Avis' Total Revenue Up 3% for 2nd Quarter
NEW YORK –- Cendant Car Rental Group's Avis brand generated total revenue of $671.77 million during 2004's second quarter, up 3% compared to the same period last year. In addition, Avis sold 14....
NEW YORK –- Cendant Car Rental Group's Avis brand generated total revenue of $671.77 million during 2004's second quarter, up 3% compared to the same period last year. In addition, Avis sold 14.65 million rental days, up 5% compared to the second quarter in 2003.
Competitive industry pricing, however, took its toll. Time and mileage daily dollar average dipped 2%, from $41.53 in 2003 to $40.55. The average length of rental dropped 1%, from 3.52 days to 3.49 days.
The company's Budget brand saw total revenue drop 5% in the second quarter, from $469.28 million in 2003 to $447.04 million this year. Budget's car rental revenue in the quarter declined 6%, from $329.92 million in 2003 to $310.52 million this year. Truck rental revenue dropped 2%, from $139.36 million to $136.52 million.
Budget's average length of rental declined 3%, from 4.08 days in 2003's second quarter to 3.94 days in the same period this year. Daily time and mileage dollar average dropped 5% during the quarter, from $35.05 to $33.28. The sale of car rental days was relatively flat for the quarter (7.85 million compared to 7.84 million in 2003).
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