Avis Ups Its Ridesharing Partnerships as Pressure Increases on Car Rentals
Skift Take
For Avis Budget Group, strong overseas returns aren't offsetting weakness in the Americas. Through its partnerships with services like Uber and Didi, it's looking for another way to make money with its fleet when rental demand flags.
After a quarter of lukewarm results, Avis Budget Group is hopeful that continuing to diversify its offerings outside traditional car rentals will pay off in 2017.
Avis stock dropped more than 13 percent after announcing Wednesday that its rental volume had dipped one percent in the Americas during the fourth quarter of 2016 and the company had missed its revenue forecast by about $80 million. It blamed weak demand around the holidays and following the U.S. election for most of its woes, since overseas demand and performance remained stro
