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Avis Budget Group has reported revenue of $1.6 billion, an increase of 7% versus third quarter 2010, primarily due to a 5% increase in volumes.

"We delivered record earnings this quarter driven by increased revenue, our strategic initiatives to accelerate profitable growth, our continued focus on cost containment and lower fleet costs," said Ronald L. Nelson, Avis Budget Group Chairman and Chief Executive Officer. "We also completed our acquisition of Avis Europe on October 3 and are excited about the growth and profit opportunities that combining our brands across a global platform will afford us."

The company is a leading global provider of vehicle rental services through its Avis and Budget brands, with 10,000 rental locations in approximately 175 countries around the world. Avis Budget Group operates most of its car rental offices in North America, Europe and Australia directly, and operates primarily through licensees in other parts of the world. Avis Budget Group has approximately 28,000 employees and is headquartered in Parsippany, New Jersey.