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Subsequent Events
6 Months Ended
Jun. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events
Subsequent Events

During July 2013, the Company acquired Payless Car Rental for approximately $50 million in cash. The addition of the Payless brand positions the Company to participate in the fast-growing deep-value segment of the car rental industry.

In August 2013, the Company’s Board of Directors authorized a new share repurchase program that will enable the Company to purchase up to $200 million of its common stock.

In August, the Company amended its principal corporate revolving credit facility extending its maturity from 2016 to 2018, expanding its size from $1.5 billion to $1.65 billion, and reducing the interest rate under the facility by 75 basis points.