Word: avise
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For automakers, owning a rental-car company is a great way to showcase products. Ford has already bought into Hertz, General Motors is allied with Avis, and Chrysler owns Thrifty. Now a foreign manufacturer is getting into the act. Last week Mitsubishi Motors became the first Japanese owner of a...
This was not the case at Avis, which in late 1987 was bought by its workers for $1.75 billion. For Avis employees, who borrowed all the money for the deal, the ESOP ended ten tumultuous years in which the company had five corporate owners. "We needed stability, once and for...
In the Avis program, the company's 24 million shares are held in a trust and gradually released to employees as the debt is paid off over a 17-year period. Vittoria reserved 13% of the stock for key managers, "the 132 people I cannot afford to lose," who initially...
"Over time they'll be able to watch the value of that stock jump," says Avis Treasurer Gerald Kennell. One catch: employees must stay at least five years before they can cash their shares.
The ESOP program has boosted the company's performance, in part because managers have put their employees' new motivation to good use. Avis has also found that its customers support employee ownership, which the company touts in its ads. One TV spot shows a satisfied customer pointing to an Avis...