Avis Not Increasing Its Carey Ownership

LCT Magazine
Posted on November 7, 2008
BTN Breaks Carey Story: Avis Budget Group today confirmed to Business Travel News that it has declined to increase its stake in chauffeured transportation provider Carey International to 80% from 45%. Avis Budget had one year to assume the majority stake following its initial October 2007 investment in Carey.

"Due to the challenging economic environment, we have chosen not to exercise our option," Avis Budget vice president of corporate communications and public affairs John Barrows said in an e-mail to BTN today.

Avis Budget officials had described the initial $60 million investment in Carey as a way to diversify its offerings to offer a complete ground transportation solution to the corporate market. "It's another product to put in our bag," Avis Budget CEO Ronald Nelson told BTN in January. "Many of our top customers spend as much on limo as they do on car rental."

Related Topics: breaking news

Comments ( 0 )
More Stories
Video

LCT East: Catch the Wave of Success

LCT/NLA Show East takes place November 5-7, 2017 at Harrah's Resort Atlantic City and offers a complete trade show marketplace, networking forum, and educational lineup ideal for limousine and bus operators nationwide and based on the East Coast.

Mike Pinckard, CEO of Total Transit and TLPA president (photo from TLPA)
News

Arizona CEO Named TLPA President

The Total Transit executive takes the reins of the world’s largest for-hire fleet association and outlines the agenda for the coming year.