The company has approached several UK agencies about the business, and is believed to have narrowed its search down to three candidates. The review is being conducted directly by the client.
The review is being overseen by Budget's European commercial director, Sara Zimmerman, who joined in the summer. Zimmerman previously handled the marketing for Holiday Hotels and Holiday Autos.
The winning agency will be required to produce a campaign to rejuvenate the brand. Budget has struggled at the hands of a weak travel economy in recent years. The aim will be to give Budget the kind of profile currently enjoyed by low-cost airlines, such as Ryanair and easyJet.
It is unclear whether the incumbent, Euro RSCG Wnek Gosper Partners, will be repitching.
Budget Rent-a-Car was sold to Avis earlier this year. The then bankrupt Budget Group sold what was left of its European, Middle-Eastern and African assets to Avis Europe in March for $20 million, following the approval of a bankruptcy judge. The company had already sold its remaining core assets to Avis' parent company, the travel and property conglomerate, the Cendant Corporation, for $3.4 billion.
Budget Rent-a-Car Europe currently operates in 65 countries across the region.
Its main European rival, Hertz Europe, promoted its head of advertising and promotions, Paul Woozley, to head of marketing earlier this year.
He now has responsibility for all European marketing activity, reporting to the director of pricing and marketing planning, Ian Seatree.