In a drive to enhance its operations in Taiwan, Avis Car Rental, a unit of Avis Budget Group Inc. (CAR - Analyst Report), recently entered into a partnership with Taiwan High Speed Rail (“THSR”). The company’s strategic move is backed by the growing car rental demand on the island as well as accelerating economic growth.
As per the partnership agreement, Avis will be offering its rental services at six THSR stations in west Taiwan. Hereafter, travelers will be able to avail the world’s largest vehicle rental company’s services at Taoyuan, Hsinchu, Taichung, Chiayi, Tainan and Kaohsiung. The new locations will increase Avis’ total number of rental facility centers in Taiwan to 20.
In Jul 2012, this Zacks Rank #3 (Hold) company made its debut in Taiwan by opening rental facilities at the Tao Yuan International Airport, downtown Chu-Pei City and downtown HsinChu City.
Avis is the first international car rental company to set up operations in Taiwan. The company’s products and services include a broad variety of well-maintained latest model vehicles; short- and long-term rentals; personal and corporate car leasing programs; premium chauffeur and transfer services.
Avis' legacy of Asian operations began in 1970, with the opening of its first car rental service point in Hong Kong. Later in 1972, the company added more locations by launching operations in Singapore, the Philippines, Malaysia, Indonesia, Brunei, Pakistan and Sri Lanka.
Since then, the company has managed to expand its operations in these existing regions. Today, the company operates in 18 markets including India, Mainland China and Vietnam. Moreover, Avis operates in over 300 locations in the continent, providing effective vehicle rental, vehicle leasing and limousine/premium chauffeur services through a network of wholly owned subsidiaries, joint ventures and licensee agreements.
Avis Budget Group is the leading vehicle rental company in North America, Australia and New Zealand. Moreover, a formidable network of more than 10,000 rental locations and 350,000 vehicles enable the company to strengthen its well-established position in a highly competitive vehicle rental industry.
Avis follows a core global strategy of collaborating with leading travel brands to expand its customer reach while creating additional demand. In March this year, Avis successfully completed the acquisition of the world’s leading car sharing network company, Zipcar Inc. for a total value of $500 million. We believe that the strategic move will facilitate the company in expanding its offerings from car rental to car sharing and compete with rivals such as United Rentals Inc. (URI - Snapshot Report), Hertz Global Holdings Inc. (HTZ - Snapshot Report) and Ryder System Inc. (R - Analyst Report).