Budget

Budget Rent a Car System, Inc. is an American car rental company that was foundedin 1958 in Los Angeles, California by Morris Mirkin. Budget's operations areheadquartered in Parsippany-Troy Hills, NewJersey.

With its original fleet of 10 cars,the company lived up to the 'Budget' name by undercutting the daily and permile rental rates of the established airport based car rental companies. Mirkinwas joined in 1959 by Julius Lederer (husband of columnist Ann Landers) whobuilt the company, and made it an international company. In 1960, theheadquarters moved to Chicago,Illinois and therental fleet expanded with franchised and wholly ownedrental outlets.

The company was eventually acquired by Transamerica Corporation, and thensold in 1986 in a leveragedbuyout byGibbons, Green and van Amerongen Ltd., along with management (led by CEOClifton E. Haley) and selected investors. The company made its first publicstock offering in 1987.

Team Rental Group purchased the publiccompany in 1997 and took the nameBudgetGroup. In 2002, it sold the company's assets to Cendant Corporation, whichalso owned Avis and in September2006, Cendant Corporation separated into four independent companies. The realestate division became Realogy, Inc., its hospitality services division became Wyndham Worldwide, and the traveldistribution services division became Travelport, Inc., an affiliate of The Blackstone Group. In 2006,following the Travelport sale, Cendant, now composed solely of its vehicle rentalservices businesses, renamed itself AvisBudget Group.

Of the approximately 800 Budget RentalCar locations in the U.S., 600 are company-operated locations and 200 arelicensee locations. Internationally, there are 150 company-operated locationsand 1,800 licensees.