Avis Budget Group Provides Second Quarter Updates
The company expects car rentals to drop as much as 22 percent in the second quarter compared to last year's numbers, though fleet levels will be in line with demand.
On June 15, Avis Budget Group Inc. announced that it has posted an investor update presentation to its Web site. The presentation, which will be discussed with investors in upcoming meetings, provides updates on second quarter trends including pricing and volume, the used car market and cost saving initiatives.
Highlights on outlook:
Avis Budget Group expects an overall price increase of 5-7 percent in second quarter.
Demand remains depressed in the second quarter.
Expect rental days to be down 20-22 percent year-over-year
Fleet levels continue to be in line with demand.
Industry fleet levels for the summer expected to be tight.
Per-unit fleet costs for 2010 model-year units expected to decline.
The company expects to issue $1 billion to $1.5 billion in asset-backed debt over the next year.
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