Dollar Thrifty Automotive Group Accelerates Growth Strategy; Acquires Franchise Operations In Atlanta, Houston And Ontario, CA
Key acquisitions add 16 locations and 3,500 vehicles
Executive Director - Corporate Comm.
TULSA, OKLAHOMA, July 29, 2003: Dollar Thrifty Automotive Group, Inc. (NYSE:DTG) today announced the acquisition of the Thrifty Car Rental franchise operations in Atlanta, Houston and Ontario, California. These acquisitions, consistent with DTG’s corporate growth strategy, add 16 locations and approximately 3,500 vehicles to DTG’s corporate operations.
“These acquisitions confirm DTG’s continuing success in executing an aggressive internal growth strategy which includes operating larger U.S. locations corporately,” Gary L. Paxton, DTG President and Chief Operating Officer – Corporate Operations, said. “Our purchases of key franchise operations, along with the opening of greenfield locations, have now added approximately 6,500 vehicles to our fleet since the beginning of 2003. With these additions, DTG’s corporate locations now operate a fleet of 74,000 vehicles at 202 locations in the U.S. The acquisitions and opening of greenfield locations allow us to grow DTG’s revenue despite the ongoing difficult conditions in the travel industry. This year, DTG has acquired the Thrifty franchise operations in Hawaii and Manchester, New Hampshire, and has opened greenfield locations in Charlotte, North Carolina; Milwaukee, Wisconsin; Daytona Beach, Florida; and Tucson, Arizona. Our accretive franchise acquisition efforts will continue and we expect to announce additional transactions in the near future.”
Acquisition of the Thrifty Atlanta franchise, effective August 1, includes in-terminal operations at Hartsfield Airport, the third largest U.S. airport car rental market, as well as company-operated locations in College Park, Marietta and Atlanta, Georgia, and four agency locations in Norcross, Decatur, Lawrenceville and Tucker, Georgia.
Also effective August 1, DTG will acquire the Thrifty Ontario, California, operation which is located off-airport at the Ontario International Airport.
The Houston Thrifty acquisition, which becomes effective September 15, adds seven locations in the Houston area to DTG’s corporate operations including in-terminal locations at Houston’s Intercontinental and Hobby airports. Other locations include the Galleria, Medical Center, Southwest, West, and North Loop sections of Houston.
Paxton said transition of the 16 locations from franchise to corporate operations will be virtually invisible to Thrifty’s customers. “As with our past acquisitions, Thrifty will continue to focus on providing value-driven travelers with a great car rental experience.”
Dollar Thrifty Automotive Group, Inc., a Fortune 1000 Company, is headquartered in Tulsa, Oklahoma, and has approximately 6,000 worldwide employees. Focused on being the low-cost provider in the car rental industry, the company’s brands, Dollar Rent A Car and Thrifty Car Rental, serve value-conscious leisure travelers in more than 70 countries. With operations at most major airports, Dollar and Thrifty have approximately 800 corporate and franchised locations in the United States and Canada. Additional information can be found by visiting dtag.com.
Some of the statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Dollar Thrifty Automotive Group, Inc. believes such forward-looking statements are based upon reasonable assumptions, such statements are not guarantees of future performance and certain factors could cause results to differ materially from current expectations.These factors include: price and product competition; economic and competitive conditions in markets and countries where the companies' customers reside and where the companies and their franchisees operate; airline travel patterns; changes in capital availability or cost; costs and other terms related to the acquisition and disposition of automobiles; costs of conducting business and changes in structure or operations; and certain regulatory and environmental matters. Should one or more of these risks or uncertainties, among others, materialize, actual results could vary from those estimated, anticipated or projected. Dollar Thrifty Automotive Group, Inc. undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.