboration with Amazon Alexa launched a Voice
Powered Car Reservation Platform on Amazon Echo devices.
New Products/Services
Year: 2017
In June, the company’s subsidiary Zipcar launched Car Sharing Service in Taipei, Taiwan.
Contracts/Agreements
Year: 2017
In June, Avis Budget entered into partnership with RocketSpace to identify market opportunities and
accelerate innovation in mobility.
Contracts/Agreements
Year: 2017
In June, the company entered into a partnership with Waymo, an Alphabet Inc. company, to offer fleet
support and maintenance services for its Self Driving Car Program.
Corporate Changes/Expansions
Year: 2017
In May, the company’s Zipcar expands it campus car sharing programs to 100 more colleges and
universities.
Corporate Awards
Year: 2017
In March, the company was recognized as One of America’s Top Corporations for Women’s Business
Enterprises by the Women’s Business Enterprise National Council (WBENC).
Corporate Changes/Expansions
Avis Budget Group Inc
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Avis Budget Group Inc
History
Year: 2017
In March, the company expands its consumer car sales program to an additional 11 states in the US.
Contracts/Agreements
Year: 2017
In February, the company and Uber Tech partnered to provide Uber’s driver partners with cars from
Zipcar, a car sharing network.
New Products/Services
Year: 2017
In February, the company expanded its innovative mobile app offerings to Australia.
New Products/Services
Year: 2017
In February, the company announced the availability of Visa Checkout as a payment option for Avis Car
Rental and Budget Car Rental customers.
Acquisitions/Mergers/Takeovers
Year: 2016
In December, the company acquired France Cars.
Contracts/Agreements
Year: 2016
In November, the company and Didi Chuxing collabrated to provide Didi Chuxing’s users with access
company’s services.
Contracts/Agreements
Year: 2016
The company entered into a partnership agreement with La Quinta Inns & Suites, to earn points when
renting from Avis and Budget.
Contracts/Agreements
Avis Budget Group Inc
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Avis Budget Group Inc
History
Year: 2016
The company entered into a new partnership with TrueCar to offer consumers another way to purchase
off-rental vehicles.
Corporate Changes/Expansions
Year: 2016
The company added Land Rover vehicles to its rental fleet in the US.
Corporate Changes/Expansions
Year: 2016
The company expanded its consumer car sales program to Missouri and Oklahoma.
Contracts/Agreements
Year: 2016
The company signed a partnership agreement with JetBlue to provide car rental services to JetBlue
customers.
Corporate Awards
Year: 2016
The company was recognized by the Women’s Business Enterprise National Council as one of the Top
Corporations for Women’s Business Enterprises in America.
Contracts/Agreements
Year: 2016
The company signed a partnership agreement with Copa Airlines, where the company was selected as a
car rental partner for the Copa Airlines’ ConnectMiles loyalty program.
Contracts/Agreements
Year: 2016
The company signed a multi-year partnership agreement with American Airlines, to make Avis Car
Rental, Budget Car Rental and Payless Car Rental as the preferred car rental partners of the American
Avis Budget Group Inc
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Avis Budget Group Inc
History
Airlines’ American’s AAdvantage program.
Contracts/Agreements
Year: 2015
The company entered into a multi-year partnership agreement with Wyndham Hotel Group to make Avis
Car Rental and Budget Car Rental partners of Wyndham Rewards loyalty program.
Contracts/Agreements
Year: 2015
The company entered into an agreement with Barloworld Ltd to operate budget car rental in Southern
Africa.
New Products/Services
Year: 2015
The company launched new fleet for the Great Canadian Family Vacation.
Contracts/Agreements
Year: 2015
The company signed a multi-year partnership marketing agreement with Southwest Airlines for promotion
of Avis Car Rental, Budget Car Rental and Payless Car Rental offers.
Contracts/Agreements
Year: 2015
The company’s subsidiary, Zipcar partnered with the City of Wilmington to bring its ‘wheels when you
want them’, membership service to Wilmington, Delaware, the US.
Contracts/Agreements
Year: 2015
The company’s subsidiary, Zipcar partnered with the Los Angeles County Metropolitan Transportation
Authority to offer vehicles for hourly or daily reservations at ten Metro park-and-ride locations.
Contracts/Agreements
Avis Budget Group Inc
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Avis Budget Group Inc
History
Year: 2015
The company’s subsidiary, Zipcar partnered with American University to provide a special car sharing
program on campus.
Contracts/Agreements
Year: 2015
The company’s Avis Car Rental entered into an agreement with Pebble Beach Resorts to become their
“Official Car Rental Partner”.
Corporate Changes/Expansions
Year: 2015
The company’s subsidiary, Zipcar launched its services in ottawa, Canada.
Corporate Awards
Year: 2015
The company’s Avis Car Rental and Budget Car Rental brands were named among America’s top 50
“green” brands.
Contracts/Agreements
Year: 2015
The company’s subsidiary, Zipcar partnered with SNCF, to integrate into its door-to-door mobility service.
Corporate Changes/Expansions
Year: 2015
The company’s subsidiary, Zipcar launched its service in Istanbul, Turkey.
Corporate Awards
Year: 2015
The company’s Avis Car Rental division recognized as “Leading Rental Car Company” by readers of
Travel Digest, at New Zealand Travel Industry Awards ceremony.
Plans/Strategy
Avis Budget Group Inc
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Avis Budget Group Inc
History
Year: 2015
The company planned to acquire Maggiore Group, Italy’s fourth-largest vehicle rental business.
Corporate Awards
Year: 2015
The company announced a multi year partnership with Rugby Canada.
Corporate Awards
Year: 2015
The company was named the world’s leading car rental company, world’s leading luxury car rental
company and world’s leading car rental company website at the 2014 World Travel Awards Grand Final
event held in Anguilla.
Plans/Strategy
Year: 2015
The company announced its plans to acquire Maggiore Group, Italy’s fourth-largest vehicle rental
business.
Regulatory Approval
Year: 2015
The company acquired its licensee for the Avis and Budget brands in Norway, Sweden and Denmark.
Corporate Changes/Expansions
Year: 2014
In September, the company’s subsidiary Zipcar expanded its car sharing services in Las Vegas.
Asset Purchase
Year: 2014
In May, the company and Hertz Global Holdings jointly acquired 22 Advantage Rent A Car locations from
Franchise Services of North America.
Avis Budget Group Inc
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Avis Budget Group Inc
History
Contracts/Agreements
Year: 2014
The company’s subsidiary Zipcar entered into a partnership with the Vermont Department of Tourism and
Marketing to enable its members to take Zip Trips to the state.
Acquisitions/Mergers/Takeovers
Year: 2014
Avis Budget acquired Budget Car Rental licensee for Southern California and Las Vegas.
New Products/Services
Year: 2014
Zipcar, a car sharing network, expanded its footprint in Spain by launching its service in Madrid, under the
Avancar brand.
Contracts/Agreements
Year: 2014
The company entered into a new multi-year partnership with 3RD HOME, a reciprocal travel club for
owners of luxury second homes.
Corporate Awards
Year: 2014
The company’s Australian subsidiary, Avis Australia was given a CarTrawler Service award by
CarTrawler, one of the leading on-line travel operators in the region.
Corporate Changes/Expansions
Year: 2014
Avis Budget Group, Inc’s subsidiary, Apex Car Rentals launched operations in the Cayman Islands and
Costa Rica.
Corporate Changes/Expansions
Year: 2014
Avis Budget Group Inc
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Avis Budget Group Inc
History
The company’s subsidiary, Budget Car Rental expanded its rental facilities in Germany.
Plans/Strategy
Year: 2014
The company planned to acquire its Budget Car Rental licensee for southern California and Las Vegas
for US$210 million.
Corporate Awards
Year: 2014
The company’s division Avis Car Rental was voted as ‘the top car rental company’ in Canada by travel
professionals.
Corporate Awards
Year: 2014
The company received the prestigious Company Award from The Association of Women Travel
Executives (AWTE) for its commitment to gender equality by encouraging female staff members to reach
their potential.
Contracts/Agreements
Year: 2014
The company signed a multi-year partnership agreement with Seaborne Airlines of offer convenient
access to vehicles from Avis Car Rental, Budget Car Rental and Payless Car Rental to Seaborne Airlines
customers.
Corporate Changes/Expansions
Year: 2014
The company has expanded its operations in Argentina with the opening of three new rental facilities.
Contracts/Agreements
Year: 2014
The company signed a multi-year agreement with Norwegian Cruise Line to offer car rentals and cruise
bookings service.
Avis Budget Group Inc
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Avis Budget Group Inc
History
New Products/Services
Year: 2014
The company opened two new Budget Car Rental locations in Colombia.
New Products/Services
Year: 2014
The company launched Avis Direct, a used car sales program for licensed automobile dealers.
Acquisitions/Mergers/Takeovers
Year: 2014
The company acquired Edmonton Budget Licensee, a car and truck rental company based in Alberta,
Canada.
New Products/Services
Year: 2014
The company started operating Budget Car Rental brand in Portugal.
New Products/Services
Year: 2014
The company launched new mobile application.
Contracts/Agreements
Year: 2014
The company partnered with Metrolinx to add six Zipcars to be located on three GO Transit lines.
New Products/Services
Year: 2014
The company launched ONE WAY service, a point to point service within cities.
Contracts/Agreements
Avis Budget Group Inc
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Avis Budget Group Inc
History
Year: 2014
The company signed an agreement with British Airways to provide Avis Car Rental vehicles and other
travel benefits.
Corporate Awards
Year: 2014
The company was honored as one of the America’s Top Corporations for Women’s Business Enterprises
by the Women’s Business Enterprise National Council for the 14th consecutive year.
Contracts/Agreements
Year: 2014
The company entered in to agreement with Silver Airways, to provide preferred car rental services for
Silver Airways travelers.
Contracts/Agreements
Year: 2013
The company signed an agreement with Spirit Airlines to allow Spirit Airlines’s FREE SPIRIT members to
save money when they rent a car from Avis Car Rental and Budget Car Rental.
Acquisitions/Mergers/Takeovers
Year: 2013
The company acquired Payless Car Rental, a car rental company in North America for US$50 million.
Acquisitions/Mergers/Takeovers
Year: 2013
The company acquired 50% stake in its existing Brazilian licensee for US$50.00 million.
New Products/Services
Year: 2013
The company expanded its Ultimate Test Drive car sales program in Georgia and Illinois.
Contracts/Agreements
Avis Budget Group Inc
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Avis Budget Group Inc
History
Year: 2013
The company signed a partnership with FlightBridge, Inc., to offer car rental bookings, catering orders,
hotel accommodations and airport service center arrangements.
Contracts/Agreements
Year: 2013
The company entered into an agreement with Taiwan High Speed Rail, to provide access to rental
vehicles at six of THSR’s eight stations in Western part of the country.
Corporate Awards
Year: 2013
The company was recognized as one of the America’s Top Corporations for Women’s Business
Enterprises by the Women’s Business Enterprise National Council.
Acquisitions/Mergers/Takeovers
Year: 2013
The company acquired Zipcar, Inc., the world’s car sharing network for a purchase consideration of
US$500 million.
Corporate Changes/Expansions
Year: 2012
The company opened its first rental location at Changi International Airport in Singapore.
Corporate Changes/Expansions
Year: 2012
The company expanded in Taiwan by opening three rental locations.
Acquisitions/Mergers/Takeovers
Year: 2012
Avis Budget acquired Apex Car Rentals, an independently owned car rental company based in New
Zealand, to strengthen its presence in the Asia-Pacific region.
Avis Budget Group Inc
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Avis Budget Group Inc
History
Contracts/Agreements
Year: 2011
The company signed an agreement with I.D Systems for the deployment of a new generation of wireless
vehicle rental technology.
Contracts/Agreements
Year: 2011
The company expanded its partnership agreement with Openlane for selling vehicles online principally to
dealers in Canada.
Corporate Awards
Year: 2010
Avis Budget was recognized by AARP as one of the “best workplaces” for people over 50, for its
commitment to recruiting, hiring and retaining older workers.
Corporate Changes/Expansions
Year: 2008
Budget Rent A Car opened a new rental facility at London Gatwick Airport, the UK.
Plans/Strategy
Year: 2008
Budget Rent A Car announced plans to enter into Vietnam to open operations in the country.
Acquisitions/Mergers/Takeovers
Year: 2007
The company acquired minority interest in Carey Holdings, Inc.
Corporate Changes/Expansions
Year: 2006
Cendant Corporation changed its name to Avis Budget Group, Inc.
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Avis Budget Group Inc
History
Acquisitions/Mergers/Takeovers
Year: 2005
The company acquired Donvand.
Acquisitions/Mergers/Takeovers
Year: 2005
Cendant Corporation acquired a UK-based company, ebookers.
Acquisitions/Mergers/Takeovers
Year: 2005
Cendant Corporation acquired the management and franchise business of the Wyndham hotel.
Acquisitions/Mergers/Takeovers
Year: 2004
The company acquired the online travel agent Orbitz.
Acquisitions/Mergers/Takeovers
Year: 2004
The company acquired a Hotel Club in Australia.
Acquisitions/Mergers/Takeovers
Year: 2004
The company acquired a 40% stake in China CYTS Tours Holding.
Acquisitions/Mergers/Takeovers
Year: 2003
The company acquired Trip Network.
Acquisitions/Mergers/Takeovers
Avis Budget Group Inc
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Avis Budget Group Inc
History
Year: 2002
The company acquired Trendwest Resorts, NRT, Novasol, Trust International, Budget Group and FFD
Development Company.
Acquisitions/Mergers/Takeovers
Year: 2001
The company acquired Holiday Cottages Group Limited (HCG), RCI Southern Africa, Avis Group
Holdings, Fairfield Communities, Galileo International, Equivest Finance and Cheap Tickets.
Corporate Changes/Expansions
Year: 2000
The company established Cendant Real Estate Franchise group.
Divestiture
Year: 1999
The company sold PHH Vehicle Management Services and its entertainment publications unit.
New Products/Services
Year: 1999
The company launched Move.com and Cendant Internet Group.
Acquisitions/Mergers/Takeovers
Year: 1999
The company acquired the brand name and franchising rights of AmeriHost Inns from Amerihost
Properties and Fairfield Communities.
Acquisitions/Mergers/Takeovers
Year: 1997
The company acquired relocation service firm PHH.
Incorporation/Establishment
Avis Budget Group Inc
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Avis Budget Group Inc
History
Year: 1997
Avis Budget Group, Inc. was established as “Cendant” with merger between Comp-U-Card and
Hospitality Franchise Systems.
Contracts/Agreements
Year: 2021
In December, the company entered into a stock purchase agreement with Spuigroep B.V. to sell our
operations in the Netherlands. Upon completion of the sale, Spuigroep B.V. will pay approximately $24
million.
Business / Operations Closure
Year: 2021
In May, the company completed the sale of its operation in Argentina to Urbiz S.A. for $4 million.
Avis Budget Group Inc
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Avis Budget Group Inc
Key Employees
Key Employees
KEY EMPLOYEES
Name
Job Title
Board
Lynn Krominga
Director
Non Executive Board
Edward P. Linnen
Chief Human Resources Officer,
Executive Vice President
Senior Management
Gerard Insall
Chief Information Officer, Executive Senior Management
Vice President
Joseph A. Ferraro
Chief Executive Officer, President
Senior Management
Cathleen DeGenova
Chief Accounting Officer, Vice
President
Senior Management
Vikram Singh
Executive Vice President-New
Mobility
Senior Management
David Calabria
Senior Vice President-Corporate
Finance, Treasurer
Senior Management
Ravi Simhambhatla
CHIEF DIGITAL & INNOVATION
OFFICER
Senior Management
Glenn Lurie
Director
Non Executive Board
Jagdeep Pahwa
Vice Chairman
Executive Board
Karthik Sarma
Director
Non Executive Board
Brian J. Choi
Chief Financial Officer, Executive
Vice President
Senior Management
Anu Hariharan
Director
Non Executive Board
Bernardo Hees
Chairman
Executive Board
Keith Rankin
President-International
Senior Management
Izilda P. Martins
Executive Vice President-Americas
Senior Management
Jean M. Sera
Chief Compliance Officer, General
Counsel, Secretary, Senior Vice
President
Senior Management
Avis Budget Group Inc
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Avis Budget Group Inc
Key Employee Biographies
Key Employee Biographies
KEY EMPLOYEE BIOGRAPHIES
Edward P. Linnen
Board:Senior Management
Job Title:Chief Human Resources Officer, Executive Vice President
Since:2015
Age:52
Mr. Edward P. Linnen has been the Chief Human Resource Officer and an Executive Vice President of
the company since 2015. Previously, he served as the Senior Vice President of the company from 2013
to 2015. He also served as the Senior Vice President of Human Resource for North America from 2011 to
2013. Earlier, Mr. Linnen also served in various positions within Human Resources at Kraft Foods Inc.
and Nabisco, Inc.
Gerard Insall
Board:Senior Management
Job Title:Chief Information Officer, Executive Vice President
Since:2015
Mr. Gerard Insall has been the Chief Information Officer and an Executive Vice President of the company
since 2015. Prior to this, he was the Senior Vice President, Chief Information Officer and the Vice
President of IT operations of Cendant Corporation. Mr. Insall held several managerial positions at Avis
Rent A Car, WizCom International LTD, and Resorts Condominium International.
Joseph A. Ferraro
Board:Senior Management
Job Title:Chief Executive Officer, President
Since:2020
Age:65
Mr. Joseph A. Ferraro has been the Chief Executive Officer and president of the company since 2020.
Previously, Previously, Mr. Ferraro held various executive roles with the Company, including Interim
President and Chief Executive Officer from January 2020 through June 2020, President, Americas from
January 2015 through December 2019 and Senior Vice President, North America Operations from
October 2011 to December 2014. Mr. Ferraro joined the Company in 1979, and served in various
positions of increasing responsibility in the Company’s North American operations.
Cathleen DeGenova
Board:Senior Management
Avis Budget Group Inc
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Avis Budget Group Inc
Key Employee Biographies
Job Title:Chief Accounting Officer, Vice President
Since:2019
Age:60
Ms. Cathleen DeGenova has been the Chief Accounting Officer and the Vice President August 2019.
Prior to this, she served as the Vice President of the Company since April 2018. Previously, she joined
the company as the Director of External Reporting & Technical Accounting in June 2013. Prior to this, she
also worked at companies like Zipcar, Inc., Charles River Labs and Millipore and was an accountant at
Ernst & Young.
Jagdeep Pahwa
Board:Executive Board
Job Title:Vice Chairman
Since:2020
Age:48
Mr. Jagdeep Pahwa has been the Vice Chairman of the company since February 2020. He also serves
as the Director of the company since 2018. Prior to this, he worked as the President of SRS Investment
Management, LLC since 2017. Previously, Mr. Pahwa worked at McKinsey & Company in the U.S. and
India. Prior to this, he served in the Mergers & Acquisitions group of Lehman Brothers in New York.
Brian J. Choi
Board:Senior Management
Job Title:Chief Financial Officer, Executive Vice President
Since:2020
Age:39
Mr. Brian J. Choi has been the Chief Financial Officer and an Executive Vice President of the company
since 2020. Prior to this, he served as a Director of the company from 2016 to 2020. Prior to joining the
Company, Mr. Choi was a partner at SRS and served in various roles at SRS since October 2008.
Previously, Mr. Choi worked at Metalmark Capital from 2007 to 2008 and he also served as an analyst in
the Leveraged Finance Group at Lehman Brothers from 2005 to 2007.
Bernardo Hees
Board:Executive Board
Job Title:Chairman
Since:2020
Age:52
Mr. Bernardo Hees has been the Chairman of the company since 2020. He served as the Chief Executive
Officer of The Kraft Heinz Company from 2015 to June 2019. Mr. Bernardo Hees also served as Chief
Executive Officer of H.J. Heinz Holding Corporation since 2013. Prior to H.J. Heinz, Mr. Hees served as
the Chief Executive Officer of Burger King Worldwide Holdings, Inc from 2010 to 2013. From 2005 to
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Avis Budget Group Inc
Key Employee Biographies
2010, he was Chief Executive Officer of America Latina Logistica. Mr. Hees serves as a Director of Bunge
Limited.
Jean M. Sera
Board:Senior Management
Job Title:Chief Compliance Officer, General Counsel, Secretary, Senior Vice President
Since:2020
Age:52
Ms. Jean M. Sera has been the Senior Vice President, General Counsel, Chief Compliance Officer and
Corporate Secretary of the company since 2020. Prior to this, she served as the Senior Vice President
and Corporate Secretary from 2006 to 2020; and the Vice President in the Legal Department of Cendant
Corporation from 2002 to 2006.
Avis Budget Group Inc
© MarketLine
Page 27
Avis Budget Group Inc
Major Products & Services
Major Products & Services
MAJOR PRODUCTS & SERVICES
Avis Budget provides truck and car rental and ancillary services to consumers and businesses. Major
services and brands offered by the company include:
Services:
Car Rental Services
Truck Rental Services
Brands:
Avis
Budget
Budget Truck
Payless
Zipcar
Apex
France Cars
Maggiore
Turiscar
Morini Rent
ACL Hire
Avis Budget Group Inc
© MarketLine
Page 28
Avis Budget Group Inc
Top Competitors
Top Competitors
TOP COMPETITORS
The following companies are the major competitors of Avis Budget Group Inc
Enterprise Holdings Inc
Europcar Mobility Group SA
Hertz Global Holdings Inc
Ryder System Inc
Sixt SE
U-Haul International Inc
Avis Budget Group Inc
© MarketLine
Page 29
Avis Budget Group Inc
Company View
Company View
COMPANY VIEW
A statement of the Management’s Discussion and Analysis of Financial Condition and Results of
Operations is given below. The following statement has been taken from the company’s 2021 Annual
Report.
OUR COMPANY
We operate three of the most globally recognized brands in mobility solutions, Avis, Budget and Zipcar
together with several other brands, well recognized in their respective markets. Our brands offer a range
of options, from car and truck rental to car sharing in North America, Europe, Australasia and certain
other regions we serve, with an average rental fleet of over 590,000 vehicles in fourth quarter 2021. We
also license the use of our trademarks to licensees in the areas in which we do not operate directly. We
and our licensees operate our brands in approximately 180 countries throughout the world.
Business and Trends
The positive momentum from the fourth quarter of 2020 carried throughout 2021. For the year ended
December 31, 2021, we generated revenues of $9.3 billion, net income of $1.3 billion, and Adjusted
EBITDA of $2.4 billion. These results were driven by increased demand for rental vehicles, improved
pricing across the industry, disciplined cost removal achieved in 2020 and continued fleet management.
Our per-unit fleet costs per month was $189, a 27% improvement compared to 2019. Revenue per day
was $69.14, a 29% improvement compared to 2019.
The global economy and our business were significantly impacted by the COVID-19 pandemic in 2020.
However, due to the continued distribution of effective vaccines, along with other protective measures,
over the past year travel advisories and restrictions have eased, primarily in the Americas. There
continues to be a number of encouraging developments, such as a significant increase in global travel
demand, which generated an increase in demand for rental vehicles and improved pricing across the
industry, suggesting a steady return to historic travel trends. We have positioned ourselves to capitalize
on what we believe will be a continued surge in travel demand. As our revenues reach pre-pandemic
levels, we continue to take actions to keep us on a path of profitability. We continue to look for ways to
capitalize on the changes prompted by the pandemic and to expand our business in a post-COVID-19
environment. However, the full extent of the ongoing impact of this virus on our long-term operational and
financial performance will depend on future developments, including those outside of our control, such as
the spread of new variants of the virus and the implementation of new or continued travel restrictions and
the overall economic environment. The rapidly spreading Omicron variant could cause prolonged impacts
on the economy, our industry and on us, with reductions in available staffing and increasing inflation,
among other impacts. We will continue to monitor these and other impacts and take action in connection
with it, by leveraging our technology and reviewing cost mitigating actions, among other actions.
Significant events affecting travel have historically had an impact on vehicle rental volumes, with the full
extent of the impact generally determined by the length of time the event influences travel decisions. As a
consequence, we cannot estimate the impact on our business, financial condition or forecast financial or
operational results with reasonable certainty.
The global semiconductor shortage is impacting fleet supply, resulting in tighter fleets throughout the
industry and causing us to hold cars longer compared to periods prior to the COVID-19 pandemic. We
Avis Budget Group Inc
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Page 30
Avis Budget Group Inc
Company View
have historically navigated through significant vehicle recalls and worked with our vehicle manufacturers,
and believe we have the logistics in place to effectively manage our fleet during this disruption in supply.
We continue to purchase new vehicles and believe we can increase our fleet utilization efficiency to
capture increased demand.
RESULTS OF OPERATIONS
A discussion regarding our financial condition and results of operations for the year ended December 31,
2021 compared to 2020 is presented below. A discussion regarding our financial condition and results of
operations for the year ended December 31, 2020 compared to 2019 can be found under Item 7 in our
Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 17,
2021, which is available on the SEC’s website at www.sec.gov and our Investor Relations website at
ir.avisbudgetgroup.com.
We measure performance principally using the following key metrics: (i) rental days, which represent the
total number of days (or portion thereof) a vehicle was rented, (ii) revenue per day, which represents
revenues divided by rental days, (iii) vehicle utilization, which represents rental days divided by available
rental days, available rental days is defined as average rental fleet times the number of days in the
period, and (iv) per-unit fleet costs, which represent vehicle depreciation, lease charges and gain or loss
on vehicle sales, divided by average rental fleet. Our rental days, revenue per day and vehicle utilization
metrics are all calculated based on the actual rental of the vehicle during a 24-hour period. We believe
that this methodology provides management with the most relevant metrics in order to effectively manage
the performance of the business. Our calculation may not be comparable to the calculation of similarlytitled metrics by other companies. We present currency exchange rate effects to provide a method of
assessing how our business performed excluding the effects of foreign currency rate fluctuations.
Currency exchange rate effects are calculated by translating the current-year results at the prior-period
average exchange rate plus any related gains and losses on currency hedges.
We assess performance and allocate resources based upon the separate financial information of our
operating segments. In identifying our reportable segments, we also consider the nature of services
provided by our operating segments, the geographical areas in which our segments operate and other
relevant factors. Management evaluates the operating results of each of our reportable segments based
upon revenues and “Adjusted EBITDA,” which we define as income from continuing operations before
non-vehicle related depreciation and amortization, any impairment charges, restructuring and other
related charges, early extinguishment of debt costs, non-vehicle related interest, transaction-related
costs, net, charges for unprecedented personal-injury and other legal matters, net, which includes
amounts recorded in excess of $5 million related to class action lawsuits, non-operational charges related
to shareholder activist activity, which include third party advisory, legal and other professional fees, gain
on sale of equity method investment in China, COVID-19 charges and income taxes. Net charges for
unprecedented personal-injury and other legal matters and gain on sale of equity method investment in
China are recorded within operating expenses in our consolidated results of operations. Non-operational
charges related to shareholder activist activity include third party advisory, legal and other professional
service fees and are recorded within selling, general and administrative expenses in our consolidated
results of operations. COVID-19 charges include unusual, direct and incremental costs due to the COVID19 pandemic, such as minimum annual guaranteed rent in excess of concession fees for the period,
overflow parking for idle vehicles and related shuttling costs, incremental cleaning supplies to sanitize
Avis Budget Group Inc
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Avis Budget Group Inc
Company View
vehicles and facilities and other charges, and losses associated with vehicles damaged in overflow
parking lots, net of insurance proceeds, and are primarily recorded within operating expenses in our
consolidated results of operations. We have revised our definition of Adjusted EBITDA to exclude
amounts recorded in excess of $5 million related to class action lawsuits. We did not revise prior years’
Adjusted EBITDA amounts because there were no other charges similar in nature to these costs. We
believe Adjusted EBITDA is useful as a supplemental measure in evaluating the performance of our
operating businesses and in comparing our results from period to period. We also believe that Adjusted
EBITDA is useful to investors because it allows them to assess our results of operations and financial
condition on the same basis that management uses internally. Adjusted EBITDA is a non-GAAP measure
and should not be considered in isolation or as a substitute for net income or other income statement data
prepared in accordance with U.S. GAAP. Our presentation of Adjusted EBITDA may not be comparable
to similarly-titled measures used by other companies.
Revenues increased $3.9 billion, or 72%, for the year ended December 31, 2021 compared to 2020,
primarily due to a 35% increase in revenue per day, excluding exchange rate effects, a 27% increase in
volume as the mobility industry recovers from the pandemic and an $80 million benefit from currency
exchange rate movements. Total expenses increased 20% for the year ended December 31, 2021,
compared to 2020, primarily due to increased demand, partially offset by cost discipline as volume
returned. Our effective tax rates for the year ended December 31, 2021 and 2020 were a provision for
(benefit from) of 25% and (28%), respectively. For the years ended December 31, 2021 and 2020, we
reported earnings (loss) per diluted share of $19.44 and $(9.71), respectively.
Operating expenses decreased to 45.7% of revenue for the year ended December 31, 2021 compared to
61.5% in 2020, primarily due to the increased revenues and cost discipline as volume returned. Vehicle
depreciation and lease charges decreased to 12.9% of revenue for the year ended December 31, 2021
compared to 25.3% in 2020, primarily due to increased revenues and a 13% decrease per unit fleet cost,
excluding exchange rate effects, driven by the continued favorable trend in residual values. Selling,
general and administrative costs decreased to 12.3% of revenue for the year ended December 31, 2021
compared to 13.0% in 2020, primarily due to increased revenues and cost discipline as volume returned.
Vehicle interest costs decreased to 3.4% of revenue for the year ended December 31, 2021 compared to
5.9% in 2020, primarily due to increased revenues.
Avis Budget Group Inc
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Avis Budget Group Inc
Locations And Subsidiaries
Locations And Subsidiaries
LOCATIONS AND SUBSIDIARIES
Head Office
Avis Budget Group Inc
6 Sylvan Way
Parsippany
New Jersey
Parsippany
New Jersey
USA
Phone:1 973 4964700
Fax:1 302 6365454
avisbudgetgroup.com
Other Locations and Subsidiaries
2233516 Ontario Inc
CAN
AAA France Cars SAS
FRA
AB Canada Holdings I Partnership
CAN
AB Canada Holdings II Partnership
CAN
AB Canada Holdings III Partnership
CAN
AB Car Rental Services Inc.
Delaware
Delaware
USA
AB FleetCo SAS
FRA
AB Funding Pty Ltd.
AUS
AB Group Financial Services Limited
England
England
GBR
AB Luxembourg Holdings S.a.r.l.
LUX
AB Scotland Finance I LP
GBR
AB Scotland Finance II LP
GBR
ABG Car Services Holdings LLC
USA
ABG Commerce Consultancy (Shanghai) Co Ltd
CHN
ABG Contact Centre EMEA S.A.
ESP
ABG Fiserv Limited
GBR
ABG Scandinavia Holdings AS
NOR
ACE Administracao e Participacao Ltda
BRA
ACL Hire Ltd
Scotland
Scotland
Advance Ross Corp
USA
Avis Budget Group Inc
© MarketLine
Page 33
Avis Budget Group Inc
Locations And Subsidiaries
GBR
Advance Ross Intermediate Corp
USA
Advance Ross Sub Co
USA
AE Consolidation Limited
GBR
AE Holdco Limited
GBR
Aegis Motor Insurance Limited
Isle of Man
Isle of Man
GBR
AESOP Funding Corp
USA
AESOP Leasing Corp II
USA
AESOP Leasing Corp.
USA
AESOP Leasing LP
USA
Anji car rental and leasing co., ltd.
7F Block 2 Lane 631 Hongqiao Central Building
Shanghai
Shanghai
CHN
Phone:86 21 62291118
Apex Car Rentals
PO Box 10233
Christchurch
Christchurch
NZL
ARAC Management Services Inc
USA
ARACS LLC
USA
Arbitra S.A.
ARG
Armadale Commercial Ltd
GBR
AU Holdco Pty Ltd
AUS
Auto Accident Consultants Pty. Limited
AUS
Auto Hall SA
MCO
Avis (US) Holdings BV
NLD
Avis Africa Limited
GBR
Avis Alquile un Coche SA
Edificio C, Avenida de Manoteras, nº 32
Madrid
Madrid
Madrid
Madrid
ESP
Phone:34 902 248824
www.avis.es
Avis Asia & Pacific LLC
USA
Avis Asia Limited
GBR
Avis Assistance Limited
GBR
Avis Autoverhuur BV
NLD
Avis Autovermietung Beteiligungsgesellschaft mbH
DEU
Avis Autovermietung Gesellschaft mbH
Avis Belgium
Avis Budget Group Inc
© MarketLine
Page 34
Avis Budget Group Inc
Locations And Subsidiaries
Laaer-Berg-Strasse 43
Vienna
Vienna
Vienna
Vienna
AUT
Phone:43 1 601870
www.avis.at
Rue Colonel Bourgstraat 122
Brussels
Bruxelles-Capitale
Brussels
Bruxelles-Capitale
BEL
Phone:32 2 7306211
Fax:32 2 7260759
www.avis.be
Avis Budget Auto Service GmbH
DEU
Avis Budget Autovermietung AG
Hofwiesenstrasse 36Z
Rumlang
Zurich
Rumlang
Zurich
CHE
Phone:41 44 8091818
Fax:41 44 8100047
www.avis.ch
Avis Budget Autovermietung Beteiligungsgesellschaft Avis Budget Autovermietung GmbH & Co KG
mbH
DEU
DEU
Avis Budget Autovermietung Verwaltungs GmbH
DEU
Avis Budget Brasil S.A.
BRA
Avis Budget Car Rental Canada ULC
CAN
Avis Budget Car Rental, LLC
6 Sylvan Way
Parsippany
New York
Parsippany
New York
USA
Phone:1 973 4964700
www.avisbudgetgroup.com
Avis Budget Contact Centers Inc
CAN
Avis Budget de Puerto Rico, Inc.
Puerto Rico
Puerto Rico
USA
Avis Budget Denmark A
DNK
Avis Budget EMEA Limited
GBR
Avis Budget Europe International Reinsurance Limited Avis Budget Finance, Inc
Isle of Man
6 Sylvan Way
Isle of Man
Parsippany
GBR
New Jersey
Parsippany
Avis Budget Group Inc
© MarketLine
Page 35
Avis Budget Group Inc
Locations And Subsidiaries
New Jersey
USA
Avis Budget Finance, plc
Jersey
Jersey
GBR
Avis Budget Group Business Support Centre Kft
HUN
Avis Budget Group Business Support Centre
Szolgaltato Kft
HUN
Avis Budget Group Contact Centres EMEA S.A.
ESP
Avis Budget Group Limited
NZL
Avis Budget Group Pty Limited
AUS
Avis Budget Holdings LLC
USA
Avis Budget International Capital (Singapore) Pte. Ltd
SGP
Avis Budget International Financing S.a r.l.
LUX
Avis Budget Italia S.p.A.
ITA
Avis Budget Italia SpA Fleet Co S.A.P.A.
ITA
Avis Budget Leasing Denmark A/S
DNK
Avis Budget Rental Car Funding (AESOP) LLC
New York
New York
USA
Avis Budget Services Limited
GBR
Avis Budget UK
Avis House, Park Road
Bracknell
Berkshire
Bracknell
Berkshire
GBR
Phone:44 1344 426644
Fax:44 1344 485616
www.avis.co.uk
Avis Car Rental Group LLC
USA
Avis Car Sales LLC
USA
Avis Car Sales UTD, LLC
USA
Avis Caribbean Ltd
USA
Avis Commercial Holdings Limited
GBR
Avis Enterprises Inc
USA
Avis Europe & Middle East Limited
GBR
Avis Europe Group Holdings B.V.
NLD
Avis Europe Holdings Limited
GBR
Avis Europe Investment Holdings Limited
GBR
Avis Europe Investments Limited
GBR
Avis Europe Overseas Limited
GBR
Avis Europe Risk Management Limited
GBR
Avis Finance Co (No. 2) Ltd
Avis Finance Co (No. 3) Ltd
Avis Budget Group Inc
© MarketLine
Page 36
Avis Budget Group Inc
Locations And Subsidiaries
GBR
Jersey
Jersey
GBR
Avis Finance Co Ltd
GBR
Avis Financement Vehicles SAS
FRA
Avis Financement Vehicules SAS
FRA
Avis Financial Services Limited
GBR
Avis Group Holdings
81 West 78th Place
Liberty Square Plaza
Merrillville
USA
Phone:1 219 769 2355
Avis Holdings Inc
USA
Avis International Holdings LLC
USA
Avis International Ltd
USA
Avis Investment Services (No. 2)
GBR
Avis Investment Services Limited
GBR
Avis Leasing Corp
USA
Avis Leisure Services Limited
Jersey
Jersey
GBR
Avis Licence Holdings Limited
GBR
Avis Location de Voitures S.
LUX
Avis Location de Voitures, SAS
Building Linea, 1 Rue du General Leclerc
Puteaux
Paris
Ile-de-France
Paris
Ile-de-France
FRA
Phone:33 1 70922020
www.avis.fr
Avis Lube Inc
USA
Avis Management Pty. Limited
AUS
Avis Mobility Ventures LLC
USA
Avis New York General Partnership
USA
Avis Operations LLC
USA
Avis Pension Trustees Limited
GBR
Avis Portugal S.G.P.S. LDA
PRT
Avis Rent A Car (Isle Of Man) Limited
Isle of Man
Isle of Man
GBR
Avis Rent A Car Sdn. Bhd.
MYS
Avis Rent A Car System LLC
Avis Service Inc
Avis Budget Group Inc
© MarketLine
Page 37
Avis Budget Group Inc
Locations And Subsidiaries
6 Sylvan Way
Parsippany
New Jersey
Parsippany
New Jersey
USA
Phone:1 973 4963500
www.avis.com
USA
Aviscar Inc.
1 Convair Drive East
Ontario
Ontario
CAN
Baker Car & Truck Rental Inc
USA
Barcelsure Limited
GBR
Bellaria S.P.A.
Via Roma 33
Felizzano
Felizzano
ITA
BGI Leasing Inc
USA
BRC Automoveis de Alugel Ltda
BRA
BRC Automoveis de Aluguel Ltda
BRA
Budget Funding Corp
USA
Budget International Inc
USA
Budget Rent a Car Australia Pty Ltd
Level 1
Tower B, 197 Coward Street
Mascot
New South Wales
Mascot
New South Wales
AUS
Phone:61 2 95781000
www.budget.com.au
Budget Rent A Car Licensor LLC
USA
Budget Rent A Car Limited
NZL
Budget Rent A Car Operations Pty. Ltd
AUS
Budget Rent A Car System Inc
6 Sylvan Way
Parsippany
New Jersey
Parsippany
New Jersey
USA
Phone:1 973 4963500
www.budget.com
Budget Truck Rental LLC
Delaware
Budgetcar Inc.
CAN
Avis Budget Group Inc
© MarketLine
Page 38
Avis Budget Group Inc
Locations And Subsidiaries
Delaware
USA
www.budgettruck.com
Business Rent A Car GmbH
AUT
Camfox Pty. Ltd
AUS
CCRG Servicios De Automoveis Ltda
BRA
CD Intellectual Property Holdings LLC
USA
Cendant Finance Holding Co LLC
USA
Centre Point Funding LLC
USA
Centrus Limited
GBR
Chaconne Pty. Limited
AUS
Cilva Holdings Limited
GBR
Constellation Reinsurance Company
New York
New York
New York
New York
USA
Constellation Reinsurance Company Limited
BRB
Dallas Automoveis e Accessories Ltda
BRA
Dallas Rent a Car Ltda.
Travessa Quintino Bocaiuva1273
Belém
Para
Belém
Para
BRA
Phone:55 91 31822237
Fax:55 91 32230531
www.dallasrentacar.com.br
DRC Automoveis de Alugel Ltda
BRA
DRC Automoveis de Aluguel Ltda
BRA
Europe Leisure Holdings NV
NLD
Garage St Martin sas
FRA
Garep AG
CHE
Gestlas- Gestao Automovel, S.A.
PRT
HFS Truck Funding Corp
USA
J&W Harris Holdings Ltd
GBR
JUPOL CAR SP Z O O/ AVIS LICENSEE
12A LOPUSZANSKA
WARSZAWA
WARSZAWA
POL
Jupol Car sp. z.o.o.
POL
Kallbergs Biluthyrning AB
SWE
Maggiore Asset Management S.r.l.
ITA
Manor National Limited
GBR
Avis Budget Group Inc
© MarketLine
Page 39
Avis Budget Group Inc
Locations And Subsidiaries
Mercury Car Rentals Limited
Avis House – 92, Sector 44
Gurgaon
Haryana
Gurgaon
Haryana
IND
Phone:91 124 4724888
www.avis.co.in
Milton Location de Voitures SAS
FRA
Minnesota Rent A Car LLC
USA
MOBILITY, INC.
Morini S.R.L.
Via P. Calamandrei 116
Arezzo
Arezzo
ITA
Phone:39 – 575356333
www.morinionline.it
Motorent Inc
USA
National Car Rentals (Private) Limited
SGP
Olympic Commercial and Tourist Enterprises S.A.
GRC
Payhot Limited
GBR
Payless Car Rental Canada Inc
CAN
Payless Car Rental Inc
USA
Payless Car Rental System, Inc.
1130 West International Airport Road
Anchorage
Alaska
Anchorage
Alaska
USA
Payless Car Sales Inc
USA
Payless Parking LLC
USA
PR Holdco Inc
USA
Prolita Ltd.
Melbury House 2nd Floor
51 Wimbledon Hill Road
London
England
London
England
GBR
PV Holding Corp
USA
PVI Kraftfahrzeug Leasing GmbH
DEU
Quartx Fleet Management Inc
USA
RAC Group Denmark A
NOR
RAC Norway AS
Rent A Car Co Inc
Avis Budget Group Inc
© MarketLine
Page 40
Avis Budget Group Inc
Locations And Subsidiaries
NOR
USA
Rent-a-Car, S.A.
PRT
https://www.turiscar.pt/en/
REZLink International Inc
USA
Runabout LLC
USA
SCA sas
FRA
Servicios Avis S.A.
MEX
Show Group Enterprises (NZ) Limited
NZL
Show Group Enterprises Pty Limited
AUS
Sovial Sociedade de Viaturas de Aluguer LDA
PRT
Sovialma Sociedade de Viaturas de Aluguer da
Madeira LDA
PRT
Strongdraw Limited
GBR
Sweden Rent A Car AB
SWE
Team Fleet Financing Corp
USA
Texas Rent A Car LLC
USA
Transfercar4U AS
NOR
Turiscar Rent A Car, S.A.
PRT
Upperextra Limited
GBR
Virgin Islands Enterprises Inc
Virgin Islands (US)
Virgin Islands (US)
USA
W.T.H. (Sub 1) Pty Ltd.
AUS
W.T.H. (Sub 2) Limited
NZL
W.T.H. Fleet Leasing Pty. Limited
AUS
We Try Harder Pty. Limited
AUS
Wizard Co. Inc.
Delaware
Delaware
USA
Wizard Services Inc
USA
WTH Canada Inc.
1 Convair Drive E
Etobicoke
Ontario
Etobicoke
Ontario
CAN
WTH Car Rental, ULC
1 Convair Drive East
Etobicoke
Ontario
Etobicoke
Ontario
CAN
WTH Funding Partnership
CAN
WTH Pty Ltd
Yourway Rent A Car Pty Limited
Avis Budget Group Inc
© MarketLine
Page 41
Avis Budget Group Inc
Locations And Subsidiaries
Level 1, Terminal Building, 197 Coward Street
Mascot
Sydney
New South Wales
Sydney
New South Wales
AUS
www.avis.com.au
AUS
Zipcar (UK) Limited
GBR
Zipcar Australia Pty Ltd
AUS
Zipcar Austria GmbH
AUT
Zipcar Belgium SPRL
BEL
Zipcar Canada, Inc.
CAN
Zipcar Carsharing S.A.
ESP
Zipcar Carsharing S.A.
FRA
Zipcar France S.A.S.
FRA
Zipcar International Finance Co Ltd
GBR
Zipcar International Holdings Limited
GBR
Zipcar Securities Corp
USA
Zipcar Technology Innovations Private Limited
IND
Zipcar Vehicle Financing LLC
USA
Zipcar, Inc.
35 Thomson Place
Boston
Massachusetts
Boston
Massachusetts
USA
Phone:1 617 3364570
Fax:1 617 9954300
www.zipcar.com
Zodiac Autovermietung AG
CHE
Zodiac Europe Finance Co Ltd
GBR
Zodiac Europe Investments Limited
GBR
Zodiac Europe Limited
GBR
Zodiac Italia S.p.A.
ITA
Zodiac Rent a Car Limited
GBR
Avis Budget Group Inc
© MarketLine
Page 42
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