Leading car hire company Avis Budget Group finally seem to see some light at the end of the tunnel. Despite announcing a US$6 million loss for the second quarter of the year, this is a dramatic improvement on the recent trends and they seem confident that the situation will soon stabilise throughout the market.
In the first quarter of the year, the company made a US$49 million loss, but the company believes that it shouldn’t be too long before they are back in the black.
In a recent interview, Avis Budget Group Chairman and CEO Ronald Nelson said: “While we continued to face sharply reduced demand for vehicle rentals in the second quarter, rental volumes did stabilize. We also made significant progress in several other areas. Our cost saving initiatives continued to deliver substantial benefits. Demand for car rental seems to have stabilized in the second quarter. Third quarter demand, especially in the leisure segment, appears to be modestly stronger than recent trends, allowing some upward pressure on pricing to continue as our fleet levels remain in line with demand.”
No matter what happens, customers can be sure that Avis will still be offering plenty of great deals, making car hire an excellent option for those who want to travel independently while pinching the pennies.
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