Avis Budget Group’s pricing in the Americas and commercial
demand overall were flat during the quarter, but the third quarter typically is
a stronger month for leisure than corporate business, executives said during
the company’s earnings call. Total vehicle rental revenue increased 1.2 percent
to $1.8 billion.
The daily car rental rate decreased 8 percent year over year
during the third quarter to $39.48. In the Americas, it declined 2 percent to
$42.12, and outside the region, it plummeted 19 percent to $34.21, owing
primarily to currency exchange effects.
Rental days rose 10 percent, including a 4 percent increase
in the Americas and a 23 percent increase elsewhere.
The company reported a net income of $184 million for the
quarter, down from the $192 million reported in the third quarter of 2014. CEO
Ron Nelson, who
is retiring at the end of the year, added that 2015 would “be the most
profitable year in the company’s history.”