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Chevrolet Express wagon from Budget Rent-A-Car
Budget Rent a Car System, Inc. is an American
car rental company
that was founded in 1958 in Los Angeles,
California by Morris Mirkin. Budget's operations are
headquartered in Parsippany-Troy Hills
Township, New
Jersey.[1]
With its original fleet of 10 cars the company lived up to the
'Budget' name by undercutting the daily and per mile rental rates
of the established airport based car rental companies. Mirkin was
joined in 1959 by Julius Lederer (husband of Ann
Landers). In 1960 the headquarters was moved to Chicago, Illinois and the rental fleet
expanded with franchised and wholly owned rental
outlets.
The company was eventually acquired by Transamerica Corporation, and
then sold in 1986 in a leveraged buyout by Gibbons, Green and
van Amerongen Ltd., along with management (led by CEO Clifton E.
Haley) and selected investors. It was taken public in 1987.
The public
company was purchased by Team Rental Group in 1997, which took
the name Budget Group. In 2002 the company's
assets were sold to Cendant
Corporation, which also owned Avis. In September 2006 Cendant
Corporation separated into four independent companies by spinning
off its real estate division, now called Realogy, Inc., and its
hospitality services division, now Wyndham Worldwide, and by
selling its travel distribution services division, called
Travelport, Inc., to an affiliate of The Blackstone Group. In 2006,
following the Travelport sale, Cendant, now composed solely of its
vehicle rental services businesses, renamed itself Avis Budget
Group.
References
- ^
"Contact Us." Budget Rent
a Car. Retrieved on June 14, 2009.
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