Cendant Rental Revenue Up 9% for 1st Quarter
NEW YORK -- Cendant Corp., which operates the Avis and Budget brands, reported car rental revenue of $986.49 million for the first quarter of 2005 -– a 9% increase compared to the first quarter of last year. Truck rental revenue totaled more than $102 million, up 11% compared to 2004's first quarter.
NEW YORK -- Cendant Corp., which operates the Avis and Budget brands, reported car rental revenue of $986.49 million for the first quarter of 2005 -– a 9% increase compared to the first quarter of last year. Truck rental revenue totaled more than $102 million, up 11% compared to 2004's first quarter.
Rental days for the quarter totaled more than 22 million, representing a 10% increase. First-quarter average daily revenue, however, dipped 2% -- from $39.74 to $38.84.
"The reduced pricing resulted primarily from the company's strategic decision to reposition Budget to be more competitive with other leisure-focused car rental brands, which in turn had a positive impact on rental day volume growth," Cendant reported.
In 2004, Cendant's car rental revenue totaled $4.424 billion for the year. The company has projected total car rental revenue of $4.75 billion to $5 billion for 2005.
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