Avis Budget achieves record revenue in second quarter

Automobile rental agency Avis Finances Group noticed its income climb to a brand new firm file throughout the second quarter of 2022, on account of “continued sturdy demand” and elevated income per day. 

The US-based firm introduced income of $3.2 billion between April and June – one of the best quarter for gross sales in its historical past. This determine was a 37 per cent enhance on the identical quarter in 2021, in addition to being 39 per cent greater than in Q2 2019 earlier than the pandemic struck.

Avis Finances’s web revenue additionally achieved a brand new quarterly excessive at $774 million – up from a revenue of $398 million in Q2 of 2021.

Worldwide income for Avis Finances rose by 71 per cent year-on-year to $677 million for the quarter, whereas gross sales within the Americas went up by 30 per cent to succeed in $2.6 billion.

Income per day for worldwide markets throughout the quarter rose by 44 per cent from $48.72 in 2021 to $70.17 this 12 months, excluding the influence of change fee modifications. The variety of rental days additionally surged by 33 per cent year-on-year to succeed in 10.8 million.

Avis Finances’s CEO Joe Ferraro mentioned: “By enhanced income technology, diligent fleet administration and stringent price management, we generated one other file quarter for the corporate. Our group continues to excel at managing the elevated demand of our prospects.”