Avis revenue fell 17 percent to $1.19 billion
The car rental giant Avis recorded a fall in revenue of 17% to $1.19 billion . Revenue in the US market fell by 15 percent, while the international car rental market dropped 29 percent.
Avis stock price remains down more than 80% from the middle of last year, but the company has a goal to reduce cost by between $150 to $200 million in annual savings by the middle of the year.
It looks like a tough year ahead for many car rental companies, but there may be light at the end of the tunnel as the holiday season starts. But with many car rental companies cutting their fleets it may become more difficult to hire a car, so we would recommend that you book your car rental as early as you can to avoid disappointment.
If you are looking for car hire try 1st for car hire, who offer car rentals at over 8,000 locations worldwide.
May 7th, 2009 at 8:32 am
Dollar car rental group has also reported losses during the first quarter of this year, however they are less than expected, because they have been helped by a major cost cutting drive which has reduced operating costs.
Also Vauxhall is now cutting volume to rental partners in the UK.
Vauxhall is cutting the number of rental compaines it supplier down from 10 to 4 to reduce the number of cars it sells to the rental market.
According to a Vauxhall insider the decision to make the reductions was because of the fall in the value of sterling against the euro.
September 18th, 2010 at 4:19 am
The car rental industry is in big trouble, as they can not get the finance they require from the banks.