Budget Saudi gets exclusive license to rent Payless cars

08/05/2016 Argaam

United International Transportation Company Ltd. (Budget Saudi) has obtained an exclusive license to rent out Payless cars across the kingdom for 10.5 years, the company said in a bourse statement.

 

The franchising agreement, signed on Friday with AVIS Budget Group (ABG), the owner of Payless, will be effective from June 30, 2016 to December 31, 2026.

 

Budget said the agreement will boost its revenue for fiscal year 2016, as low-cost car rentals are expected to enhance growth in the company’s core operations.

 

The Payless franchise is not expected to impact Budget International’s rights, as both brands are managed by ABG, the company added.

 

Payless Car Rental, which was incorporated in 1971, provides discount rental services in about 120 rental locations in the United States, Canada, Europe, and South America, including in major airports. 

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