PV Holding Corporation is the parent company of Avis Budget Group, the renowned vehicle rental company. Its global headquarters is located at 6 Sylvan Way, Parsippany, N.J. The group also operates Zipcar, a car sharing network.
The company was founded in 1946 by Warren Avis and grew quickly due to its then-unique model of renting cars from airport locations. So rapid was the growth that by 1953 it was the second largest car rental company in the United States. The company went on to open offices in other countries. By 1956, it had branches in neighboring Canada and Mexico. In 1963, under the tenure of Robert Townsend, the company introduced its iconic tagline, "We try harder." That was changed to, "It's your space," in 2012. In 1973, the company introduced Wizard, its proprietary reservations system. The company, its subsidiaries and franchisees operate in more than 5,000 locations all over the world.
Budget, on the other hand, was founded by Morris Mirkin in 1958. Keeping to the spirit of its name, it operated a low-cost model, undercutting its competitors. In 1987, the company launched its initial public offering. It was bought and sold by a succession of companies, eventually coming under the same stable with Avis in 2006. The company and its licensees operate from more than 800 locations in the United States.