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style="overflow:hidden;height:5px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:center;font-size:16pt;"><span style="font-family:Trebuchet,sans-serif;font-size:16pt;font-weight:bold;">UNITED STATES </span></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:center;font-size:18pt;"><span style="font-family:Trebuchet,sans-serif;font-size:16pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</span><span style="font-family:Trebuchet,sans-serif;font-size:18pt;font-weight:bold;"> </span></div><div style="line-height:120%;text-align:center;font-size:14pt;"><span style="font-family:Trebuchet,sans-serif;font-size:14pt;font-weight:bold;">WASHINGTON, DC 20549 </span></div><div style="line-height:120%;text-align:center;font-size:12pt;"><span style="font-family:Trebuchet,sans-serif;font-size:12pt;font-weight:bold;">_________________ </span></div><div style="line-height:120%;text-align:center;font-size:8pt;"><span style="font-family:Trebuchet,sans-serif;font-size:8pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:16pt;"><span style="font-family:Trebuchet,sans-serif;font-size:16pt;font-weight:bold;">FORM </span><span><ix:nonNumeric id="d11709416e123-wk-Fact-2A7298C80E1859EB8D089E7BF0B10C1F" name="dei:DocumentType" contextRef="D2020Q2"><span style="font-family:Trebuchet,sans-serif;font-size:16pt;font-weight:bold;">8-K</span></ix:nonNumeric></span><span style="font-family:Trebuchet,sans-serif;font-size:16pt;font-weight:bold;">  </span></div><div style="line-height:120%;text-align:center;font-size:12pt;"><span style="font-family:Trebuchet,sans-serif;font-size:12pt;font-weight:bold;"> _________________</span></div><div style="line-height:120%;text-align:center;font-size:12pt;"><span style="font-family:Trebuchet,sans-serif;font-size:12pt;"><br/></span></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:center;font-size:14pt;"><span style="font-family:Trebuchet,sans-serif;font-size:14pt;font-weight:bold;">CURRENT REPORT </span></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 </span></div><div style="line-height:120%;text-align:center;font-size:12pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;">Date of Report (Date of Earliest Event Reported): </span><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;"><span><span style="white-space:nowrap"><ix:nonNumeric id="d11709416e143-wk-Fact-F5D3FE8E89EA589EA2512ECC1F1EC372" name="dei:DocumentPeriodEndDate" contextRef="D2020Q2" format="ixt:datemonthdayyearen">April 22, 2020</ix:nonNumeric></span></span></span><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;"> (</span><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;"><span><span style="white-space:nowrap"><ix:nonNumeric id="d11709416e147-wk-Fact-F5D3FE8E89EA589EA2512ECC1F1EC372" name="dei:DocumentPeriodEndDate" contextRef="D2020Q2" format="ixt:datemonthdayyearen">April 22, 2020</ix:nonNumeric></span></span></span><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;">)</span><span style="font-family:Trebuchet,sans-serif;font-size:12pt;font-weight:bold;"> </span></div><div style="line-height:120%;text-align:center;font-size:12pt;"><span style="font-family:Trebuchet,sans-serif;font-size:12pt;font-weight:bold;">_________________ </span></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:16pt;"><span><ix:nonNumeric id="d11709416e157-wk-Fact-6CD656E5FB86583983722C17C3E1531A" name="dei:EntityRegistrantName" contextRef="D2020Q2"><span style="font-family:Trebuchet,sans-serif;font-size:16pt;font-weight:bold;">Avis Budget Group, Inc. </span></ix:nonNumeric></span><span style="font-family:Trebuchet,sans-serif;font-size:16pt;font-weight:bold;"> </span></div><div style="line-height:120%;text-align:center;font-size:9pt;"><span style="font-family:Trebuchet,sans-serif;font-size:9pt;font-weight:bold;">(Exact Name of Registrant as Specified in its Charter) </span></div><div style="line-height:120%;text-align:center;font-size:12pt;"><span style="font-family:Trebuchet,sans-serif;font-size:12pt;font-weight:bold;">_________________</span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3"></td></tr><tr><td style="width:41%;"></td><td style="width:23%;"></td><td style="width:36%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d11709416e182-wk-Fact-ED03C72A38295EC4A6786B54D5CA09ED" name="dei:EntityIncorporationStateCountryCode" contextRef="D2020Q2" format="ixt-sec:stateprovnameen">Delaware</ix:nonNumeric></span></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d11709416e187-wk-Fact-9FDAD2ADBB6B5781BF950061D461EB74" name="dei:EntityFileNumber" contextRef="D2020Q2">001-10308</ix:nonNumeric></span></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d11709416e192-wk-Fact-48CFC7FAACAE5CF1A8E908BCEBA8996D" name="dei:EntityTaxIdentificationNumber" contextRef="D2020Q2">06-0918165</ix:nonNumeric></span></span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Trebuchet,sans-serif;font-size:9pt;font-weight:bold;">(State or Other Jurisdiction of Incorporation)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Trebuchet,sans-serif;font-size:9pt;font-weight:bold;">(Commission File Number)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:9pt;"><span style="font-family:Trebuchet,sans-serif;font-size:9pt;font-weight:bold;">(IRS Employer Identification Number)</span></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:4px;padding-top:4px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:86.5234375%;border-collapse:collapse;text-align:left;"><tr><td colspan="6"></td></tr><tr><td style="width:28%;"></td><td style="width:21%;"></td><td style="width:6%;"></td><td style="width:17%;"></td><td style="width:9%;"></td><td style="width:19%;"></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:center;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d11709416e228-wk-Fact-F451402E42A050AAA1B22B9489FC23ED" name="dei:EntityAddressAddressLine1" contextRef="D2020Q2">6 Sylvan Way</ix:nonNumeric></span></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:20px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d11709416e243-wk-Fact-418437812A8D503186742022CF5E3C09" name="dei:EntityAddressPostalZipCode" contextRef="D2020Q2">07054</ix:nonNumeric></span></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:right;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d11709416e259-wk-Fact-6917BF0623B556098E80C5149C0B6859" name="dei:EntityAddressCityOrTown" contextRef="D2020Q2">Parsippany,</ix:nonNumeric></span></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d11709416e264-wk-Fact-4D20C6D45CDE52E69BE2E3B513AFF604" name="dei:EntityAddressStateOrProvince" contextRef="D2020Q2">NJ</ix:nonNumeric></span></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:9pt;"><span style="font-family:Trebuchet,sans-serif;font-size:9pt;font-weight:bold;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;(Address of Principal Executive Offices)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:9pt;"><span style="font-family:Trebuchet,sans-serif;font-size:9pt;font-weight:bold;">(Zip Code)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td colspan="4" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr><tr><td colspan="4" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;">Registrant&#8217;s telephone number, including area code</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:12px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d11709416e403-wk-Fact-55DDB66BF8795D15A590299E8B2E0AEA" name="dei:CityAreaCode" contextRef="D2020Q2">(973)</ix:nonNumeric></span></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;"><span><ix:nonNumeric id="d11709416e408-wk-Fact-28480899F08052F1A37D058EE1D5B6D3" name="dei:LocalPhoneNumber" contextRef="D2020Q2">496-4700</ix:nonNumeric></span></span></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><span style="font-family:Trebuchet,sans-serif;font-size:12pt;font-weight:bold;">N/A </span></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;">(Former name or former address if changed since last report) </span></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:12pt;"><span style="font-family:Trebuchet,sans-serif;font-size:12pt;font-weight:bold;">_________________</span></div><div style="line-height:120%;text-align:left;font-size:8pt;"><span style="font-family:Trebuchet,sans-serif;font-size:8pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </span></div><div style="line-height:120%;text-align:left;font-size:8pt;"><span style="font-family:Trebuchet,sans-serif;font-size:8pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:8pt;"><span><ix:nonNumeric id="d11709416e426-wk-Fact-3E50F64AB39C54B5ABBCE2C629A40B6D" name="dei:WrittenCommunications" contextRef="D2020Q2" format="ixt-sec:boolballotbox"><span style="font-family:Arial Unicode MS;font-size:7pt;">&#9744;</span></ix:nonNumeric></span><span style="font-family:Arial Unicode MS;font-size:8pt;"> </span><span style="font-family:Trebuchet,sans-serif;font-size:8pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </span></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:8pt;"><span><ix:nonNumeric id="d11709416e434-wk-Fact-8F3BEEACBAC75E2D8D8EAB821A91A549" name="dei:SolicitingMaterial" contextRef="D2020Q2" format="ixt-sec:boolballotbox"><span style="font-family:Arial Unicode MS;font-size:7pt;">&#9744;</span></ix:nonNumeric></span><span style="font-family:Arial Unicode MS;font-size:7pt;"> </span><span style="font-family:Trebuchet,sans-serif;font-size:8pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </span></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:8pt;"><span><ix:nonNumeric id="d11709416e442-wk-Fact-BEB1012202345A5FB3C2C758E67C8A41" name="dei:PreCommencementTenderOffer" contextRef="D2020Q2" format="ixt-sec:boolballotbox"><span style="font-family:Arial Unicode MS;font-size:7pt;">&#9744;</span></ix:nonNumeric></span><span style="font-family:Trebuchet,sans-serif;font-size:8pt;"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </span></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:8pt;"><span><ix:nonNumeric id="d11709416e448-wk-Fact-97CF0A6698C056E39CF52142F9158C60" name="dei:PreCommencementIssuerTenderOffer" contextRef="D2020Q2" format="ixt-sec:boolballotbox"><span style="font-family:Arial Unicode MS;font-size:7pt;">&#9744;</span></ix:nonNumeric></span><span style="font-family:Trebuchet,sans-serif;font-size:8pt;"> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </span></div><div style="line-height:120%;font-size:8pt;"><span style="font-family:Arial Unicode MS;font-size:7pt;">&#9744;</span><span style="font-family:Arial Unicode MS;font-size:7pt;"> </span><span style="font-family:Trebuchet,sans-serif;font-size:8pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter). </span></div><div style="line-height:120%;font-size:8pt;"><span style="font-family:Trebuchet,sans-serif;font-size:8pt;"><br/></span></div><div style="line-height:120%;font-size:8pt;"><span style="font-family:Trebuchet,sans-serif;font-size:8pt;">Securities registered pursuant to Section 12(b) of the Act:</span></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4"></td></tr><tr><td style="width:24%;"></td><td style="width:20%;"></td><td style="width:28%;"></td><td style="width:28%;"></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:Trebuchet,sans-serif;font-size:8pt;font-weight:bold;">Title of each class</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:Trebuchet,sans-serif;font-size:8pt;font-weight:bold;">Trading Symbol(s)</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:Trebuchet,sans-serif;font-size:8pt;font-weight:bold;">Name of each exchange on which registered</span></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:Trebuchet,sans-serif;font-size:8pt;"><span><ix:nonNumeric id="d11709416e502-wk-Fact-C6BDA1A8483957FEB13E07011838AAD9" name="dei:Security12bTitle" contextRef="D2020Q2_dei_EntityListingsExchangeAxis_car_NasdaqMember_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember">Common Stock, Par Value $0.01</ix:nonNumeric></span></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:Trebuchet,sans-serif;font-size:8pt;"><span><ix:nonNumeric id="d11709416e512-wk-Fact-63CF8EC9F7D85D9F94CFD5AF43B6B503" name="dei:TradingSymbol" contextRef="D2020Q2_dei_EntityListingsExchangeAxis_car_NasdaqMember_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember">CAR</ix:nonNumeric></span></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:Trebuchet,sans-serif;font-size:8pt;"><span><ix:nonNumeric id="d11709416e517-wk-Fact-78BDA2C089DB55B5A9885BB50BE41368" name="dei:SecurityExchangeName" contextRef="D2020Q2_dei_EntityListingsExchangeAxis_car_NasdaqMember_us-gaap_StatementClassOfStockAxis_us-gaap_CommonStockMember" format="ixt-sec:exchnameen">The NASDAQ Global Select Market</ix:nonNumeric></span></span></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:Trebuchet,sans-serif;font-size:8pt;"><span><ix:nonNumeric id="d11709416e523-wk-Fact-8E26600FBD955BC298C82D3CD4311695" name="dei:Security12bTitle" contextRef="D2020Q2_dei_EntityListingsExchangeAxis_car_NoneMember_us-gaap_StatementClassOfStockAxis_us-gaap_RightsMember">Common Stock Purchase Rights</ix:nonNumeric></span></span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:Trebuchet,sans-serif;font-size:8pt;">N/A</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:center;font-size:8pt;"><span style="font-family:Trebuchet,sans-serif;font-size:8pt;">The NASDAQ Global Select Market</span></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;font-size:8pt;"><span style="font-family:Trebuchet,sans-serif;font-size:8pt;">Emerging growth company </span><span><ix:nonNumeric id="d11709416e543-wk-Fact-8ACAA704826A589080832E7B7BCF55C2" name="dei:EntityEmergingGrowthCompany" contextRef="D2020Q2" format="ixt-sec:boolballotbox"><span style="font-family:Arial Unicode MS;font-size:7pt;">&#9744;</span></ix:nonNumeric></span><span style="font-family:Trebuchet,sans-serif;font-size:8pt;"> </span></div><div style="line-height:120%;font-size:8pt;"><span style="font-family:Trebuchet,sans-serif;font-size:8pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </span><span style="font-family:Wingdings;font-size:8pt;">o</span></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:99.609375%;border-collapse:collapse;text-align:left;"><tr><td colspan="5"></td></tr><tr><td style="width:20%;"></td><td style="width:20%;"></td><td style="width:20%;"></td><td style="width:20%;"></td><td style="width:20%;"></td></tr><tr><td colspan="5" style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;height:5px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td></tr></table></div></div><div><br/></div><div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><hr style="page-break-after:always"></hr><div><a id="sEE781D66C5CF51739B4548790C19B070"></a></div><div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><div><br/></div><div style="line-height:120%;text-align:left;-sec-extract:summary;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;">Item&#160;2.02 Results of Operations and Financial Condition.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">On April 22, 2020, we provided preliminary first quarter 2020 results and an update on April trends. A copy of the press release making this announcement is attached hereto as Exhibit 99.1, which is incorporated herein by reference.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">The information in this item, including Exhibit 99.1, is being furnished, not filed. Accordingly, the information in this item will not be incorporated by reference into any registration statement filed by Avis Budget Group, Inc., under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;">Item 8.01 Other Events.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">We are providing the following supplement risk factors, which should be read in conjunction with the &#8220;Risk Factors&#8221; section of our Annual Report on Form 10-K for the year ended December 31, 2019. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-style:italic;font-weight:bold;">COVID-19 has disrupted, and may continue to disrupt, our business and financial performance.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">The outbreak of COVID-19 to multiple countries across the globe, including North America, Europe and Asia, has adversely impacted the U.S., U.K. and global economy. We have experienced disruptions to our business thus far from COVID-19, and the pandemic continues to spread in most of our markets. Governmental authorities are taking increasingly severe countermeasures to slow the outbreak, including a number of shelter-in-place orders and large-scale restrictions on travel. The pandemic is a highly fluid and rapidly evolving situation and we cannot anticipate with any certainty the length, scope or severity of such restrictions in each of the jurisdictions that we operate.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">The full impact that COVID-19 will have on our business cannot be predicted at this time due to numerous uncertainties, including the ultimate geographic spread of the disease, the duration and severity of the outbreak, travel restrictions and business closures, the effectiveness of actions taken to contain the disease, the length of time it takes for rental volume and pricing to return and normal economic and operating conditions to resume, and other unintended consequences. This impact could include changes in customer demand; our relationship with, and the financial and operational capacities of, vehicle manufacturers and other suppliers; the used car market; risks associated with our indebtedness (including available borrowing capacity and ability to refinance indebtedness on favorable terms, among other things); the adequacy of our cash flow and earnings and other conditions which may affect our liquidity; and disruptions to our technology network and other critical systems, including our dealer management systems and software or other facilities or equipment.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">Our business is generally subject to and impacted by, international, national and local economic conditions and travel demands. We do not expect economic and operating conditions for our business to improve until consumers are once again willing and able to travel. This may not occur until well after the broader global economy begins to improve. Additionally, our business is also dependent on consumer sentiment and discretionary spending patterns. Current economic forecasts predict significant increases in unemployment in the United States and other regions due to the adoption of social distancing and other policies to slow the spread of the virus, which are likely to have a negative impact on consumer discretionary spending, including in the mobility industry. Even when economic and operating conditions for our business improve, we cannot predict the long-term effects of the pandemic on our business or the mobility industry as a whole. If the mobility industry is fundamentally changed by the COVID-19 outbreak in ways that are detrimental to our operating model, our business may continue to be adversely affected even as the broader global economy recovers.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">To date we have incurred, and expect to continue to incur, increased costs related to COVID-19, such as procurement of overflow parking for our idle vehicles and costs associated with sanitizing our vehicles and facilities. In addition, the industry may be subject to enhanced health and hygiene requirements in attempts to counteract future outbreaks, which requirements may increase our costs and take a significant amount of time to implement across our global operations.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">The COVID-19 outbreak has also caused us to reduce and furlough employees in order to right size our business for vehicle rental demand by reducing operating costs. These actions could create risks, including but not limited to, our ability to manage the size of our workforce given uncertain future demand.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div><br/></div><div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><hr style="page-break-after:always"></hr><div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><div><br/></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">We believe that business disruption relating to the COVID-19 pandemic will continue to negatively impact the global economy and may materially affect our businesses as outlined above, all of which would adversely impact our business and results of operations. To the extent that the COVID-19 outbreak continues to adversely affect our business and financial performance, it may also have the effect of heightening many of the other risks identified in the &#8220;Risk Factors&#8221; section of our Annual Report on Form 10-K for the year ended December&#160;31, 2019, such as those relating to our substantial amount of outstanding indebtedness.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-style:italic;font-weight:bold;">We may not realize any or all of our estimated cost savings, which may have a negative effect on our results of operations.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">We have identified several areas that present opportunities for cost savings and efficiencies to potentially improve our results of operations while our business is being impacted by the COVID-19 crisis, including improved working capital management and other initiatives, such as initiatives related to reductions in fleet, staffing and compensation expense. The potential cost savings that have been estimated based on these opportunities are based on a number of assumptions and expectations which, if achieved, would improve our profitability and cash flows from operating activities. However, there can be no assurance that the expected results will be achieved. These and any future spend reductions, if any, may also negatively impact our other initiatives or our efforts to grow our business in a recovery, which may negatively impact our future results of operations and increase the burden on existing management, systems and resources. In addition, these cost savings may be negated or offset by unexpected or increased costs, including as a result of declining prices in the used car market, which could impact the contribution of our fleet reduction initiatives.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-style:italic;font-weight:bold;">We are dependent on a functioning used vehicle market and highly exposed to residual value risk in the event that vehicle prices decline, which may both be exacerbated by COVID-19.</span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">We dispose of a significant number of vehicles in the used car market, including at wholesale automotive auctions, through sales to vehicle dealers, and directly to consumers. The COVID-19 crisis has effectively closed many of the automotive auctions and vehicle dealerships across the globe, as well as retail locations that we operate directly. Additionally, unprecedented increases in unemployment rates may severely impact vehicle demand from consumers and increase the number of loan and lease defaults, leading to repossessions which are typically sold by lenders in the wholesale market. Further, car manufacturers may increase incentives to stimulate new vehicle sales, which may depress used vehicle values. In the event of a sustained revenue decline, we would attempt to further reduce the size of our global vehicle fleet. In such event, our competitors may likely also be attempting to sell vehicles. This confluence of events may lead to sharp and sustained declines in vehicle residual values, which may require increased compliance payments pursuant to our ABS securitization facility. In the event of extreme declines in residual values, the sale of vehicle inventory might result in no incremental recovery of our equity capital or even the requirement to fund additional capital to dispose of vehicles, or to choose to continue to idle the vehicle fleet until demand or market values recover, which cannot be assured. The foregoing factors could have a material adverse impact on our business, financial position and results of operations. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;">Item 9.01 Financial Statements and Exhibits. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">(d) Exhibits. </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">The following exhibits are filed as part of this report: </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:91.2109375%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:13%;"></td><td style="width:87%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">Exhibit No.</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">Description</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">104</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.</span></div></td></tr></table></div></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">The following exhibit is furnished as part of this report: </span></div><div style="line-height:120%;text-align:left;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:91.2109375%;border-collapse:collapse;text-align:left;"><tr><td colspan="2"></td></tr><tr><td style="width:13%;"></td><td style="width:87%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">Exhibit No.</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">Description</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">99.1</span></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="font-size:10pt;"><a style="text-decoration:underline;color:#0000FF;-sec-extract:exhibit;" href="exhibit991forapril2220.htm"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">Press Release dated April 22, 2020.</span></a></div></td></tr></table></div></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:center;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div><br/></div><div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><hr style="page-break-after:always"></hr><div><a id="sB7239654742350F09BBA76C0D787ECDF"></a></div><div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div><div><br/></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:center;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;font-weight:bold;">SIGNATURE</span><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"> </span></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. </span></div><div style="line-height:120%;text-align:right;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;text-align:-moz-right;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:53.125%;border-collapse:collapse;text-align:left;margin-left:auto;margin-right:0;"><tr><td colspan="3"></td></tr><tr><td style="width:10%;"></td><td style="width:67%;"></td><td style="width:23%;"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">AVIS BUDGET GROUP, INC.</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="text-align:right;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">By:</span></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:justify;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">/s/ Cathleen DeGenova</span></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="overflow:hidden;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">&#160;</span></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;"><div style="padding-bottom:6px;padding-top:6px;text-align:justify;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">Cathleen DeGenova</span></div><div style="padding-bottom:6px;padding-top:6px;text-align:justify;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">Vice President and Chief Accounting Officer</span></div></td></tr></table></div></div><div style="line-height:120%;padding-bottom:6px;padding-top:6px;text-align:left;font-size:10pt;"><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">Date: </span><span style="font-family:Trebuchet,sans-serif;font-size:10pt;">April&#160;22, 2020</span><span style="font-family:Trebuchet,sans-serif;font-size:10pt;"> </span></div><div><br/></div><div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div></div>	</div></body>
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text: Document
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, DC 20549
  _________________
  FORM
  8-K
  _________________
  CURRENT REPORT
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (Date of Earliest Event Reported):
  April 22, 2020
  (
  April 22, 2020
  )
  _________________
  Avis Budget Group, Inc.
  (Exact Name of Registrant as Specified in its Charter)
  _________________
  Delaware
  001-10308
  06-0918165
  (State or Other Jurisdiction of Incorporation)
  (Commission File Number)
  (IRS Employer Identification Number)
  6 Sylvan Way
  07054
  Parsippany,
  NJ
  (Address of Principal Executive Offices)
  (Zip Code)
  Registrant's telephone number, including area code
  (973)
  496-4700
  N/A
  (Former name or former address if changed since last report)
  _________________
  Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
  ☐
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  ☐
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  ☐
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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  Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
  Securities registered pursuant to Section 12(b) of the Act:
  Title of each class
  Trading Symbol(s)
  Name of each exchange on which registered
  Common Stock, Par Value $0.01
  CAR
  The NASDAQ Global Select Market
  Common Stock Purchase Rights
  N/A
  The NASDAQ Global Select Market
  Emerging growth company
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  If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
  o
  Item 2.02 Results of Operations and Financial Condition.
  On April 22, 2020, we provided preliminary first quarter 2020 results and an update on April trends. A copy of the press release making this announcement is attached hereto as Exhibit 99.1, which is incorporated herein by reference.
  The information in this item, including Exhibit 99.1, is being furnished, not filed. Accordingly, the information in this item will not be incorporated by reference into any registration statement filed by Avis Budget Group, Inc., under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated by reference.
  Item 8.01 Other Events.
  We are providing the following supplement risk factors, which should be read in conjunction with the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2019.
  COVID-19 has disrupted, and may continue to disrupt, our business and financial performance.
  The outbreak of COVID-19 to multiple countries across the globe, including North America, Europe and Asia, has adversely impacted the U.S., U.K. and global economy. We have experienced disruptions to our business thus far from COVID-19, and the pandemic continues to spread in most of our markets. Governmental authorities are taking increasingly severe countermeasures to slow the outbreak, including a number of shelter-in-place orders and large-scale restrictions on travel. The pandemic is a highly fluid and rapidly evolving situation and we cannot anticipate with any certainty the length, scope or severity of such restrictions in each of the jurisdictions that we operate.
  The full impact that COVID-19 will have on our business cannot be predicted at this time due to numerous uncertainties, including the ultimate geographic spread of the disease, the duration and severity of the outbreak, travel restrictions and business closures, the effectiveness of actions taken to contain the disease, the length of time it takes for rental volume and pricing to return and normal economic and operating conditions to resume, and other unintended consequences. This impact could include changes in customer demand; our relationship with, and the financial and operational capacities of, vehicle manufacturers and other suppliers; the used car market; risks associated with our indebtedness (including available borrowing capacity and ability to refinance indebtedness on favorable terms, among other things); the adequacy of our cash flow and earnings and other conditions which may affect our liquidity; and disruptions to our technology network and other critical systems, including our dealer management systems and software or other facilities or equipment.
  Our business is generally subject to and impacted by, international, national and local economic conditions and travel demands. We do not expect economic and operating conditions for our business to improve until consumers are once again willing and able to travel. This may not occur until well after the broader global economy begins to improve. Additionally, our business is also dependent on consumer sentiment and discretionary spending patterns. Current economic forecasts predict significant increases in unemployment in the United States and other regions due to the adoption of social distancing and other policies to slow the spread of the virus, which are likely to have a negative impact on consumer discretionary spending, including in the mobility industry. Even when economic and operating conditions for our business improve, we cannot predict the long-term effects of the pandemic on our business or the mobility industry as a whole. If the mobility industry is fundamentally changed by the COVID-19 outbreak in ways that are detrimental to our operating model, our business may continue to be adversely affected even as the broader global economy recovers.
  To date we have incurred, and expect to continue to incur, increased costs related to COVID-19, such as procurement of overflow parking for our idle vehicles and costs associated with sanitizing our vehicles and facilities. In addition, the industry may be subject to enhanced health and hygiene requirements in attempts to counteract future outbreaks, which requirements may increase our costs and take a significant amount of time to implement across our global operations.
  The COVID-19 outbreak has also caused us to reduce and furlough employees in order to right size our business for vehicle rental demand by reducing operating costs. These actions could create risks, including but not limited to, our ability to manage the size of our workforce given uncertain future demand.
  We believe that business disruption relating to the COVID-19 pandemic will continue to negatively impact the global economy and may materially affect our businesses as outlined above, all of which would adversely impact our business and results of operations. To the extent that the COVID-19 outbreak continues to adversely affect our business and financial performance, it may also have the effect of heightening many of the other risks identified in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2019, such as those relating to our substantial amount of outstanding indebtedness.
  We may not realize any or all of our estimated cost savings, which may have a negative effect on our results of operations.
  We have identified several areas that present opportunities for cost savings and efficiencies to potentially improve our results of operations while our business is being impacted by the COVID-19 crisis, including improved working capital management and other initiatives, such as initiatives related to reductions in fleet, staffing and compensation expense. The potential cost savings that have been estimated based on these opportunities are based on a number of assumptions and expectations which, if achieved, would improve our profitability and cash flows from operating activities. However, there can be no assurance that the expected results will be achieved. These and any future spend reductions, if any, may also negatively impact our other initiatives or our efforts to grow our business in a recovery, which may negatively impact our future results of operations and increase the burden on existing management, systems and resources. In addition, these cost savings may be negated or offset by unexpected or increased costs, including as a result of declining prices in the used car market, which could impact the contribution of our fleet reduction initiatives.
  We are dependent on a functioning used vehicle market and highly exposed to residual value risk in the event that vehicle prices decline, which may both be exacerbated by COVID-19.
  We dispose of a significant number of vehicles in the used car market, including at wholesale automotive auctions, through sales to vehicle dealers, and directly to consumers. The COVID-19 crisis has effectively closed many of the automotive auctions and vehicle dealerships across the globe, as well as retail locations that we operate directly. Additionally, unprecedented increases in unemployment rates may severely impact vehicle demand from consumers and increase the number of loan and lease defaults, leading to repossessions which are typically sold by lenders in the wholesale market. Further, car manufacturers may increase incentives to stimulate new vehicle sales, which may depress used vehicle values. In the event of a sustained revenue decline, we would attempt to further reduce the size of our global vehicle fleet. In such event, our competitors may likely also be attempting to sell vehicles. This confluence of events may lead to sharp and sustained declines in vehicle residual values, which may require increased compliance payments pursuant to our ABS securitization facility. In the event of extreme declines in residual values, the sale of vehicle inventory might result in no incremental recovery of our equity capital or even the requirement to fund additional capital to dispose of vehicles, or to choose to continue to idle the vehicle fleet until demand or market values recover, which cannot be assured. The foregoing factors could have a material adverse impact on our business, financial position and results of operations.
  Item 9.01 Financial Statements and Exhibits.
  (d) Exhibits.
  The following exhibits are filed as part of this report:
  Exhibit No.
  Description
  104
  The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.
  The following exhibit is furnished as part of this report:
  Exhibit No.
  Description
  99.1
  Press Release dated April 22, 2020.
  SIGNATURE
  Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  AVIS BUDGET GROUP, INC.
  By:
  /s/ Cathleen DeGenova
  Cathleen DeGenova
  Vice President and Chief Accounting Officer
  Date:
  April 22, 2020