During its quarterly investor’s call, Avis Budget Group showed how it’s meeting demand in a dramatically disrupted environment, with insights into sourcing new local market business, the semiconductor chip shortage, and the return of corporate travel.
February 23, 2021
Despite historically low revenues for the fourth quarter, Avis achieved a historically high earnings margin after cutting $500 million in expenses.
February 16, 2021
Avis Budget Group announced third quarter net income of $45 million as a result of removing about $1 billion of costs for the quarter and taking advantage of the strong used vehicle market.
October 29, 2020
The extended furloughs are indefinite.
September 4, 2020
Brian Choi will assume the role of chief financial officer on August 24.
August 13, 2020
While revenue was down 78% in April, Avis Budget Group finished June down 59% from the prior year. Off-airport revenues are “close to pre-pandemic levels.”
July 28, 2020
In downgrading Avis Budget's rental car ABS, the ratings service shared a candidly pessimistic outlook for the return of travel demand and the car rental industry as a result of the coronavirus pandemic.
July 13, 2020
Along with ABG, the coalition includes RB, which is the maker of Lysol, and a team of medical professionals from leading institutions, including Columbia University, with expertise in public health, COVID-19, and other infectious diseases.
July 13, 2020
In an interview with CNBC, Avis Budget Group’s CEO Joe Ferraro was asked about how the company transitioned into the coronavirus environment and how the Hertz bankruptcy might affect Avis.
July 10, 2020
After a stint as interim CEO, Ferraro spent five years as president of the Americas division, responsible for the company’s Avis, Budget, Payless, and Zipcar brands in North and South America, including Latin America and the Caribbean.
June 15, 2020
The company has laid off or furloughed 21,000 employees as a result of the coronavirus pandemic. April revenue is trending down 80% from the prior year. Similar trends are expected in May, but the company “expects a gradual recovery thereafter.”
May 3, 2020
Essential workers include medical personnel, public safety workers, and others with government documents.
April 30, 2020
Avis reduced the size of its global fleet beginning in March and continuing in April, and currently estimate that it will end June with over 20% fewer units than the prior year.
April 24, 2020
Avis Budget Group’s CEO search committee, led by director Lynn Krominga, chair of the corporate governance committee of the board of directors, is conducting a thorough search process to identify a permanent CEO.
December 30, 2019
A fully connected fleet increases operational efficiency for Avis Budget Group by providing greater visibility into fleet usage and access to information in real-time.
December 16, 2019