Budget Car Rental is a company that has seen the best that business has to offer and the worst that business has to offer. Right from the very beginning, Budget Car Rental was based on getting the customer on a tight budget a rental car, and the idea of being able to get a rental car inexpensively is what made the company grow. In the early days the company grew very fast and it did not take long for the Budget Car Rental name to become well known to business travelers and vacationers alike. People came to count on Budget Car Rental for their reasonable prices and great service. But like any other business, Budget Car Rental grew too fast and became too big and today it continues to pick up the pieces of past mistakes.
In The Beginning
Budget Car Rental was established by Morris Mirkin in the year 1958 when Mirkin had some money to invest and an idea to get people rental cars at a low price. Within a year Mirkin’s idea was becoming so popular that a man named Jules Lederer wanted in. Mirkin and Lederer started a car leasing company that would allow Mirkin to lease his rental cars. Lederer and Mirkin together grew Budget Car Rental to huge success and soon they had established a corporate office in Chicago, Illinois. By 1987, Budget Car Rental was owned by a large holding company that began offering public stock in the company and that is when things started to turn south.
On Again And Off Again
In 1987, Gibbons Green and Van Amerongen Ltd owned Budget Car Rental and issued 3.2 Million shares in an initial public offering. In 1997, Budget Car Rental is bought by Team Rental Group and the name is changed to Budget Group Inc to be able to trade on the New York Stock Exchange. Later in 1997 the Budget Group Inc stocks hit the NYSE and all seemed to go pretty well. However in 2002, the Budget Group Inc hit hard times and not only was it de-listed from the NYSE but all of the Budget Car Rental assets were sold to Cendant Corporation in an attempt to salvage the Budget name.
Today Budget has been rolled into the Avis Budget Group, but maintains its corporate identity and is still doing business all over the world. Looks like Morris Mirkin’s hard work will remain intact for the foreseeable future.
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