Avis Europe Loss Widens

Avis Europe Plc, Europe's largest car-rental company, said its first-half loss widened as fleet-renewal costs increased and customers hired vehicles on longer contracts, eroding average prices, according to Bloomberg.

The net loss was 12.8 million euros ($17.4 million), or 1.4 cents a share, compared with 8.6 million euros, or 0.9 cents, a year earlier, Avis said.

The rate of decline in Avis's daily revenue doubled to 1.6 percent, even after the company sold smaller units and made more use of Internet-based booking systems to curb costs.

Avis Europe stock is down 45 percent this year, giving the company a market value of 414 million pounds ($831 million).

Avis competes with companies including Sixt AG, Germany's largest car-rental provider, whose shares have declined 14 percent this year, and Hertz Global Holdings Inc. which has advanced 29 percent, Bloomberg reports.

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

Understanding The Fleetification of Everything

As fleet miles increase exponentially, and as new stratum of fleet enter both consumer and business use cases, the "founding fathers" who gathered at Fleet Forward in Miami last week have some work to do.

The Problem with Valuing Safety Technology

As advanced safety technologies have migrated to mainstream vehicles, retaining value for these options at resale remains an issue.

ELD Mandate: Is Your Head Still in the Sand?

If you think you have 11 weeks to implement an Electronic Logging Device system to meet the Dec. 18 compliance deadline, you really don’t — for a few reasons.

Job Finder: Access Top Talent. Fill Key Positions.

>