Summary of AVIS BUDGET GROUP, INC.

Item 1.01 Entry into a Material Definitive Agreement.

On February 13, 2013, our Avis Budget Rental Car Funding (AESOP) LLC subsidiary (the "Issuer") issued $750 million of asset-backed securities with a maturity of five years, comprised of $652.5 million aggregate principal amount of Series 2013-1 1.92% Rental Car Asset Backed Notes, Class A and $97.5 million aggregate principal amount of Series 2013-1 2.62% Rental Car Asset Backed Notes, Class B (together, the "Notes"). The Issuer issued the Notes under the Series 2013-1 Supplement (the "Series 2013-1 Supplement") dated February 13, 2013, between the Issuer and The Bank of New York Mellon Trust Company, N.A. ("BNYMellon"), as trustee and as Series 2013-1 Agent, to the Second Amended and Restated Base Indenture (the "Base Indenture"), dated as of June 3, 2004, as amended, between the Issuer and BNYMellon, as trustee.

The Notes are secured under the Base Indenture primarily by vehicles in our domestic fleet and other related assets. The foregoing summary of the Notes is qualified in its entirety by reference to the full text of the Series 2013-1 Supplement, a copy of which is attached hereto as Exhibit 10.1 and which is incorporated by reference herein. A copy of the press release announcing the issuance of the Notes is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

Certain purchasers of the Notes, and the trustee, and their respective affiliates, have performed and may in the future perform, various commercial banking, investment banking and other financial advisory services for us and our subsidiaries for which they have received, and will receive, customary fees and expenses.

Creation of a Direct Financial Obligation or an Obligation under Item 2.03 an Off-Balance Sheet Arrangement of a Registrant.

The information described above under Item 1.01 of this report is incorporated into this Item 2.03 by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are filed as part of this report:

Exhibit No.           Description
10.1                  Series 2013-1 Supplement, dated as of February 13, 2013, between
                      Avis Budget Rental Car Funding (AESOP) LLC and The Bank of New
                      York Mellon Trust Company, N.A., as trustee and as Series 2013-1
                      Agent.
99.1                  Press Release dated February 13, 2013.