As part of its ongoing global expansion strategy, Avis Car Rental, a unit of Avis Budget Group Inc.CAR , opened its 8th rental station in Malaysia at the Holiday Inn Melaka in Malacca. With this facility, the company expects to capture the growing demand for car rentals in Malaysia, which happens to be one of the major tourist destinations in Southeast Asia.
Through this new location, Avis expects to better serve the business and leisure travelers in the country with its high-quality and well-maintained fleet that includes vehicles from leading manufactures like Toyota, Honda and Nissan. Additionally, travelers will have access to Avis' automatic transmission vehicles and other amenities like Global Positioning System (GPS) navigation devices, child safety seats and fuel service options.
Having established its first location in 1972, Avis today commands a prominent position in Malaysia, providing rental services in key locations like Glenmarie Shah Alam, Kuala Lumpur, at the Holiday Inn Kuala Lumpur Glenmarie, at Renaissance Kuala Lumpur Hotel City Centre, inside terminals 1 and 2 of the Kuala Lumpur International Airport, Penang Bayan Lepas International Airport, at Menara Zurich in Johor Bharu Downtown Office and Kuantan Airport.
Moreover, Avis has a vast presence in Asia with over 300 locations, where it provides effective vehicle rental, vehicle leasing and limousine/premium chauffeur services through a network of wholly owned subsidiaries, JVs and licensee agreements.
Avis Budget had first stepped into Asia in 1970, when it launched car rental operations in Hong Kong. Through the 1970s, the company steadily extended its operations in the continent with the launch of operations in Singapore, the Philippines, Malaysia, Indonesia and Pakistan.
Since then, this Zacks Rank #3 (Hold) company has largely expanded its footprint in the continent, expanding operations in various markets including India, Mainland China, Vietnam and Taiwan, with the latest additions being Laos and Cambodia.
At present, Avis Budget is widening its operations through acquisitions and collaborations. The company is also investing in other booming markets where car rental demand is on the rise, as evident from its latest move.
Better-ranked stocks in the business services industry include Sajan Inc. SAJA , with a Zacks Rank #1 (Strong Buy), and ExamWorks Group Inc. EXAM and Healthcare Services Group Inc. HCSG , both carrying a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report