PARSIPPANY, N.J. — Avis Budget Group officials last week announced the company plans to double the revenue of Carey by 2013 International and increase the amount of cars in its fleet for which it assumes responsibility for resale.
"We fully expect to be able to double the revenue of Carey over the next five years, and that's primarily based on increasing the penetration of corporate accounts," said Avis Budget chairman and CEO Ronald Nelson during the company's annual earnings call. "It presents some interesting packaging opportunities on the retail side of the business. Many of our largest corporate accounts have inquired about the ability to integrate car rental and limousine service. We see enormous value in our cross-selling with Carey and expect our investment to pay off handsomely."
Avis Budget acquired a 45% interest in Carey last October, with an option to increase it to 80 percent within one year. Carey reported $332 million in 2006 system-wide revenue in BTN's 2007 Business Travel Survey.
SOURCE: Business Travel News