As a part of its ongoing global expansion strategy, Avis Car Rental, a unit of Avis Budget Group Inc. (CAR), opened its 12th rental station in Singapore at the Business Centre located at the lobby of Orchard Hotel. With this facility, the company expects to log additional bookings that will help in achieving persistent growth in Singapore along with meaningful profits.
Through this new location, Avis Singapore expects to better serve the business and leisure travelers in the country with its high-quality and well-maintained fleet that includes vehicles from leading manufactures like Audi, Chevrolet, Hyundai, Mazda and Toyota. Additionally, travelers will have access to Avis’ automatic transmission vehicles and other amenities like Global Positioning System (GPS) navigation devices, child safety seats, vehicle damage coverage options and personal property protection packages.
Avis already commands a prominent position in the Singapore market providing rental services in many key locations. The company serves three prime airports in the country including Changi Terminal 1, 2 and 3. It is also conveniently located in the island country’s metropolitan areas such as Havelock Road, Marina Square Mall and Bukit Timah Road.
Additionally, it operates five pick-up locations in Regus Centennial Tower, Marina Bay Financial Centre Tower 3, One Fullerton, Tampines Junction and JTC Summit in Jurong.
Avis, which competes with Hertz Global Holdings Inc. (HTZ), has a vast presence in Asia with over 300 locations, where it provides effective vehicle rental, vehicle leasing and limousine/premium chauffeur services through a network of wholly-owned subsidiaries, JVs and licensee agreements.
Avis Budget had first stepped into the Asian continent in 1970, when it launched car rental operations in Hong Kong. Through the rest of the 1970s, the company steadily extended its operations in the continent with the launch of operations in Singapore, the Philippines, Malaysia, Indonesia and Pakistan.
Since then, this Zacks Rank #3 (Hold) company has largely expanded its footprint in the continent, expanding operations in various markets including India, Mainland China, Vietnam and Taiwan, with the latest additions being Laos and Cambodia.
At present, Avis Budget is widening its operations through acquisitions and collaborations. The company is also investing in other booming markets where car rental demand is on the rise, as evident in its latest move.
Better-ranked stocks in the business services industry include comScore Inc. (SCOR) and ExamWorks Group Inc. (EXAM), both carrying a Zacks Rank #2 (Buy).
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