Avis China was established in 2003 as a joint venture car rental company with Shanghai Automotive Industry Corp. Today, the company operates in more than 40 cities at 170 locations.
In proposals for five-year contracts with the airport, Avis, Enterprise, National and the Hertz Corp. reported the total minimum annual guaranteed revenue will decrease 9% to $1.3 million, according to The Gazette.
Croatia’s expected admittance to the European Union in July and a sales tax cut on tourist services that took effect in January are expected to increase bookings this summer.
The decline in tourism has forced 50 car rental companies to close operations and sell their fleet of vehicles to limit their losses, according to the Byblos Bank Group report on Jan. 21.
China Daily reported that the upcoming Chinese New Year — also known as the Spring Festival — on Feb. 9-15 will influence the car rental industry as companies can expect a busy rental season.
The amount of visitors to Dubai for the 18th Dubai Shopping Festival this January contributed to a high volume of bookings for car rental companies, according to Gulf News.
The company reports a continued rise in demand year over year for holiday bookings.
The Ministry of Transportation announced that passenger vehicles will be allowed to drive on China’s highways toll-free during the Mid-Autumn Festival and National Day holidays, causing major increases to car rental bookings.
According to The Desert Sun, gross receipts for rental car companies increased 54% from 2003 to 2011.
In looking at eight of Japan's larger car rental companies, the fleet growth ratio is averaging at more than 100%.