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In 2002, Cendant bought Budget Rent a Car out of bankruptcy for $110 million plus $2.8 billion in assumed debt. The combination of Budget with Avis made Cendant the second-largest car rental company in the U.S. In 2004, Cendant began a series of moves to simplify its business and focus on its core areas of real estate and travel.
2001 - Cendant purchases all of the outstanding shares of Avis Group Holdings it did not currently own in a transaction valued at $937 million, resulting in Avis Rent A Car System, Inc. becoming a wholly owned subsidiary of Cendant. The company's world headquarters moves from Garden City, NY to Parsippany, NJ.
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Following the decision to dissolve the Cendant company name and split into four separate companies, the vehicle rental division of Cendant became Avis Budget Group in 2006. In 2011, Avis Budget Group acquired Avis Europe, an independently owned company licensee, globally reuniting the Avis and Budget brands.
Avis Car Rental is a global brand with approximately 5,500 locations in more than 165 countries. It is owned by Avis Budget Group, Inc. and was formerly part of Cendant Corporation until 2006.
Sep 4, 2006 · Shares of Avis Budget Group began trading on the New York Stock Exchange today, following the completed spin-offs of most of parent company Cendant Corp.'s diverse operations. Cendant Corp.'s shareholders last week voted to change the company's name to the Avis Budget Group and also approved a reverse 1-for-10 stock split for trading today.
Silverman is best known for his role in building Cendant Corporation into a multibillion-dollar business services company that provided car rentals, travel reservation services as well as real estate brokerage services and was also the largest franchisor of hotels globally.
NYSE :CAR | As of May 24, 2024 4:00 pm EST. ... We have approximately 24,500 employees working across 10,250 rental locations in over 180 countries.
