SOURCE: Avis Budget Group, Inc.

November 24, 2008 10:23 ET

Avis Budget Group Announces Rate Increase

PARSIPPANY, NJ--(Marketwire - November 24, 2008) - Avis Budget Group (NYSE: CAR) today announced a recent increase in retail car rental rates of $3.00 per day and $20.00 per week, effective December 1, 2008, applicable to all airport and selected off-airport rentals in the U.S. other than those covered by corporate account agreements or other special arrangements.

The new rate increase is the latest in a series of recent industry retail price increases. "The severe impact of escalating costs affecting our business clearly requires that rates rise over time in order to improve profitability," said Scott Deaver, executive vice president, strategy, Avis Budget Group.

About Avis Budget Group, Inc.

Avis Budget Group is a leading provider of vehicle rental services, with operations in more than 70 countries. Through its Avis and Budget brands, the Company is the largest general-use vehicle rental company in each of North America, Australia, New Zealand and certain other regions based on published airport statistics. Avis Budget Group is headquartered in Parsippany, N.J. and has more than 30,000 employees. For more information about Avis Budget Group, visit www.avisbudgetgroup.com.