PARSIPPANY, N.J., March 6, 2013 (GLOBE NEWSWIRE) -- Avis Budget Group, Inc. (Nasdaq:CAR) today disclosed details of the financial benefits that its award-winning Performance Excellence (PEx) initiative contributed to the Company's financial results in 2012.
- North America: After celebrating the initiative's fifth anniversary, PEx continued its focus on driving process improvement by replicating projects throughout the United States and Canada and enhancing rental processes, fleet management and vehicle remarketing procedures. Examples include reducing the time and expense associated with removing vehicles from the car rental fleet so as to increase vehicle resale opportunities and applying proven car rental best practices to lower truck rental operating costs.
- Europe: The Company launched PEx in Europe almost immediately upon completion of the Avis Europe plc acquisition in October 2011, and the team there launched new projects in 2012 in France, Germany, Italy, Spain and the United Kingdom. They also implemented replication projects from North America to enhance cross-border vehicle shuttling efficiency, reduce shipping costs for vehicles being sold and reduce information-technology costs at rental locations.
- Australia/New Zealand: The PEx teams in Australia and New Zealand achieved significant cost savings by completing a number of new projects and replication initiatives. Key projects focused on fleet management, fuel accountability, tire expense, yield management and printing services.
- Latin America/Caribbean: The PEx project teams in Puerto Rico and the U.S. Virgin Islands drove cost savings primarily by focusing on fuel accountability, vehicle maintenance and ancillary revenue products.