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The Story Behind The Ticker: Avis Budget

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The Story Behind The Ticker: Avis Budget

Ever needed a car for a short period of time? Car rental company Avis Budget Group Inc (NASDAQ: 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 (NASDAQ: WYND) and its real estate franchise spun-off into Realogy (NASDAQ: RLGY).

Car rental companies have recently come under financial difficulties as rentals drop due to the coronavirus pandemic. Hertz (NYSE: HTZfiled for bankruptcy after months of speculation.

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Photo credit: Raysonho @ Open Grid Scheduler / Grid Engine, via Wikimedia

 

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