"We quickly responded to remove costs and preserve liquidity," said Joe Ferraro, Avis Budget Group interim chief executive officer. "As of the end of April, we achieved over $2.0 billion of annualized cost removal actions, including reductions in headcount, a significantly smaller vehicle fleet and the elimination of all nonessential capital and operating expenses. However, we will remain vigilant and will identify additional cost removal actions if we experience a slower recovery or in the event of further disruption later in the year." Related Story