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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
Parsippany West
Additional Travel Information
If you are going to be travelling near the Parsippany, New Jersey area in the near future, car rentals can be a great help for the leisure traveler. Budget Rent a Car on Parsippany Road is a great choice for your rental car needs. They are conveniently located on Parsippany road, making it easy to pick up your vehicle. Budget Rent a Car offers a complimentary pick-up service from your hotel or home if you need a ride to their Budget Parsippany Road location. This convenience is one of many that you would expect when looking for a Parsippany rental car deal. Whether your family is going to be driving to nearby New York City to enjoy a Broadway musical and some shopping or intends to stay close by to play video games at FunPlex, Budget car rental on Parsippany Road has a selection of vehicles in all sizes to accommodate you. Perhaps your family is going to travel around the area with NJ Adventure Tours and needs one of our Parsippany car rentals for an extended time. Budget offers both long and short-term rentals to accommodate any stay, allowing the time vacationer’s need to take in all the sights and sounds that the Garden State has to offer. If your family is looking for some education while traveling, nearby Eagle Rock reservation or the Morris Museum can be right up your alley. Wherever your destination, look no further than Parsippany Road in Parsippany and have one of Budget rental cars ready to get you where you’re going at a price you can afford. 

Additional Location Information
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