Ever needed a car for a short period of time? Car rental company Avis Budget Group Inc CAR makes it known they specialize in cars.
Avis Budget Group was actually part of a larger, now-defunct company called Cendant. The company split into different segments, and the automobile rental segment consisted of Avis and Budget. The two now exist as Avis Budget Group.
Unbeknownst to most, the Cendant spin-off resulted in a couple of other well-known companies. Its hotel franchises spun-off into Wyndham Destinations WYND and its real estate franchise spun-off into Realogy RLGY.
Car rental companies have recently come under financial difficulties as rentals drop due to the coronavirus pandemic. Hertz HTZ filed for bankruptcy after months of speculation.
Related Links:
The Story Behind The Ticker: The Cheesecake Factory
The Story Behind The Ticker: Constellation Brands
Photo credit: Raysonho @ Open Grid Scheduler / Grid Engine, via Wikimedia
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.