On June 30, Avis Budget Group declined 5.27% in regular trading, trading at $156.92/share, with turnover of $22.91 million.

On the news front, peer company Hertz Global Holdings continued to weigh on the car rental sector after previously lowering its Q2 earnings outlook due to weak used car market demand. Hertz projected its adjusted EBITDA would come in at the low end of its guidance range and simultaneously filed a shelf registration for up to $100 million in stock issuance. Hertz shares fell 9.47% on the same trading day, exerting significant downward pressure on sector valuation sentiment.

As a leading vehicle rental company operating in the same industry, Avis Budget was impacted by negative sentiment transmission from Hertz's deteriorating fundamentals, particularly concerns over rising per-unit monthly depreciation costs and losses on vehicle dispositions in the used car market.

Within the Passenger Ground Transportation sector, Hertz Global Holdings fell 9.47%, Uber fell 0.58%, while Grab Holdings rose 3.8%, Lyft rose 2.14%, and Webus International rose 1.94%.

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