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Avis Budget Group, Inc. - $CAR STOCK NEWS

Welcome to our dedicated page for Avis Budget Group news (Ticker: $CAR), a resource for investors and traders seeking the latest updates and insights on Avis Budget Group stock.

Avis Budget Group, Inc. (symbol: CAR) is a leading global provider of vehicle rental and car-sharing services. The company operates under several renowned brands, including Avis, Budget, and Zipcar. With over 10,000 rental locations across approximately 175 countries, Avis Budget Group offers a wide range of mobility solutions to both leisure and business travelers.

The Avis brand caters to the premium commercial and leisure segments, while Budget focuses on value-conscious consumers. Zipcar, the world’s leading car-sharing network, provides convenient access to vehicles for its over 900,000 members, allowing them to rent cars by the hour or day. Avis Budget Group manages most of its operations directly in North America, Europe, and Australasia, while it relies primarily on licensees in other regions.

Avis Budget Group has a significant workforce, comprising approximately 30,000 employees, and its headquarters are located in Parsippany, New Jersey. The company continuously strives to enhance its service offerings and expand its footprint globally.

Recently, Zipcar launched an electric vehicle (EV) initiative in major U.S. cities, including Boston, Chicago, New York City, and San Francisco. This initiative aims to provide equitable and sustainable transportation options to disadvantaged communities, with Zipcar committing to allocate 25% of its electric fleet to these areas. Zipcar has also joined the White House EV Acceleration Challenge to promote equitable transportation and environmental sustainability.

Avis Budget Group continues to innovate and partner with various stakeholders such as cities, university campuses, and businesses to meet the growing demand for electric vehicles and sustainable transportation solutions. For instance, their focus on expanding the EV fleet and facilitating first-time EV drivers with resources and guides underscores their commitment to a greener future.

With consistent efforts to enhance its service quality and sustainability, Avis Budget Group remains a prominent player in the global mobility solutions market.

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Avis Budget Group announced the pricing of €200 million in additional 7.25% Senior Notes due 2030 through its subsidiary, Avis Budget Finance. These Notes will be added to the €400 million previously issued under the same terms. Priced at 100.25% of face value, the offering will close on May 21, 2024, pending standard conditions. Proceeds will be used for general corporate purposes, including debt repayment. The Notes are offered only to qualified institutional buyers under Rule 144A of the Securities Act and will not be registered in the U.S. This announcement does not constitute an offer to sell or buy any securities.

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Avis Budget Group, Inc. (NASDAQ: CAR) announced its intention to offer €200 million of Senior Notes through its subsidiary, Avis Budget Finance plc, for general corporate purposes. The Notes will be issued under an existing Indenture and guaranteed by the Company and its U.S. subsidiaries. The offering will target qualified institutional buyers under Rule 144A or non-U.S. persons under Regulation S. This press release is not an offer to buy or sell securities, and the Notes have not been registered under the Securities Act.

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Avis Budget Group, Inc. (NASDAQ: CAR) reported strong financial results for the first quarter of 2024, with revenues reaching $2.6 billion driven by robust travel demand. Despite a net loss of $113 million, their Adjusted EBITDA stood at $12 million. The company's liquidity position was strong, with approximately $0.7 billion in cash and $3.8 billion in fleet funding capacity. Avis Budget Group is well-positioned for the upcoming spring and summer travel seasons.

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Avis Budget Group, Inc. (CAR) will release its first quarter 2024 results on May 1st, 2024, with a conference call scheduled for May 2nd, 2024. Investors can access the call online or by phone to discuss the financial performance.
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Avis Budget Group, Inc. announced a private offering of €600 million senior notes due 2029, increasing the size from the initial announcement. The proceeds will be used to redeem existing notes and for general corporate purposes.
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Avis Budget Group, Inc. announced a private offering of €400 million senior notes due 2029 by its subsidiary Avis Budget Finance plc. The Company plans to use the proceeds to redeem existing senior notes and for general corporate purposes.
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Avis Budget Group, Inc. (CAR) reported strong financial results for Q4 and full year 2023, with record revenues of $2.8 billion and $12.0 billion respectively. Net income reached $260 million for Q4 and $1.6 billion for the full year. Adjusted EBITDA stood at $311 million for Q4 and $2.5 billion for the full year. The company ended the year with a liquidity position of over $800 million and additional fleet funding capacity of $900 million. A special cash dividend of $10 per share was paid to shareholders, and share repurchases totaled $257 million in Q4 and $889 million for the year. A successful debt refinancing was also completed in November.
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Avis Budget Group, Inc. (CAR) will report its Q4 2023 results on February 12th, 2024, and host a conference call for institutional investors on February 13th, 2024. The call will be accessible at ir.avisbudgetgroup.com or by dialing (877)-407-2991. A web replay and telephone replay will also be available.
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Zipcar (ZIP) Launches Electric Vehicle (EV) Initiative in 10 U.S. Cities
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Avis Budget Group, Inc. (NASDAQ: CAR) declared a special cash dividend of $10.00 per share of common stock, payable on December 21, 2023, to stockholders of record as of December 15, 2023. The company has also purchased approximately 1.3 million shares of its common stock in the fourth quarter of 2023, with $820 million remaining under its share repurchase program.
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FAQ

What is Avis Budget Group, Inc.?

Avis Budget Group, Inc. is a leading global provider of vehicle rental and car-sharing services, operating under brands like Avis, Budget, and Zipcar.

Where is Avis Budget Group headquartered?

The company is headquartered in Parsippany, New Jersey.

What recent initiatives has Zipcar launched?

Zipcar has launched an electric vehicle (EV) initiative in major U.S. cities to provide equitable and sustainable transportation options.

What are the primary services offered by Avis Budget Group?

Avis Budget Group offers vehicle rental services through Avis and Budget brands and car-sharing services through Zipcar.

How many rental locations does Avis Budget Group have?

The company has over 10,000 rental locations in approximately 175 countries.

Who are the target customers for Avis and Budget brands?

Avis targets the premium commercial and leisure segments, while Budget focuses on value-conscious customers.

What is the significance of the electric vehicle (EV) initiative by Zipcar?

The EV initiative aims to offer sustainable transportation options and allocate 25% of the electric fleet to disadvantaged communities.

How many employees does Avis Budget Group have?

Avis Budget Group has approximately 30,000 employees.

In which regions does Avis Budget Group primarily operate directly?

Avis Budget Group operates most of its car rental offices directly in North America, Europe, and Australasia.

What is the White House EV Acceleration Challenge?

The White House EV Acceleration Challenge supports efforts to transition to equitable and sustainable transportation, and Zipcar is a participant in this initiative.

Avis Budget Group, Inc.

Nasdaq:CAR

CAR Rankings

CAR Stock Data

3.75B
17.27M
2.81%
97.08%
9.22%
Passenger Car Rental
Real Estate and Rental and Leasing
Link
United States of America
PARSIPPANY