Avis Budget Group Stock Plunge Amid Used-Car Market

Avis Budget Group Inc. Sees Sharp Decline in Stock Amidst Challenging Used-Car Market Conditions

In a striking turn of events, Avis Budget Group Inc. witnessed its stock nosedive, marking its most significant downturn in four years. This sharp decline comes in the wake of the car rental giant selling a record number of vehicles during the fourth quarter, amidst a particularly challenging used-car market environment. Increased vehicle supply and rising interest costs have contributed to the tough market conditions, yet the company’s fourth-quarter profit exceeded expectations, notwithstanding an unexpected dip in revenue.