Statements preceded by, followed by or that otherwise include the words “believes”, “expects”, “anticipates”, “intends”, “projects”, “estimates”, “plans”, “may increase”, “forecast” and similar expressions or future or conditional verbs such as “will”, “should”, “would”, “may” and “could” are based upon then current assumptions and expectations and are generally forward-looking in nature and not historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. is a leading global provider of vehicle rental services, both through its Avis and Budget brands, which have more than 10,000 rental locations in approximately 175 countries around the world, and through its Zipcar brand, which is the world’s leading car sharing network, with more than 790,000 members. Avis Budget Group operates most of its car rental offices in North America, Europe and Australia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group has approximately 29,000 employees and is headquartered in Parsippany, N.J. More information is available at Forward-Looking StatementsĬertain statements in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Nelson, Avis Budget Group Chairman and Chief Executive Officer. “At the same time, we expect this transaction to generate an attractive return on our investment.”Īvis Budget Group, Inc. “Payless expands our global footprint, enables us to support Budget’s mid-tier brand positioning, and gives us greater flexibility to capitalize on opportunities in an additional segment of the car rental market in order to help accelerate our growth,” said Ronald L. Payless generates approximately $80 million in annual revenue. Avis Budget intends to operate Payless as a separate brand from a customer perspective, while realizing significant cost savings as a result of the transaction, primarily from lower vehicle depreciation, reduced fleet interest expense and administrative cost synergies.
The addition of the Payless brand will give Avis Budget Group a strong position in the fast-growing deep-value segment of the car rental industry.įounded in 1971, Payless brings approximately 120 rental locations to Avis Budget Group’s global network in the United States, Canada, Europe and South America, including many in major airport locations. Similar to Avis Budget Group, Payless operates with a hybrid model of corporately operated locations along with locations operated by licensees. Unlike the Company’s premium Avis brand and mid-tier Budget brand, Payless focuses on the deep-value segment of car rental customers. (Nasdaq:CAR) announced today that it has acquired Payless Car Rental, the sixth largest car rental company in North America, for approximately $50 million in cash.
PARSIPPANY, N.J., J(GLOBE NEWSWIRE) - Avis Budget Group, Inc.
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