Avis Budget acquires Payless Car Rental - Car Rental News
Avis Budget acquires Payless Car Rental
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Car Rental News - 18/07/2013
US-based car hire giant Avis Budget has acquired Payless Car Rental, reports said at the weekend.
US-based car hire giant Avis Budget has acquired Payless Car Rental, reports said at the weekend.
According to an RTT News report published on Monday, Avis Budget Group has secured the smaller low-cost rival in a cash deal worth about $50 million (£32.7 million). Officials from the firm said that the move would help the company accelerate its growth as one of the top rental firms.
Ron Nelson, Avis Budget Group’s chief executive said in a statement that the addition of Payless would bring Avis Budget customers greater flexibility and added that his company would gain a new segment of the rental market.
According to a statement released on Monday, Payless generates around $80 million in revenue each year via its 120 locations in the Americas and Europe.
The move comes amid continued consolidation within the car hire industry; Avis Budget bought out Massachusetts-based car-sharing firm Zipcar in March for some $500 million (£327 million), whilst its main competitor Hertz acquired the much sought-after Dollar Thrifty Automotive Group late last year.
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