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BUSINESS
June 4, 1996 | Times Staff and Wire Reports
Avis Confirms Unsolicited Purchase Offer: The Parsippany, N.J.-based car renter said it has been approached by a potential suitor, but the company wouldn't say whether it is negotiating a sale to motel and real estate franchiser HFS Inc. The Wall Street Journal reported that HFS is in preliminary talks to buy the company in a transaction that could total more than $1 billion including debt. Avis Inc.
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BUSINESS
July 13, 1999 | Reuters
Intel Corp. is expected to report second-quarter earnings today that are in line with analysts' expectations, with revenue down from the previous quarter, as a result of its aggressive pricing and some slower PC demand, analysts said. "I think this quarter is going to have very little in the way of surprises," said Mark Edelstone, an analyst with Morgan Stanley Dean Witter. According to First Call, which tracks analysts' estimates, the consensus is for 53 cents a share. Shares in the No.
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BUSINESS
December 21, 1996 | Times Staff and Wire Reports
HFS Inc. said a top lawyer for its Avis Inc. rental car unit knew as early as 1992 of complaints of racial bias against an Avis franchisee and took no action. According to preliminary results from a review by law firm Skadden, Arps, Slate, Meagher & Flom, Avis General Counsel John Lynch was notified of racial bias complaints against Avis franchisee John Dalton by other company executives. HFS commissioned the review. HFS' disclosure of the findings may require the Parsippany, N.J.
BUSINESS
May 25, 1999 | From Times Wire Services
Moving beyond its core car rental business, Avis Rent A Car Inc. said Monday it agreed to buy the corporate auto-leasing operations of Cendant Corp., its former parent, for $1.8 billion in cash and stock. Investors frowned on the deal, which also includes the assumption of $3.2 billion in debt, pushing Avis' stock sharply lower.
BUSINESS
November 27, 1996 | From Washington Post
Avis Inc. has been instructed by its parent company to terminate five outlets owned by a franchisee who is accused in a class-action lawsuit of race discrimination. In a statement released Tuesday by HFS Inc., executives said they had asked Avis to take legal action to end its relationship with John Dalton's New Hanover Rent-a-Car, which operates rental centers in North and South Carolina.
BUSINESS
February 7, 1996 | From Bloomberg Business News
Avis Inc. received the highest marks for customer satisfaction in a survey of airport rental car customers by J.D. Power & Associates, a market research company. About 4,000 customers nationwide were questioned about vehicle pickups and returns, prices and reservation systems at seven rental companies. Avis, followed by Ford Motor Co.'s Hertz Corp. and National Interrent, scored above the survey average, J.D. Power said. Budget Rent-a-Car Corp.
BUSINESS
August 24, 1996 | From Associated Press
HFS Inc. plans to sell a majority of Avis' car rental business to the public rather than spin it off to HFS shareholders after the franchiser's $800-million purchase of Avis Inc. is complete. The plan, announced Friday, would not significantly change HFS' strategy for Avis. HFS announced the purchase on July 1 and said then that it planned to divest Avis Rent A Car and retain the franchise, meaning the car-rental company would pay HFS a fee to use the Avis name.
BUSINESS
June 4, 1996 | From Times Wire Services
Car renter Avis Inc. confirmed Monday that it has been approached by a potential suitor, but the company wouldn't say whether it is negotiating a sale to motel and real estate franchiser HFS Inc. The Wall Street Journal reported Monday that HFS is in preliminary talks to buy the company in a transaction that could total more than $1 billion including debt.
BUSINESS
August 30, 1996 | From Bloomberg Business News
HFS Inc. said General Motors Corp. agreed Thursday to sell its stake in rental car company Avis Inc. as part of HFS' agreement to acquire Avis for about $800 million in cash and stock. GM, which owns preferred stock that is convertible into a 29% stake in Avis, will sell its holdings for about $232 million. GM bought the preferred stock in 1987 for $135 million.
BUSINESS
July 3, 1996 | From Bloomberg Business News
Avis Inc.'s 13,500 employee-owners will double the worth of their shares in the company by selling out to HFS Inc., a real estate sales and hotel licenser. And the $800-million cash-and-debt offer announced Monday does almost as much for the theory that says companies do better when the workers have a stake. "It's very positive. You can see that it actually worked," said Ed Carberry, a worker at the nonprofit National Center for Employee Ownership in Oakland.
BUSINESS
March 18, 1999 | DENISE GELLENE
Advertiser: Avis Rent A Car Inc. Agency: Bates USA, New York Challenge: Distinguish Avis from competitors by touting personal service. The Ads: Two television spots examine ways in which Avis employees--as the company's familiar slogan states--try harder. In a spot promoting Avis' preferred service, a clerk prepares a customized map for a harried rental car customer, thus presenting Avis as technologically advanced and helpful. A spot for Avis' "rapid return" service makes a similar point.
BUSINESS
December 8, 1998 | JAMES F. PELTZ, TIMES STAFF WRITER
The nation's car-rental companies, bloodied by years of price-cutting in an attempt to gain market share, have tried for several months now to hike prices instead and bolster their profits. But Wall Street is hardly impressed. Consider: Over the last 12 months, Budget Group Inc.'s stock has plunged 64%. Shares of Avis Rent a Car Inc. are down 39%. Even shares of market leader Hertz Corp.
BUSINESS
December 23, 1997 | Bloomberg News
Avis Rent A Car Inc. agreed to pay $1.85 million to settle discrimination lawsuits over the denial of rental cars to black people by a franchisee in North Carolina. The suits, filed last year in federal court in Wilmington, N.C., contended that Avis and the franchisee, New Hanover Rent-A-Car Inc., denied cars to black customers under racist policies created by New Hanover's owner. Customers' attorneys contended that Avis' national executives knew about the policies and did nothing.
BUSINESS
August 12, 1997 | From Times Wire Services
HFS Inc. said its Avis Rent A Car Inc. unit agreed to buy its second-largest North American franchisee, First Gray Line Corp., for about $195 million in cash. First Gray has 70 locations throughout Southern California and the Southwest. In a separate deal Monday, Republic Industries Inc. agreed to pay $150 million for EuroDollar Holdings in a move designed to give it a foothold in Europe. In the last year, Republic has acquired several U.S. car rental companies.
BUSINESS
March 6, 1997 | Times Staff and Wire Reports
Avis Rent a Car Inc. has denied it told employees to discriminate against Jews, saying the allegations were part of a campaign by lawyers trying to intimidate the Garden City, N.Y.-based company into settling a racial discrimination case. "The allegation that Avis instructed employees to discriminate against Jews is ridiculous and completely false," the company, a unit of HFS Inc., said.
BUSINESS
December 21, 1996 | Times Staff and Wire Reports
HFS Inc. said a top lawyer for its Avis Inc. rental car unit knew as early as 1992 of complaints of racial bias against an Avis franchisee and took no action. According to preliminary results from a review by law firm Skadden, Arps, Slate, Meagher & Flom, Avis General Counsel John Lynch was notified of racial bias complaints against Avis franchisee John Dalton by other company executives. HFS commissioned the review. HFS' disclosure of the findings may require the Parsippany, N.J.
BUSINESS
June 29, 1996 | JAMES FLANIGAN, TIMES SENIOR ECONOMICS EDITOR
Welcome to the ethereal economy. HFS Inc., a company that owns hotel and realty franchises, was reported Friday to be close to buying Avis Inc., the car rental company, for $800 million. It is a deal that would reflect a new economy in which physical assets matter less than information on--and access to--customers.
BUSINESS
November 27, 1996 | From Washington Post
Avis Inc. has been instructed by its parent company to terminate five outlets owned by a franchisee who is accused in a class-action lawsuit of race discrimination. In a statement released Tuesday by HFS Inc., executives said they had asked Avis to take legal action to end its relationship with John Dalton's New Hanover Rent-a-Car, which operates rental centers in North and South Carolina.
NEWS
November 20, 1996 | ERIC HARRISON, TIMES STAFF WRITER
As smoking guns go, they aren't all in the same league as a secret tape filled with talk about "black jelly beans" and shredding documents. But a number of discrimination complaints across the country, coming to the fore just as California voters approved a proposition banning racial preferences, call into question the notion of whether there is a level racial playing field.
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