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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, 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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Avis Budget Group, Inc. (NASDAQ: CAR) announced a private offering of $500 million aggregate principal amount of 8.00% senior notes due 2031. The Notes will be issued at an issue price of 99.341% and guaranteed by the Company and certain subsidiaries. The net proceeds will be used for redeeming outstanding senior notes, repaying a portion of a term loan, and general corporate purposes.
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Avis Budget Group, Inc. (NASDAQ: CAR) announced a private offering of $500 million aggregate principal amount of senior notes due 2031 to redeem outstanding senior notes due 2025, repay a portion of its floating rate term loan, and cover general corporate purposes. The Notes and related guarantees are being offered to qualified institutional buyers under Rule 144A or to non-U.S. persons under Regulation S. The offering is not registered under the Securities Act and is for informational purposes only.
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Avis Budget Group, Inc. (NASDAQ: CAR) reported Q3 2023 financial results with revenues of $3.6 billion, net income of $627 million, and Adjusted EBITDA of $907 million. The company ended the quarter with a liquidity position of $1.0 billion and additional fleet funding capacity of $1.1 billion. Q3 highlights include rental days up 5% compared to the same period last year and strong demand in the Americas and International segments. Avis Budget Group also repurchased 2.2 million shares of common stock for $487 million during the quarter.
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Avis Budget Group announces significant changes within its leadership team. Izzy Martins will become EVP & CFO, Brian Choi will become EVP & Chief Transformation Officer, Jagdeep Pahwa will become Chairman, and Bernardo Hees will continue as a Board Member. The changes will be effective from January 1, 2024. Avis Budget Group is a leading global provider of mobility solutions with rental locations in approximately 180 countries.
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Avis Budget Group to report Q3 2023 results and host conference call
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FAQ

What is the current stock price of Avis Budget Group (CAR)?

The current stock price of Avis Budget Group (CAR) is $80.93 as of October 14, 2024.

What is the market cap of Avis Budget Group (CAR)?

The market cap of Avis Budget Group (CAR) is approximately 2.9B.

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

2.90B
35.65M
2.84%
98.64%
6.85%
Rental & Leasing Services
Services-auto Rental & Leasing (no Drivers)
Link
United States of America
PARSIPPANY