Avis Budget Group announces the acquisition of Turiscar Group car rental company in Portugal

PORTUGAL, SPAIN, 2018-Oct-08 — /Travel PR News/ — Avis Budget Group, Inc. (NASDAQ: CAR), a leading mobility solutions provider, today (October 3, 2018) announced it has acquired Turiscar Group a well established, family-owned, car rental company in Portugal.

The acquisition will see Avis Budget Group bring on board this leading organisation in Portugal with two distinct brands: Turiscar, a well-respected rental provider primarily in the corporate market, including light commercial vehicles; and a sister brand, Turisprime, focused on leisure and tourism business. The acquisition adds approximately 3,000 vehicles to Avis Budget Group’s network in Portugal and is a key step in strengthening its commitment to the local market.

Mark Servodidio, President, International, Avis Budget Group commented: “We are delighted to announce our acquisition of Turiscar in Portugal and welcome its employees to the Group. The offerings of both brands not only extend our Portuguese network, but also increase our ability to address the needs of a wide range of customers.”

“Following the recent acquisitions of Morini in Italy and ACL in the UK, this acquisition marks another step in our international expansion strategy and demonstrates the pace and momentum in the region and we look forward to continuing this progress.

The acquisition closed 3rd October 2018. Turiscar Group employees will now work under the leadership of Gianluca Testa, Managing Director of the Southern Region, Avis Budget Group. Terms of the transaction were not disclosed.

About Avis Budget Group
Avis Budget Group, Inc. is a leading global provider of mobility solutions, both through its Avis and Budget brands, which have more than 11,000 rental locations in approximately 180 countries around the world, and through its Zipcar brand, which is the world’s leading car sharing network, with more than one million members. Avis Budget Group operates most of its car rental offices in North America, Europe and Australasia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group has approximately 31,000 employees and is headquartered in Parsippany, N.J. More information is available at www.avisbudgetgroup.com

Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, the anticipated benefits of such acquisition and anticipated integration of the business. In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this press release may not occur. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date stated, or if no date is stated, as of the date of this press release. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in Avis Budget Group’s Annual Report on Form 10-K for the year ended December 31, 2017, and in other filings and furnishings made by the Company with the SEC from time to time. The Company undertakes no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

Media Contact:
Laura Watts
+44(0)7342 075 430

Investor Contact:
Neal Goldner
(973) 496-1040

Source: Avis Budget Group