Avis Budget Group reported a second-quarter net loss of $6 million

versus a net profit of $15 million a year earlier. Car rental revenue dropped 17 percent, largely resulting from a 21 percent decline in total car rental days. Time and mileage revenue per day, however, increased 4 percent to $40.50. Employee count was down 26 percent year over year and the size of the rental fleet decreased 21 percent as the company attempted to more closely match supply with "sharply reduced demand," according to CEO Ronald Nelson. He added that "rental volumes did stabilize" during the quarter and the company "continued to retain more than 99 percent of our commercial accounts."