Avis Budget Group’s interim CEO Joe Ferraro has said that revenues were down 80 percent in April and likely will be down by the same percentage in May but that the company expects demand to begin to recover in June and throughout the rest of the year.
The company believes that car rental will be an “attractive alternative” to other forms of transportation as people start traveling again. Ferraro said, “Our current reservations show improvement in June and over the balance of the summer. In markets where shelter-in-place restrictions are being lifted, we’re seeing early indications of improving demand, which leaves us hopeful for a recovery beginning in the third quarter.”
According to the company, Avis Budget has upped its cleaning procedures, including using disinfectants certified to be effective against Covid-19.