Subsequent Events

12 Months Ended

Dec. 31, 2012

Subsequent Events

24. Subsequent Events

On January 2, 2013, the Company announced that it has agreed to acquire Zipcar, the world’s largest car sharing network, for approximately $500 million. The transaction is subject to approval by Zipcar shareholders and other customary closing conditions.

During February 2013, the Company’s Avis Budget Rental Car Funding subsidiary issued $750 million in asset-backed notes, to provide funds for the repayment of maturing vehicle-backed debt and the acquisition of rental cars in the United States. The expected final payment date of these notes is September 2018.