Budget Rent A Car for car hire in the USA
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Budget Rent A Car History
Budget Rent a Car System, Inc. is an American car rental company that was founded in 1958 in Los Angeles, California by Morris Mirkin. Budget car hire USA operations are headquartered in Parsippany-Troy Hills Township, New Jersey.
With its original fleet of 10 cars the company lived up to the 'Budget' name by undercutting the daily and per mile rental rates of the established airport based car rental companies. Mirkin was joined in 1959 by Julius Lederer (husband of Ann Landers). In 1960 the headquarters was moved to Chicago, Illinois and the rental fleet expanded with franchised and wholly owned rental outlets.
The company was eventually acquired by Transamerica Corporation, and then sold in 1986 in a leveraged buyout by Gibbons, Green and van Amerongen Ltd., along with management (led by CEO Clifton E. Haley) and selected investors. It was taken public in 1987.
The public company was purchased by Team Rental Group in 1997, which took the name Budget Group. In 2002 the company's assets were sold to Cendant Corporation, which also owned Avis. In September 2006 Cendant Corporation separated into four independent companies by spinning off its real estate division, now called Realogy, Inc., and its hospitality services division, now Wyndham Worldwide, and by selling its travel distribution services division, called Travelport, Inc., to an affiliate of The Blackstone Group. In 2006, following the Travelport sale, Cendant, now composed solely of its vehicle rental services businesses, renamed itself Avis Budget Group.
1958 - Budget Rent A Car is founded in Los Angeles by Morris Mirkin with a $10,000 investment. The company name is chosen to appeal to the "budget-minded" or “value-conscious” renter.
1959 - Mirkin's distant relative, Jules Lederer becomes enamored with the Budget concept and creates a leasing company to help Mirkin increase his fleet and grow the business.
1960 - Lederer and Mirkin form Budget Rent A Car Corporation in Chicago, and the company grows rapidly, both nationally and internationally.
1986 - Gibbons, Green and van Amerongen Ltd., along with management and selected investors, buy Budget from Transamerica Corp. in a leveraged buyout transaction.
1987 - Budget announces its initial public offering of 3.2 million shares.
1992 - Budget moves its long-time downtown Chicago headquarters to Lisle, IL.
1997 - Budget is bought by Team Rental Group, Budget’s largest U.S. franchisee, and changes its name to Budget Group, Inc. Budget Group begins trading on the NYSE. Later that year, Budget unveils “Unlimited Budget,” a travel agent loyalty program through which members can receive a free Unlimited Budget debit MasterCard and earn valuable points for completed bookings.
1998 - Budget introduces “Fastbreak,” its paperless-transaction express service.
2002 - Budget Group is de-listed from the NYSE and sells its Budget Rent A Car assets in the U.S., Canada, Latin America, the Caribbean, Australia and New Zealand to Cendant Corporation. Other worldwide assets are sold to Avis Europe plc. Cendant moves Budget headquarters from Lisle, IL to Parsippany, NJ.
2003 - Budget rolls out the “Budget Business Program,” a corporate discount program that offers small and mid-sized businesses low corporate rates, complimentary Fastbreak service and no additional driver fees. Budget launches “Budget Pride,” a comprehensive employee motivation program.
2006 - Cendant Corporation separates into four independent companies: Realogy, Wyndham Worldwide, Travelport, and Avis Budget Group, Inc. Through this separation, Budget Rent A Car System, Inc. is now a subsidiary of Avis Budget Group.
2009 - Avis Budget Group responds to customer feedback and institutes a smoke-free policy in its vehicles. The Company also establishes a smoke-free policy for all employees and contractors who drive its vehicles.
2011 - Avis Budget Group acquires Avis Europe plc. The transaction re-unites Avis Budget Group with its licensee for Europe, the Middle East, Africa and Asia.
Budget Rent A Car rates include
- Unlimited Mileage.
- Loss Damage Waiver (LDW) which is a combination insurance of both Collision Damage Waiver (CDW) and Theft Waiver. As long as you adhere to the rental policy of the supplier you will not be held responsible for the cost of replacement or repair to your hire vehicle.
- Uninsured Motorist Protection (UMP) up to $1m Liability Cover. Offers an Uninsured/Underinsured/Hit-and-Run Motorist Protection (UMP) that provides the renter and family members traveling together in the rented vehicle with up to $1,000,000 of non-stacked coverage for bodily injury sustained while driving the rental car, and caused by another driver who has no insurance, minimal insurance, or is a hit-and-run driver.
- Supplemental Liability Insurance (SLI) up to $1m Liability Cover. All drivers included on the rental agreement will not be held liable for third party claims for bodily injury or property damage resulting from an accident.
- Basic Roadside Assistance
- All Taxes and Airport Fees.
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