Avis Budget Group Inc., once a skeptic about car sharing services, agreed to buy short-term rental pioneer Zipcar Inc. for $491 million, signaling a shift in the industry to embracing drivers who don’t want to own cars.
U.S. stocks fell, sending the Standard & Poor’s 500 Index to its worst January since 2010, as earnings reports at Amazon.com Inc. and Mattel Inc. disappointed investors and turmoil in emerging markets continued.
Avis Budget Group Inc. agreed to pay 636 million pounds ($1.04 billion) for Avis Europe Plc , the second-biggest car-rental company on the continent, possibly taking Avis Budget out of the bidding for Dollar Thrifty Automotive Group Inc.
Advantage Rent A Car, spun off by Hertz Global Holdings Inc. to win U.S. approval for its purchase of Dollar Thrifty Automotive Group Inc., filed for bankruptcy after talks with Hertz over vehicle lease payments broke down.
Avis Budget Group Inc., the Parsippany, New Jersey-based car rental company, is among corporate borrowers planning to issue at least $3.3 billion of bonds in the U.S., according to data compiled by Bloomberg.