Throughout 2014, we operated in an uncertain and uneven economic environment marked by heightened
geopolitical risks and an unprecedented level of vehicle manufacturer recalls. We expect such economic
conditions to continue in 2015. Nonetheless, we continue to anticipate that worldwide demand for vehicle rental
and car sharing services will increase in 2015, most likely against a backdrop of modest and uneven global
economic growth. Our access to new fleet vehicles has been adequate to meet our needs for both replacement of
existing vehicles in the normal course and for growth to meet incremental demand, and we expect that to continue
to be the case. We will look to pursue opportunities for further pricing increases in 2015 to enhance our returns on
invested capital and profitability.
Our objective continues to be to focus on strategically accelerating our growth, strengthening our global position
as a leading provider of vehicle rental services, continuing to enhance our customers’ rental experience, and
controlling costs and driving efficiency throughout the organization. We operate in a highly competitive industry
and we expect to continue to face challenges and risks. We seek to mitigate our exposure to risks in numerous
ways, including delivering upon our core strategic initiatives and through continued optimization of fleet levels to
match changes in demand for vehicle rentals, maintenance of liquidity to fund our fleet and our operations,
appropriate investments in technology and adjustments in the size, nature and terms of our relationships with
vehicle manufacturers.