Budget Rent A Car was founded in Los Angeles, California in 1958 by Morris Mirkin. The original fleet consisted of 10 vehicles. The company got the name budget by undercutting competitors rates.
In 1960, the company headquarters moved to Chicago, Illinois and the company began to expand through franchising.
In 1986, the company was purchased in a leveraged buyout by Gibbons, Green and van Amerongen. The company went public in 1987.
In 2002, the company was purchased by the Cendant Corporation, who owned Avis. In 2006, the company separated into four division and Budget became the Avis Budget Group. The company is publicly traded on the NASDAQ under the ticker symbol: CAR.
A Forbes article in March 2018 states that Budget has seen a steady decline in profits over the past decade.
Today, there are over 3,000 Budget Rent A Car locations in 120 countries worldwide.