Avis Budget Group’s first-quarter loss doubled from a year earlier, with fleet costs rising faster than revenue.
Avis Budget’s loss widened to $46 million from a $23 million loss a year earlier, the company said Wednesday.
While revenue rose 4.2% to $1.69 billion, and while North America sales advanced 6% almost exclusively on higher rates, vehicle depreciation costs jumped 21% to $386 million.
Europe operations suffered because of lower pricing and higher costs.
Avis Budget in March completed its $500 million acquisition of Zipcar, the U.S. leader in car sharing.
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