What was Cendant's name changed to after the Cendant Separation, in relation to Budget?
Budget Franchise · 2025 FDDAnswer from 2025 FDD Document
On August 23, 2006, Cendant completed a separation into four separate companies (the "Cendant Separation"), one for each of its former Real Estate Services businesses (Realogy Corporation), its former Hospitality Services businesses (Wyndham Worldwide Corporation), its former Travel Distribution Services businesses (Travelport), and its Vehicle Rental businesses (Cendant, now Avis Budget Group). Following completion of the Cendant Separation, Cendant changed its name to Avis Budget Group, Inc. and our common stock currently trades on the NASDAQ Global Select Market under the symbol "CAR."
Source: Item 1 — THE FRANCHISOR, AND ANY PARENTS, PREDECESSORS, AND AFFILIATES (FDD pages 9–11)
What This Means (2025 FDD)
According to Budget's 2025 Franchise Disclosure Document, Cendant Corporation, the former parent company of Avis Budget Group, underwent a separation into four distinct entities on August 23, 2006. This separation, referred to as the "Cendant Separation," resulted in the creation of separate companies for its Real Estate Services, Hospitality Services, Travel Distribution Services, and Vehicle Rental businesses.
Following the completion of the Cendant Separation, Cendant Corporation changed its name to Avis Budget Group, Inc. This change reflects the company's focus on vehicle rental services, including brands like Budget. The common stock of Avis Budget Group, Inc. is currently traded on the NASDAQ Global Select Market under the symbol "CAR."
For a prospective Budget franchisee, this information clarifies the corporate structure and history of the parent company. It demonstrates that Avis Budget Group, Inc., the entity ultimately responsible for Budget, has a history rooted in Cendant Corporation and has since evolved to concentrate on vehicle rental services. This background may be relevant in assessing the stability and strategic direction of the Budget franchise system.