Budget Rent a Car Reports Strong Holiday Travel Results

LISLE, Ill., Jan. 2 -- Following several weeks of improving rental and reservation trends since September 11, rentals for Budget Rent a Car during the Christmas and New Year holidays were strong, averaging just 4 percent below prior year. Car rental volume had been down as low as 22 percent versus prior year in late September. The Company, which is owned by Budget Group, Inc. , has experienced steady increases in volume and rates since early October.

``As expected, car rental volume continued to improve. And, as a result of rate increases the industry and Budget took in November and again at the end of December, we're seeing revenue per day continue to rise. The holidays were the strongest weeks yet since September 11,'' stated Jeff Bretson, Vice President, Planning and Revenue Management.

Car rental volume through the holidays at Budget airport locations was down approximately 9 percent compared to prior year. At the Company's downtown and suburban locations, car rental volume was up 8.6 percent over prior year as more people opted to drive to holiday destinations. Nearly half of Budget's revenue base is generated from non-airport locations, through its downtown and suburban car and truck rental operations.

``Vehicle utilization was slightly ahead of prior year as we continued to adjust fleet levels to meet demand. Currently our fleet is about 5 percent below prior year, though it had been as low as 15 percent compared to prior year in the weeks following September 11,'' added Bretson.

Budget Group, Inc. owns Budget Rent a Car Corporation and Ryder TRS, Inc. Budget is the world's third largest car and truck rental system and Ryder TRS is the nation's second largest consumer truck rental company. For more information, visit the Company's Web site at www.budget.com .