Avis Budget (CAR): Susquehanna Group Reports 7.7% Stake (2.71M)

A group of Susquehanna-related entities reported beneficial ownership of 2,712,446 shares of Avis Budget Group, Inc. (CAR), representing 7.7% of the class based on 35,192,239 shares outstanding as of May 2, 2025.

Rhea-AI Filing Summary

A group of Susquehanna-related entities reported beneficial ownership of 2,712,446 shares of Avis Budget Group, Inc. (CAR), representing 7.7% of the class based on 35,192,239 shares outstanding as of May 2, 2025. The filing identifies six reporting persons — G1 Execution Services, LLC; SIG Brokerage, LP; Susquehanna Fundamental Investments, LLC; Susquehanna Investment Group; Susquehanna Portfolio Strategies, LLC; and Susquehanna Securities, LLC — and notes certain option positions included in those totals.

The Schedule 13G indicates the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control. The filing also states the reporting persons may be deemed a group and that each disclaims beneficial ownership of shares owned directly by another reporting person.

Positive

• Material disclosure: The group reports an aggregate stake of 2,712,446 shares (7.7%), providing transparency to the market.
• Passive intent disclosed: The Item 10 certification states the securities are held in the ordinary course of business and not to influence control.
• Detailed breakdown: The filing lists each reporting person and quantifies voting and dispositive power, improving clarity.

Negative

• Group designation: The reporting persons "may be deemed a group," which can complicate assessments of coordinated action.
• Options included in totals: The reported holdings include options for SIG Brokerage (42,300), Susquehanna Investment Group (284,200), and Susquehanna Securities (2,198,700), concentrating potential future ownership.
• No affirmative rule box shown: The cover portion lists Rule 13d-1(b)/(c)/(d) options but does not explicitly indicate which rule was checked in the provided text.

Insights

Financial Analyst

TL;DR: Susquehanna entities hold a material 7.7% stake (2.71M shares) in Avis Budget; filing indicates passive intent.

The reported aggregate stake of 2,712,446 shares equals 7.7% of the 35,192,239 shares outstanding cited in the filing, which is above the 5% threshold that typically draws investor attention. The Schedule 13G format and the Item 10 certification explicitly state these shares are held in the ordinary course of business and not to influence control, indicating a passive position rather than an activist intent. The filing also discloses that portions of the reported holdings consist of options (explicitly quantified for three reporting persons), which affect the composition of the stake but are included in the reported beneficial ownership totals.

Corporate Governance Expert

TL;DR: A coordinated filing by affiliated broker-dealers may raise governance monitoring needs but declares no control intent.

The filing names six affiliated entities and states they "may be deemed a group," while also disclaiming ownership of shares held directly by other reporting persons. That dual statement is typical when affiliated broker-dealers report aggregated positions yet preserve legal boundaries among entities. The explicit Item 10 certification that the shares were not acquired to influence control reduces immediate governance concerns, but the disclosure of sizeable option positions for SIG Brokerage, Susquehanna Investment Group and Susquehanna Securities (detailed in the filing) is relevant for monitoring potential future changes in exercise or disposition that could alter voting dynamics.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

Who filed the Schedule 13G for Avis Budget Group (CAR)?

The filing was made by six reporting persons: G1 Execution Services, LLC; SIG Brokerage, LP; Susquehanna Fundamental Investments, LLC; Susquehanna Investment Group; Susquehanna Portfolio Strategies, LLC; and Susquehanna Securities, LLC.

How many shares and what percentage of Avis Budget (CAR) are reported?

The reporting persons disclose beneficial ownership of 2,712,446 shares, representing 7.7% of the class based on 35,192,239 shares outstanding as of May 2, 2025.

Does the Schedule 13G indicate these holdings aim to influence control of CAR?

No. Item 10 includes a certification that the securities were acquired and are held in the ordinary course of business and were not acquired to change or influence the issuer's control.

Are option positions included in the reported ownership?

Yes. The filing states the reported totals include options: SIG Brokerage: 42,300; Susquehanna Investment Group: 284,200; Susquehanna Securities: 2,198,700 options are included in the reported beneficial ownership.

What is the relevant date triggering this filing?

The cover information lists the date of the event requiring filing as 06/30/2025, and the signatures are dated 08/13/2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/14/2025 - 10:29 AM EDT Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Avis Budget Group, Inc.

(Name of Issuer)

Common Stock, $0.01 par value per share

(Title of Class of Securities)

053774105

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 053774105

1

Names of Reporting Persons

G1 Execution Services, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

ILLINOIS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 47,813.00
6	Shared Voting Power 2,712,446.00
7	Sole Dispositive Power 47,813.00
8	Shared Dispositive Power 2,712,446.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,712,446.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.7 %

12

Type of Reporting Person (See Instructions)

BD, OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP No. 053774105

1

Names of Reporting Persons

SIG Brokerage, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 49,344.00
6	Shared Voting Power 2,712,446.00
7	Sole Dispositive Power 49,344.00
8	Shared Dispositive Power 2,712,446.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,712,446.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.7 %

12

Type of Reporting Person (See Instructions)

BD, PN

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP No. 053774105

1

Names of Reporting Persons

Susquehanna Fundamental Investments, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 69,004.00
6	Shared Voting Power 2,712,446.00
7	Sole Dispositive Power 69,004.00
8	Shared Dispositive Power 2,712,446.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,712,446.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.7 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP No. 053774105

1

Names of Reporting Persons

Susquehanna Investment Group

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 284,200.00
6	Shared Voting Power 2,712,446.00
7	Sole Dispositive Power 284,200.00
8	Shared Dispositive Power 2,712,446.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,712,446.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.7 %

12

Type of Reporting Person (See Instructions)

BD, PN

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP No. 053774105

1

Names of Reporting Persons

Susquehanna Portfolio Strategies, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 13,230.00
6	Shared Voting Power 2,712,446.00
7	Sole Dispositive Power 13,230.00
8	Shared Dispositive Power 2,712,446.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,712,446.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.7 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

CUSIP No. 053774105

1

Names of Reporting Persons

Susquehanna Securities, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,248,855.00
6	Shared Voting Power 2,712,446.00
7	Sole Dispositive Power 2,248,855.00
8	Shared Dispositive Power 2,712,446.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,712,446.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

7.7 %

12

Type of Reporting Person (See Instructions)

BD, OO

Comment for Type of Reporting Person: With respect to Row 5 through Row 9 above, G1 Execution Services, LLC, SIG Brokerage, LP, Susquehanna Investment Group and Susquehanna Securities, LLC are affiliated independent broker-dealers which, together with Susquehanna Fundamental Investments, LLC and Susquehanna Portfolio Strategies, LLC, may be deemed a group. For purposes of this report, we have indicated that each reporting person has sole voting and dispositive power with respect to the shares beneficially owned by it and that the reporting persons have shared voting and dispositive power with respect to all shares beneficially owned by all of the reporting persons. Each of the reporting persons disclaims beneficial ownership of shares owned directly by another reporting person.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Avis Budget Group, Inc.
(b)	Address of issuer's principal executive offices: 379 Interpace Parkway, Parsippany, NJ 07054
Item 2.
(a)	Name of person filing: This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons" with respect to the shares of Common Stock, $0.01 par value per share (the "Shares"), of Avis Budget Group, Inc. (the "Company"). (i) G1 Execution Services, LLC (ii) SIG Brokerage, LP (iii) Susquehanna Fundamental Investments, LLC (iv) Susquehanna Investment Group (v) Susquehanna Portfolio Strategies, LLC (vi) Susquehanna Securities, LLC
(b)	Address or principal business office or, if none, residence: The address of the principal business office of G1 Execution Services, LLC is: 175 W. Jackson Blvd. Suite 1700 Chicago, IL 60604 The address of the principal business office of each of SIG Brokerage, LP, Susquehanna Fundamental Investments, LLC, Susquehanna Investment Group, Susquehanna Portfolio Strategies, LLC and Susquehanna Securities, LLC is: 401 E. City Avenue Suite 220 Bala Cynwyd, PA 19004
(c)	Citizenship: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)	Title of class of securities: Common Stock, $0.01 par value per share
(e)	CUSIP No.: 053774105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The number of Shares reported as beneficially owned by SIG Brokerage, LP includes options to buy 42,300 Shares. The number of Shares reported as beneficially owned by Susquehanna Investment Group consists of options to buy 284,200 Shares. The number of Shares reported as beneficially owned by Susquehanna Securities, LLC includes options to buy 2,198,700 Shares. The Company's Quarterly Report on Form 10-Q, filed on May 8, 2025, indicates that there were 35,192,239 Shares outstanding as of May 2, 2025.
(b)	Percent of class: 7.7 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(ii) Shared power to vote or to direct the vote: The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

G1 Execution Services, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	08/13/2025

SIG Brokerage, LP

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Assistant Secretary
Date:	08/13/2025

Susquehanna Fundamental Investments, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Assistant Secretary
Date:	08/13/2025

Susquehanna Investment Group

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, General Counsel
Date:	08/13/2025

Susquehanna Portfolio Strategies, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Assistant Secretary
Date:	08/13/2025

Susquehanna Securities, LLC

Signature:	/s/ Brian Sopinsky
Name/Title:	Brian Sopinsky, Secretary
Date:	08/13/2025

Exhibit Information

EXHIBIT INDEX EXHIBIT DESCRIPTION ________ ________ 99 Joint Filing Agreement