Avis Budget Group is a global vehicle rental company operating primarily under the Avis, Budget, and Zipcar brands. Avis (~56% of revenue) targets business and leisure travelers through corporate accounts and premium service, while Budget (~37% of revenue) targets value-conscious customers. Zipcar serves urban residents and college students through hourly and daily car-sharing via a mobile app. The company also operates Budget Truck for consumer and commercial moving needs, and licenses its brands to independent operators in ~175 countries, generating roughly $150M annually in royalty fees. Avis Budget generates revenue by renting vehicles and charging for time, mileage, and ancillary products like insurance, GPS, and tolling devices. The key financial drivers are revenue per day, rental volume (tied closely to airline passenger traffic), and fleet cost per unit per month — the spread between what the company pays for vehicles and what it recovers when it sells them, amortized over the holding period. Fleet management is the core operational challenge: the Americas fleet (~97% risk vehicles) carries full residual value exposure to used car prices, while the International segment uses manufacturer repurchase agreements for ~52% of its fleet to reduce that risk. A key strategic initiative is "Avis First," a premium curbside service being rolled out across U.S. and European locations. Avis Budget also recently announced a partnership with Waymo to manage fleet operations for autonomous ride-hailing in Dallas, which the company sees as a long-term expansion of its fleet management capabilities.