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BUDGET RENT-A-CAR SYSTEM
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In 1958, Budget Rent A Car was established by businessman Morris “Morey” Mirkin in Los Angeles, California on the corner of Wilshire and Robertson Boulevards. Mirkin opted to name his company Budget to appeal to the budget-conscious customer. With an initial investment of $10,000, he purchased a fleet of ten cars to rent out. In 1960, Mirkin partnered with distant relative, Jules Lederer, who was the president of a Chicago-based business that manufactured writing instruments. Lederer helped infuse necessary capital into Budget Rent A Car, which led to the rapid growth of the company on a national scale. Soon after, Budget Rent A Car’s headquarters relocated to Chicago and became successful that it was able to branch out to Europe, Africa, and Asia. Today, the company boasts an annual revenue of more than $3 billion and has almost 4,000 locations worldwide.
Budget. (n.d.). Corporate history. https://www.budget.com/en/about-budget/company-information/milestone-ev…
Budget. (n.d.). Our factsheet. https://www.budget.com/en/about-budget/company-information/leader-profi…