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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Avis Budget Group, Inc.    CAR


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Avis Budget Group Surpasses 200,000 Connected Vehicle Mark

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12/16/2019 | 09:01am EDT

PARSIPPANY, N.J., Dec. 16, 2019 (GLOBE NEWSWIRE) -- Avis Budget Group announced today that it has surpassed the 200,000 connected car threshold globally, a significant marker on its journey to fully connecting its fleet of more than 600,000 vehicles. To date, the company has seen numerous benefits, including reduced costs thanks to new operational efficiencies; increased revenue from better recovery of costs; happier customers thanks to more responsive and personalized technology; and new business models enabled by both the connected platform and vehicle data.

“We’re seeing not only near-term, bottom-line benefits from our connected initiative, but also setting the stage for long-term growth by unlocking new opportunities for products, services and partnerships previously impossible,” said Arthur Orduña, chief innovation officer of Avis Budget Group.

Operational Benefits
A fully connected fleet increases operational efficiency for Avis Budget Group by providing greater visibility into fleet usage and access to information in real-time. Connected car data, combined with analytics, provides business-critical information across numerous aspects of fleet management, including inventory, tire pressure, fuel levels mileage, vehicle location and ready-state, which leads to a more efficient workforce, better maintained vehicles, and ultimately a better customer experience.

Customer Benefits
In the past year, Avis Budget Group introduced new app features to improve the overall customer experience. It piloted 3-D imaging of vehicles to automate the process of inspecting the vehicle for damage, freeing the customer to get on with the trip. Customers in connected cars save time because they can bypass the exit gate and don’t need an attendant to check the car back in upon return – the data is automatically sent to the accounting system and a bill is generated electronically in near real time.

Earlier this year, J.D. Power named the Avis mobile app the highest rated car rental app, while its scores topped all other travel-related apps as well.

New Business Models
With a growing number of vehicles connected to both the cloud and to mobile applications, Avis Budget Group has been able to create new revenue streams through new business models including Fleet Management as a Service, Data as a Service and its Developer Program. The company is providing fleet services to rideshare providers, including Uber, Lyft and Via. The company has partnered with Otonomo to develop new markets for aggregated, anonymized vehicle data, while also exploring opportunities with public sector and academic institutions to solve problems like congestion and emissions. Through its developer program it is creating new opportunities for third party service providers, like Arrive (which integrated its parking service into the Avis app), to improve the overall customer experience while generating new revenue opportunities for the company.

“We’ve really just scratched the surface of the potential of our connected initiative,” said Orduña. “We look forward to unlocking even more possibilities in 2020 and beyond.”

Avis Budget Group works directly with OEMs including Ford, Toyota, GM and Groupe PSA as well as third-party hardware companies including I.D. Systems and Continental to connect vehicles to its cloud-based platform.

About Avis Budget Group
Avis Budget Group, Inc. is a leading global provider of mobility solutions, both through its Avis and Budget brands, which have more than 11,000 rental locations in approximately 180 countries around the world, and through its Zipcar brand, which is the world's leading car sharing network, with more than one million members. Avis Budget Group operates most of its car rental offices in North America, Europe and Australasia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group has approximately 30,000 employees and is headquartered in Parsippany, N.J. More information is available at www.avisbudgetgroup.com.

Katie McCall                                                                                                  

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© GlobeNewswire 2019
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Financials (USD)
Sales 2020 8 416 M
EBIT 2020 219 M
Net income 2020 253 M
Debt 2020 2 867 M
Yield 2020 -
P/E ratio 2020 3,31x
P/E ratio 2021 2,90x
EV / Sales2020 0,43x
EV / Sales2021 0,40x
Capitalization 783 M
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