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Our Factsheet
Growing the business since 1958
In Summary: Day after day, Budget employees and operators at approximately 2,700 locations in more than 120 countries help support our vision, mission and values.
Quick History
Budget Rent A Car was founded by Morris Mirkin in 1958 with a $24,000 investment. The company name was chosen to appeal to the “budget-minded” or “value-conscious” renter. In 1959, in an effort to grow the business, Mirkin appealed to a distant relative, Jules Lederer, president of a Chicago-based manufacturer of writing instruments, for additional financing. Lederer formed a leasing company and leased new vehicles to Mirkin. In 1960, Lederer formed Budget Rent A Car Corporation in Chicago. The company then grew rapidly, both nationally and internationally.
In 1986, Gibbons, Green and van Amerongen Ltd. along with management and selected investors purchased Budget from Transamerica Corp. in a LBO transaction. Budget made an initial public offering of 3.2 million shares in 1987.
In 1992, Budget moved downtown Chicago headquarters to Lisle, Ill.
In April 1997, Budget was bought by Team Rental Group, Budget’s largest franchisee in the United States and changed its name to Budget Group, Inc. Budget Group began trading on the NYSE that year.
In 1997, Budget unveiled “Unlimited Budget” a travel agent loyalty program through which members receive a free Unlimited Budget debit MasterCard card and earn points (dollars) for completed bookings.
In 1998, Budget introduced “Fastbreak,” Budget’s express service with paperless transaction.
In 2002, Budget Group was delisted from the NYSE and sold Budget Rent A Car assets in the United States, Canada, Latin America, Caribbean, Australia and New Zealand to Cendant Corporation. Other worldwide assets were sold to Avis Europe, Plc. Later, Cendant moved Budget headquarters from Lisle, Ill. to Parsippany, N.J.
In 2006, Cendant Corporation separated into four independent companies: Realogy, Wyndham Worldwide, Travelport and Avis Budget Group, Inc. As a result, Budget Rent A Car System, Inc. is now a subsidiary of Avis Budget Group.
In 2011, Avis Budget Group, Inc. acquired Avis Europe plc. The transaction re-unites Avis Budget Group with its licensee for Europe, the Middle East, Africa and Asia.
About this location:
Location
Chicago-Balbo Ave & Wabash Ave
Additional Travel Information
Will you be able to cross everything off of your itinerary on your next trip to Chicago? Sure, the city is way too big for you to ever see it all, but if you plan things with Budget Rent a Car South Wabash Avenue, you’re certain to discover more of what you’re looking for. From the Budget car rental South Wabash Avenue lot, you can drive straight to renowned educational institutions, like the Shedd Aquarium and Adler Planetarium. Of course, the Field Museum is an awesome place to discover ancient fossils and modern natural wonders, and it’s only a slight detour on the way to great food and shops in Chinatown. One other nice aspect of the South Wabash Avenue Chicago Budget location is that it makes the highway super accessible. Why waste valuable vacation time navigating tricky traffic patterns? Whether you’re only headed to the Navy Pier or all the way out to Ned Brown Preserve, you can reach the interstate from here after only a few blocks of city travel. The Budget on South Wabash Avenue also makes it easy to find your way around with rental package features like GPS. Even if you’re traveling with tons of your extended family members, spacious SUVs and passenger-ready vans mean you can get to attractions and back again without feeling too close for comfort along the way. Choose your vehicle, pick out your favorite spots and get ready to enjoy as much of Chi-town as you can take in. Book with the South Wabash Avenue Budget today.
Additional Location Information
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