Avis anticipates revenues about 80% lower in April and May compared to the prior year, with a gradual recovery in June and improving thereafter.
The rental agency will be filing the appropriate forms with the Securities and Exchange Commission.
Hertz and Avis Budget Group have begun cost-cutting measures as travel demand drops dramatically following the coronavirus pandemic.
The terms of the new approximately two-year cooperation agreement include the appointment of Jagdeep Pahwa, a current board member and president of SRS, as vice chairman of the board.
In the fourth quarter of 2019, Avis Budget Group posted record revenues on improved fleet costs, utilization. Full-year revenues increased to a record $9.2 billion.
Authorities allege that the former employee falsified 42 vouches for 19 customers, costing the rental company $93,625 in lost revenue.
Over the last 15 years, Bernardo Hees has served as CEO of The Kraft Heinz Company, Burger King Worldwide Holdings, Inc., and America Latina Logistica.
On Forbes list of Canada’s Best Employers 2020, Avis Budget Group ranked fourth in the Travel and Leisure sector and highest among car rental companies.
Avis, Lyft, and Hyundai were all ranked highest in their categories.
The connected FCA vehicles will provide valuable telemetry data in real time, including mileage, fuel level, and updates on the mechanical condition of the car.