Avis Increases Stock Repurchase Program

Photo via Atomic Taco/Flickr
Photo via Atomic Taco/Flickr

Avis Budget Group Inc. today announced that its board of directors has increased the company's share repurchase authorization by $200 million. This gives the company $375 million of available repurchase authorization from Oct. 1 going forward, says Avis.

"Since August 2013, we have repurchased more than $260 million of our outstanding common shares through the end of the third quarter," said Ronald L. Nelson, Avis Budget Group chairman and chief executive officer. "We remain committed to delivering value to our shareholders, while maintaining a prudent capital structure and flexibility to execute on our strategic initiatives."

Under the stock repurchase program, Avis repurchases shares from time to time in open market transactions, and may also repurchase shares in accelerated stock buyback programs, tender offers, privately negotiated transactions or by other means. Repurchases may also be made under a Rule 10b5-1 plan.

The timing and amount of repurchase transactions will be determined by the company's management based on its evaluation of market conditions, share price, legal requirements and other factors, says the company. The program may be suspended, modified or discontinued at any time without prior notice.

Avis Budget Group is scheduled to report its third quarter 2014 results on Wednesday Oct. 29.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Autonomous Vehicles and the Changing Role of the Fleet Manager

With fewer drivers and substantially longer fleet lifecycles, fleet managers will pivot to new job functions.

2017: Fleet Mix Will Be Paramount

Car rental companies are migrating to vehicle segments with better residual values, though not without bumps in the road.

Auto Rental Summit: Five Trend Lines

Taking in the seminars, discussions, and networking at the 2016 Auto Rental Summit, trend lines emerged around shifts in model mix, data protection issues, increasing labor costs, workforce engagement, and new platforms to rent cars.

Job Finder: Access Top Talent. Fill Key Positions.