Avis Budget Group’s average rental fleet in the Americas increased 32% to 500,653 units, remarkable in that the U.S. car rental industry overall bought 32% fewer vehicles in the first half of 2022 compared to 2021.
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For the second quarter of 2022, Avis Budget Group shattered all major revenue and income records in the book.
Avis’s global revenue of $3.2 billion was 37% above the second quarter of 2021 and 39% over 2019, making it the company’s best quarterly revenue in the company’s history. Net income was $774 million and adjusted EBITDA was $1.2 billion, again all-time highs.
“Through enhanced revenue generation, diligent fleet management and stringent cost control, we generated another record quarter for the Company, highlighted by the Americas reporting over one billion of Adjusted EBITDA for the first time in a quarter and International achieving their highest second quarter Adjusted EBITDA ever,” said Joe Ferraro, Avis Budget Group CEO.
Adjusted EBITDA in the Americas was $1.0 billion for the second quarter 2022 — another record — driven by the highest quarter demand in history and strong pricing. Adjusted EBITDA in International was $183 million, a record for International.
In the Americas, Avis reported 28% more rental days for the quarter, with revenue per unit, per day increasing 2% to 80.91, while average fleet costs dropped 62% to $86 per unit. Average rental fleet in the Americas increased 32% to 500,653 units, remarkable in that the U.S. car rental industry overall bought 32% fewer vehicles in the first half of 2022 compared to 2021.