Vehicle Rental Activities

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

The components of vehicles, net within assets under vehicle programs are as follows:


	As of		As of
	September 30,		December 31,
	2025		2024
Rental vehicles	$	22,020	$	20,094
Less: Accumulated depreciation	(2,928)		(3,143)
	19,092		16,951
Vehicles held for sale	448		594
Vehicles, net investment in lease (a)	100		74
Vehicles, net	$	19,640	$	17,619

__________

(a)See Note 14 – Related Party Transactions.

The components of vehicle depreciation and lease charges, net are summarized below:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Depreciation expense	$	675	$	723	$	2,025	$	1,940
Lease charges	34		41		95		115
(Gain) loss on sale of vehicles, net (a)	(31)		42		249		120
Vehicle depreciation and lease charges, net	$	678	$	806	$	2,369	$	2,175

__________

(a)For the nine months ended September 30, 2025, includes other fleet charges of $390 million related to the accelerated disposal of certain fleet in our Americas reportable segment. These costs relate to vehicles that were not included in the long-lived asset impairment and other related charges recorded in 2024.

As of September 30, 2025 and 2024, we had payables related to vehicle purchases included in liabilities under vehicle programs - other of $216 million and $152 million, respectively, and receivables related to vehicle sales included in assets under vehicle programs - receivables from vehicle manufacturers and other of $486 million and $284 million, respectively.

AVIS BUDGET GROUP, INC. 10-Q