Car rental firm Avis Budget Group saw its revenue climb to a new company record during the second quarter of 2022, due to “continued strong demand” and increased revenue per day.
The US-based company announced revenue of $3.2 billion between April and June – the best quarter for sales in its history. This figure was a 37 per cent increase on the same quarter in 2021, as well as being 39 per cent higher than in Q2 2019 before the pandemic struck.
Avis Budget’s net profit also achieved a new quarterly high at $774 million – up from a profit of $398 million in Q2 of 2021.
International revenue for Avis Budget rose by 71 per cent year-on-year to $677 million for the quarter, while sales in the Americas went up by 30 per cent to reach $2.6 billion.
Revenue per day for international markets during the quarter rose by 44 per cent from $48.72 in 2021 to $70.17 this year, excluding the impact of exchange rate changes. The number of rental days also surged by 33 per cent year-on-year to reach 10.8 million.
Avis Budget’s CEO Joe Ferraro said: “Through enhanced revenue generation, diligent fleet management and stringent cost control, we generated another record quarter for the company. Our team continues to excel at managing the increased demand of our customers."