Avis Budget Group posted a first-quarter net loss of $45 million

, wider than the $12 million loss from a year earlier. Car rental revenue declined 18 percent "driven primarily by a 17 percent decrease in rental days." CEO Ronald Nelson said, "Although volumes seemed to stabilize in March, we nonetheless faced challenging conditions as both leisure and commercial demand declined significantly as a consequence of the overall economic environment." The company said it achieved "virtually 100 percent renewal rate on commercial agreements along with several new client signings."