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        Avis Budget Group, Inc. Form 8-K dated November 15, 2006
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>CURRENT
        REPORT</strong>&#160;</font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Pursuant
        to Section 13 or 15(d) of the&#160; </font></div>
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        Exchange Act of 1934 </font></div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Date
        of
        Report (Date of Earliest Event Reported): <strong><u>November 15, 2006 (November
        9, 2006)</u></strong></font></div>
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        Budget Group, Inc.</strong>&#160;</font></div>
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                  Employer Identification No.)</font></div>
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        Written communications pursuant to Rule 425 under the Securities Act (17 CFR
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        Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
        Act
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        Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
          4.02 Non-Reliance on Previously Issued Financial Statements or a Related
          Audit
          Report or Completed Interim Review.</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
          previously disclosed, the Company&#8217;s former PHH Corporation subsidiary filed a
          Current Report on Form 8-K on October 30, 2006 in which PHH reiterated that
          the
          resolution of certain accounting matters is expected to result in changes
          to
          PHH&#8217;s previously filed financial statements. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Company has completed its review of these and other accounting matters evaluated
          by PHH and, on November 9, 2006, concluded that such matters will require
          a
          restatement of certain of the Company&#8217;s previously filed financial statements to
          address these matters, which include the allocation of the purchase price
          among
          current and former business units associated with the Company&#8217;s 2001 acquisition
          of Avis Group Holdings (then parent of PHH&#8217;s fleet management and Wright Express
          fuel card businesses) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
          a
          change&#160;to disaggregate&#160;two of the businesses acquired for purposes of
          testing goodwill impairment</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
          Such
          re-allocation and change in aggregation will result in </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)
          </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
          restatement of the gain recorded upon the initial public offering of Wright
          Express in first quarter 2005; (ii) a prior period impairment charge, which
          in
          turn will result in a restatement of the impairment charge recorded upon
          the
          spin-off of PHH in first quarter 2005; and (iii) </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
          restatement of certain of our expenses</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
          Such
          changes will be reflected principally in the discontinued operations of Avis
          Budget </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and,
          with
          respect to continuing operations, are expected to decrease our aggregate
          net
          income over the period of 2001-2004 by an immaterial amount</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
          </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
          addition, we expect to record additional adjustments to discontinued operations
          over the period of 2001-2005 which are expected to increase the Company&#8217;s
          aggregate net income over that period (with a corresponding offsetting decrease
          to net income for periods prior to 2001). </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accordingly,
          our previously issued financial statements for the years ended December 31,
          2005, 2004 and 2003 as well as for the three and six months ended March 31
          and
          June 30, 2006, respectively, should no longer be relied upon.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Since
          PHH
          has neither re-filed its prior financial statements nor, to the Company&#8217;s
          knowledge, completed its evaluation of all such accounting matters, there
          can be
          no assurance that the Company will not receive additional information from
          PHH
          that is inconsistent with the information received to date, which could cause
          further or different changes to the Company&#8217;s previously filed financial
          statements.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">We
          currently expect to file our Quarterly Report on Form 10-Q for the period
          ended
          September 30, 2006 on or prior to November 20, 2006 and we expect that the
          financial statements to be included in such Quarterly Report will properly
          reflect all applicable period adjustments relating to the restatement. Following
          the filing of our Form 10-Q, we intend to file restated financial statements
          for
          the additional periods described above to correct these errors as soon as
          practicable.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
          Company&#8217;s management and Audit Committee have discussed the matters disclosed in
          this filing with our independent registered public accounting firm, Deloitte
          &amp; Touche LLP.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
          7.01 Regulation FD Disclosure.</strong></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
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          November 15, 2006, we announced that we </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">have
          provided to the trustee the financial information for Avis Budget Car
          Rental</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">and
          its
          subsidiaries, the companies that comprise our vehicle rental business, as
          required by Avis Budget Car Rental&#8217;s indenture and such information is available
          on our web site at www.avisbudgetgroup.com.</font></div>
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          press
          release announcing the posting of such financial information is incorporated
          by
          reference herein.</font></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(d)
          Exhibits. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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                        No.</font></div>
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                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
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                    </td>
                    <td align="left" valign="top" width="3%">&#160;</td>
                    <td align="left" valign="top" width="38%">
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                        Release dated November 15, 2006.</font></div>
                      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;<br><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Forward-Looking
              Statements</strong></font></div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          statements in this Current Report on Form 8-K constitute "forward-looking
          statements" within the meaning of the Private Securities Litigation Reform
          Act
          of 1995. Such forward-looking statements involve known and unknown risks,
          uncertainties and other factors which may cause our actual results, performance
          or achievements to be materially different from any future results, performance
          or achievements expressed or implied by such forward-looking statements.
          Statements preceded by, followed by or that otherwise include the words
          "believes", "expects", "anticipates", "intends", "projects", "estimates",
          "plans", "may increase", "may fluctuate" and similar expressions or future
          or
          conditional verbs such as "will", "should", "would", "may" and "could" are
          generally forward-looking in nature and not historical facts. Any statements
          that refer to expectations or other characterizations of future events,
          circumstances or results are forward-looking statements.</em></font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;
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          risks that could cause future results to differ from those expressed by the
          forward-looking statements included in this Current Report on Form 8-K include,
          but are not limited to our ability to complete the calculations required
          by the
          transactions related to the separation of Cendant Corporation in order meet
          our
          expected timing for our Form 10-Q for third quarter 2006 and the timely receipt
          of additional information from PHH and whether that information is inconsistent
          with the information received to date. In light of these risks, uncertainties,
          assumptions and factors, the forward-looking events discussed in this Current
          Report on Form 8-K may not occur. You are cautioned not to place undue reliance
          on these forward-looking statements, which speak only as of the date
  </em></font><a name="eolPage3"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>stated,
          or if no date is stated, as of the date of this Current Report on Form 8-K.
          Important assumptions and other important factors that could cause actual
          results to differ materially from those in the forward-looking statements
          are
          specified in our Form 10-Q for the quarter ended June 30, 2006, including
          under
          headings such as "Forward-Looking Statements", "Risk Factors" and "Management's
          Discussion and Analysis of Financial Condition and Results of Operations."
          Except for our ongoing obligations to disclose material information under
          the
          federal securities laws, we undertake no obligation to release any revisions
          to
          any forward-looking statements, to report events or to report the occurrence
          of
          unanticipated events unless required by law.</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>&#160;</em></font></a></div>
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURE</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          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. </font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">
          <div>
            <table cellpadding="0" cellspacing="0" width="100%">
  
                <tr>
                  <td align="left" valign="bottom" width="20%">&#160;</td>
                  <td align="left" valign="bottom" width="20%">&#160;</td>
                  <td align="left" valign="bottom" width="28%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman"><strong>AVIS
                      BUDGET GROUP, INC.</strong></font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td align="left" valign="bottom" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="bottom" width="20%">&#160;</td>
                  <td align="right" valign="bottom" width="20%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">By:</font></div>
                  </td>
                  <td align="justify" valign="bottom" width="28%" style="border-bottom: black thin solid;">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">/s/
                      John T. McClain</font></div>
                  </td>
                  <td align="left" valign="bottom" width="10%">&#160;</td>
                </tr>
                <tr>
                  <td align="left" valign="bottom" width="20%">&#160;</td>
                  <td align="left" valign="bottom" width="20%">&#160;</td>
                  <td align="left" valign="bottom" width="28%">
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">John
                      T. McClain</font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Senior
                      Vice President and Chief Accounting Officer </font></div>
                    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
                  </td>
                  <td align="left" valign="bottom" width="10%">&#160;</td>
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          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:
            November 15, 2006 </font></div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div>&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
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text: Avis Budget Group, Inc. Form 8-K dated November 15, 2006
  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):
  November 15, 2006 (November
        9, 2006)
  Avis
        Budget Group, Inc.
  (Exact
        Name of Registrant as Specified in its Charter)
  Delaware
  1-10308
  06-0918165
  (State
                  or Other Jurisdiction of Incorporation)
  (Commission
                  File Number)
  (IRS
                  Employer Identification No.)
  6
                  Sylvan Way
  Parsippany,
                  NJ
  07054
  (Address
                  of Principal Executive Offices)
  (Zip
                  Code)
  (973)
        496-4700
  (Registrant's
        telephone number, including area code)
  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))
  [
        ]
        Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
        Act
        (17 CFR 240.13e-4(c))
  Item
          4.02 Non-Reliance on Previously Issued Financial Statements or a Related
          Audit
          Report or Completed Interim Review.
  As
          previously disclosed, the Company's former PHH Corporation subsidiary filed a
          Current Report on Form 8-K on October 30, 2006 in which PHH reiterated that
          the
          resolution of certain accounting matters is expected to result in changes
          to
          PHH's previously filed financial statements.
  The
          Company has completed its review of these and other accounting matters evaluated
          by PHH and, on November 9, 2006, concluded that such matters will require
          a
          restatement of certain of the Company's previously filed financial statements to
          address these matters, which include the allocation of the purchase price
          among
          current and former business units associated with the Company's 2001 acquisition
          of Avis Group Holdings (then parent of PHH's fleet management and Wright Express
          fuel card businesses)
  and
          a
          change to disaggregate two of the businesses acquired for purposes of
          testing goodwill impairment
  .
          Such
          re-allocation and change in aggregation will result in
  (i)
  a
          restatement of the gain recorded upon the initial public offering of Wright
          Express in first quarter 2005; (ii) a prior period impairment charge, which
          in
          turn will result in a restatement of the impairment charge recorded upon
          the
          spin-off of PHH in first quarter 2005; and (iii)
  a
          restatement of certain of our expenses
  .
          Such
          changes will be reflected principally in the discontinued operations of Avis
          Budget
  and,
          with
          respect to continuing operations, are expected to decrease our aggregate
          net
          income over the period of 2001-2004 by an immaterial amount
  .
  In
          addition, we expect to record additional adjustments to discontinued operations
          over the period of 2001-2005 which are expected to increase the Company's
          aggregate net income over that period (with a corresponding offsetting decrease
          to net income for periods prior to 2001).
  Accordingly,
          our previously issued financial statements for the years ended December 31,
          2005, 2004 and 2003 as well as for the three and six months ended March 31
          and
          June 30, 2006, respectively, should no longer be relied upon.
  Since
          PHH
          has neither re-filed its prior financial statements nor, to the Company's
          knowledge, completed its evaluation of all such accounting matters, there
          can be
          no assurance that the Company will not receive additional information from
          PHH
          that is inconsistent with the information received to date, which could cause
          further or different changes to the Company's previously filed financial
          statements.
  We
          currently expect to file our Quarterly Report on Form 10-Q for the period
          ended
          September 30, 2006 on or prior to November 20, 2006 and we expect that the
          financial statements to be included in such Quarterly Report will properly
          reflect all applicable period adjustments relating to the restatement. Following
          the filing of our Form 10-Q, we intend to file restated financial statements
          for
          the additional periods described above to correct these errors as soon as
          practicable.
  The
          Company's management and Audit Committee have discussed the matters disclosed in
          this filing with our independent registered public accounting firm, Deloitte
          & Touche LLP.
  Item
          7.01 Regulation FD Disclosure.
  On
          November 15, 2006, we announced that we
  have
          provided to the trustee the financial information for Avis Budget Car
          Rental
  and
          its
          subsidiaries, the companies that comprise our vehicle rental business, as
          required by Avis Budget Car Rental's indenture and such information is available
          on our web site at www.avisbudgetgroup.com.
  Our
          press
          release announcing the posting of such financial information is incorporated
          by
          reference herein.
  Item
          9.01. Financial Statements and Exhibits.
  (d)
          Exhibits.
  The
          following exhibits are filed as part of this report:
  Exhibit
                        No.
  Description
  99.1
  Press
                        Release dated November 15, 2006.
  Forward-Looking
              Statements
  Certain
          statements in this Current Report on Form 8-K constitute "forward-looking
          statements" within the meaning of the Private Securities Litigation Reform
          Act
          of 1995. Such forward-looking statements involve known and unknown risks,
          uncertainties and other factors which may cause our actual results, performance
          or achievements to be materially different from any future results, performance
          or achievements expressed or implied by such forward-looking statements.
          Statements preceded by, followed by or that otherwise include the words
          "believes", "expects", "anticipates", "intends", "projects", "estimates",
          "plans", "may increase", "may fluctuate" and similar expressions or future
          or
          conditional verbs such as "will", "should", "would", "may" and "could" are
          generally forward-looking in nature and not historical facts. Any statements
          that refer to expectations or other characterizations of future events,
          circumstances or results are forward-looking statements.
  Various
          risks that could cause future results to differ from those expressed by the
          forward-looking statements included in this Current Report on Form 8-K include,
          but are not limited to our ability to complete the calculations required
          by the
          transactions related to the separation of Cendant Corporation in order meet
          our
          expected timing for our Form 10-Q for third quarter 2006 and the timely receipt
          of additional information from PHH and whether that information is inconsistent
          with the information received to date. In light of these risks, uncertainties,
          assumptions and factors, the forward-looking events discussed in this Current
          Report on Form 8-K may not occur. You are cautioned not to place undue reliance
          on these forward-looking statements, which speak only as of the date
  stated,
          or if no date is stated, as of the date of this Current Report on Form 8-K.
          Important assumptions and other important factors that could cause actual
          results to differ materially from those in the forward-looking statements
          are
          specified in our Form 10-Q for the quarter ended June 30, 2006, including
          under
          headings such as "Forward-Looking Statements", "Risk Factors" and "Management's
          Discussion and Analysis of Financial Condition and Results of Operations."
          Except for our ongoing obligations to disclose material information under
          the
          federal securities laws, we undertake no obligation to release any revisions
          to
          any forward-looking statements, to report events or to report the occurrence
          of
          unanticipated events unless required by law.
  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/
                      John T. McClain
  John
                      T. McClain
  Senior
                      Vice President and Chief Accounting Officer
  Date:
            November 15, 2006
  EXHIBIT
          INDEX
  Exhibit
                      No.
  Description
  99.1
  Press
                      Release dated November 15, 2006.