Avis Budget Group Expects to Report Strong Revenue Growth and Record Earnings for Third Quarter 2011

Avis Budget Group, Inc. (Nasdaq: CAR) today announced its current expectations for results for its third quarter ending September 30, 2011. The Company expects that all three of its operating segments will report year-over-year increases in Adjusted EBITDA, and that its total third quarter 2011 Adjusted EBITDA excluding certain items will be at the highest level of any quarter in its history.

Avis Budget estimates that revenues will increase 7-8%, to $1.6 billion, in third quarter 2011 compared to third quarter 2010. The Company also projects that Adjusted EBITDA excluding certain items will be $265-275 million in third quarter 2011, an increase of 21-26% from the prior-year quarter, and pretax income excluding certain items will increase 29-35%, to $200-210 million. The Company expects that Domestic car rental volume will increase 5-6%, Domestic pricing will decrease 1-2%, and Domestic fleet costs will be down approximately 20% on a per-unit basis in third quarter 2011 compared to third quarter 2010.

"We have seen increased demand for car rental services throughout the summer travel season and into September. Strong demand, coupled with our ongoing focus on productivity and robust conditions in the used car market, should allow us to report record results for the third quarter," said Ronald L. Nelson, Avis Budget Group Chairman and Chief Executive Officer. "Travel demand remains healthy and, based on existing reservations, we expect Domestic car rental volume to increase 4-6% in the fourth quarter compared to the prior year. We also remain excited about the opportunities that the acquisition of Avis Europe will provide."