![]() Later, Cendant moved Budget headquarters from Lisle, Ill. Other worldwide assets were sold to Avis Europe, Plc. In 2002, Budget Group was delisted from the NYSE and sold Budget Rent A Car assets in the United States, Canada, Latin America, Caribbean, Australia and New Zealand to Cendant Corporation. In 1998, Budget introduced “Fastbreak,” Budget’s express service with paperless transaction. In 1997, Budget unveiled “Unlimited Budget” a travel agent loyalty program through which members receive a free Unlimited Budget debit MasterCard card and earn points (dollars) for completed bookings. Budget Group began trading on the NYSE that year. In April 1997, Budget was bought by Team Rental Group, Budget’s largest franchisee in the United States and changed its name to Budget Group, Inc. In 1992, Budget moved downtown Chicago headquarters to Lisle, Ill. Budget made an initial public offering of 3.2 million shares in 1987. along with management and selected investors purchased Budget from Transamerica Corp. In 1986, Gibbons, Green and van Amerongen Ltd. ![]() The company then grew rapidly, both nationally and internationally. In 1960, Lederer formed Budget Rent A Car Corporation in Chicago. Lederer formed a leasing company and leased new vehicles to Mirkin. In 1959, in an effort to grow the business, Mirkin appealed to a distant relative, Jules Lederer, president of a Chicago-based manufacturer of writing instruments, for additional financing. The company name was chosen to appeal to the “budget-minded” or “value-conscious” renter. ![]() Quick Historyīudget Rent A Car was founded by Morris Mirkin in 1958 with a $24,000 investment. In Summary: Day after day, Budget employees and operators at approximately 2,700 locations in more than 120 countries help support our vision, mission and values. Our Factsheet Growing the business since 1958
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