NEW YORK --– Cendant's vehicle rental revenue for the second quarter totaled $1.224 billion, up 9% from last year's second-quarter total of $1.119 billion, according to the company's new quarterly report.

The report, filed with the Securities and Exchange Commission, indicated the company sold 25.8 million car rental days during the quarter. During the same period in 2004, the company sold 22.51 million.

Cendant Car Rental Group's daily dollar average for car rental in the quarter was $36.13, compared to $38.01 in 2004's second quarter. That represents a 5% dip in daily dollar average.

Cendant Car Rental Group, which includes Avis and Budget, projected that 2005's full-year revenue will be in the range of $4.75 billion to $5 billion. In 2004, Cendant Car Rental Group's vehicle rental revenue totaled $4.424 billion.

Total car rental revenue during the quarter was $1.079 billion --- up 10% compared to 2004's total ($982.3 million) for the quarter. Truck rental revenue for the quarter was $144.78 million --– up 6% compared to 2004's second-quarter total ($136.52 million).

"Revenue increased in our domestic and international car rental operations as well as our truck rental business," Cendant said in a statement. "Car rental revenue grew 10% worldwide due to a 15% increase in rental day volume, which was partially offset by a 5% decrease in price."

Cendant attributed the lower pricing in part to the company's reposition of Budget to be "more competitive with other leisure-focused car rental brands, which in turn had a positive impact on rental day volume growth." In addition, higher industry fleet levels added further pressure on pricing levels.

Cendant said that earnings before interest, taxes, depreciation and amortization (EBITDA) declined because of higher vehicle depreciation and other volume-related costs resulting from the need to maintain larger fleets at a time when auto manufacturers are curbing fleet incentives. Fleet costs are expected to rise throughout the remainder of 2005 and into 2006 as the company adds 2006 models into its inventory. To offset these costs, Avis and Budget recently raised rates. "To date, these price increases appear to have been successful," the company said in a statement.

EBITDA for 2005's first six months was $194 million, down 7% from last year's six-month total of $208 million.With restructuring charges excluded, EBITDA for January through June totaled $202 million, compared to $208 million during the same months in 2004.