Budget Rental Car

Budget Rent A Car System, Inc. is a rental car that American was founded in 1958 in Los Angeles, California by Morris Mirkin. budget operations are headquartered in Parsippany-Troy Hills Township, New Jersey .

With its initial fleet of 10 company vehicles to deliver on the name "Budget" underestimating the daily and per mile rates for rental of the airport according to established companies hire cars. Mirkin was joined in 1959 by Julius Lederer (husband of Ann Landers). In 1960 the headquarters was moved to Chicago, Illinois and rental fleet expanded with franchise and wholly owned rental outlets.

The company was eventually acquired by Transamerica Corporation, then sold in 1986 in a leveraged buyout by Gibbons, Green and van Amerongen Ltd., and management (headed by CEO Clifton E. Haley) and selected investors. It was taken public in 1987.

The public company was purchased by Team Rental Group in 1997, which took the name Budget Group. In 2002, the assets of the company were sold to Cendant Corporation which also owned Avis. In September 2006 Cendant Corporation separated into four independent companies by spinning off its real estate division, now called Realogy, Inc. and its services division home now Wyndham Worldwide, and by selling its travel distribution services division, named Travelport, Inc. a subsidiary of The Blackstone Group. In 2006, after the sale of Travelport, Cendant, now composed solely of its vehicle rental services companies, itself renamed Avis Budget Group.