As the world still reels back from the COVID-19 pandemic, Avis Budget Group, a leading global provider of mobility solutions through its Avis and Budget brands claims it generated positive growth in the fourth quarter of 2020.
Despite revenues dropping by 37 per cent for the fourth quarter compared to the previous year, Avis Budget Group reported a positive adjusted net income through disciplined cost removal of more than 500 million USD. The company’s liquidity position at the end of 2020 was 1.3 billion USD post returning 600 million USD back into its vehicle programs, to ensure they are ready for 2021.
While apprehensions surrounding travel continue to prevail to a certain degree, the company is witnessing an unusually strong transformation in the way consumers are preferring to travel in the new normal era, post lockdown. People are choosing mobility solutions that are not just flexible, safe, and hygienic but also cost-effective.
Avis India, a joint venture between Avis Budget Group and The Oberoi Group, is a car hire, leasing, and fleet management provider. The company has a fleet of more than 8000 premium cars across the country, with a network extending across 50 conveniently-located stations in 19 cities.
