With a $10,000 investment, Budget was founded by Morris Mirkin in 1958 in Los Angeles, California, USA. The name made it clear - a car rental company for the "budget-minded" or value-conscious renter, simple as that.
The business rapidly broke into an already crowded market operating at airports, offering off-airport rentals at more competitive rates. With three established on-airport competitors, while Morris and his wife single-handedly managed a fleet of 10 cars.
Morris Mirkin’s distant relative, Jules Lederer became involved with the Budget concept and created a leasing company to help Mirkin increase his fleet and grow the business. Two years later, Budget Rent-a-Car Corporation was established in Chicago.
This laid the foundation of corporate-owned and licensee-owned operations that rapidly grew the business nationally and internationally. Since that time, Budget Rent-a-Car has continued to stay true to its name, providing renters with the same value for money and quality service.
Today, Budget Rent-a-Car has grown to become the world's third largest car and van rental company. Worldwide, Budget employs approximately 18,000 people and operates an average fleet of over 200,000 cars and vans from approximately 3,150 locations, including more than 800 airport locations in more than 120 countries and territories, including South Africa.
In 1967, a Durban couple, Pam and Ken Levy brought the Budget brand to South Africa and operated from their garage with a fleet of two “Volksies”. Since then the Budget brand has grown immensely in South Africa under various ownerships.
On 9 February 2015 the Avis Budget Group announced it has signed an agreement with Barloworld Ltd, which operates the Avis Car Rental brand in southern Africa, to also operate the Budget Car Rental brand, effective 1 March, 2015. The agreement offers both companies an opportunity to leverage Barloworld’s extensive knowledge of the car rental market to grow and develop the Budget brand across southern Africa.
Barloworld has a 45-year history of partnership with the Avis Budget Group, and has proven experience successfully operating the Avis brand in southern Africa.
Rainer Gottschick, Chief Executive at Avis Budget Rent a Car southern Africa says, “We’re thrilled to add the Budget brand to our portfolio as part of Avis Budget Group’s multi-brand strategy. As a global player in the car rental industry, our ultimate goal for Budget is to ensure that it maintains its status as one of the top three brands in the world. We are confident that this will be achieved.”
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