Avis Budget Group's "commercial volumes declined significantly

" in the fourth quarter. The company reported a quarterly net loss of $121 million as car rental revenue declined 9 percent. Including large impairment charges, Avis Budget lost $1.1 billion for full-year 2008, versus a 2007 loss of $916 million. CEO Ronald Nelson cited "an unprecedented set of challenging conditions" and "sharply lower year-over-year pricing." Avis Budget expects a "challenging" first half in 2009.