November 26, 2022
Chicago 12, Melborne City, USA
Travel

Avis Budget Reports Record Q1 as Corp. Demand Returns

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After the Avis Budget Group’s first quarter slowed due to the impact of the Covid-19 Omicron variant, as other travel providers reported, demand rose around President’s Day and continued into March and the second quarter, company executives once said on Tuesday.

“We report our best-ever first-quarter results in the history of our company,” said Joe Ferraro, CEO of Avis Budget. “We have generated a consistent $ 810 million [earnings before interest, taxes, depreciation and amortization] In the first quarter it was more than the full-year consistent EBITDA of 2019. And we’ve delivered it, which is usually the lowest quarter of the year. “

In January, retirement demand softened significantly and corporate demand was “non-existent,” according to Ferrero. But towards the end of the first quarter, corporate demand “improved to points above the 2019 level in the same period of that quarter,” he added. “As I said in the last call, I firmly believe that commercial business is good for our company. It gives you a mid-week peak on how to use the fleet more efficiently.… I think you’ll see a particularly good mix up front.” The second quarter of both commercial and leisure. “

Corporate clients have also been keeping their cars for a long time, and “prices have risen for us for commercial business,” Ferraro said, adding that there has also been a “tremendous increase in pleasure.” Our split-bill technology allows our consumers to use their cars. Corporate cards for mid-week, then put them on personal cards over the weekend. “

Avis Budget reported $ 2.4 billion in revenue for the first quarter of 2022, up 77 percent from the same period in 2021 and 27 percent from Q1 2019. Net income was $ 527 million, বেশি more than last year’s loss of $ 170 million U.S. revenue reported $ 2 billion, an increase of 85 percent year-over-year, and International reported $ 432 million, about 50 percent more than the previous year.

The company reported an average car rental of more than 594,000 vehicles for the quarter, up from just 412,000 in 2021. Vehicle use was stable at about 67 percent Rents increased from just under 25 million in the first quarter of 2021 to just over 36 million.

Further, due to strong consumer feedback and the efficiency we’ve seen in our workflow, Avis Budget is dedicating additional resources to expand its Avis QuickPass offer, Ferraro says, enabling a seamless experience from the arrival of preferred customers to the completion of their rent. “Our goal is to deploy quickpasses at most of our major airports during the summer travel season,” Ferraro said.

Related: Avis Budget 4 Q4 2021 Revenue

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