Dollar Thrifty Automotive Group Nabs “Crown Jewel” Of Expansion Plan
Acquisition in Orlando and Tampa adds 5,200 vehicles and seven locations
TULSA, OKLAHOMA, April 26, 2004: Dollar Thrifty Automotive Group, Inc. (NYSE:DTG) today announced an agreement to acquire substantially all of the assets of the Thrifty Car Rental franchise operations in Orlando and Tampa, Florida, effective May 1, 2004. The acquisition adds seven locations, including those serving the Orlando and Tampa airports, and approximately 5,200 vehicles, on an annualized basis, to the company’s corporate rental fleet. Terms of the agreement were not disclosed.
Gary L. Paxton, President and Chief Executive Officer, said, “The positive buzz about this acquisition has enthusiasm running high throughout our company. Orlando and Tampa are among the top leisure destinations in the world. In terms of potential, this strategic acquisition represents the crown jewel of Dollar Thrifty’s expansion plan.”
According to a 2003 survey from the industry’s tracker and trade magazine, Auto Rental News, Orlando is the number one car rental market based on reported revenue and Tampa is number eight.
In December 2002, Dollar Thrifty unveiled a corporate growth strategy to acquire locations in the top 75 U.S. airports from existing franchisees and operate them corporately. After the Orlando/Tampa transaction is complete, the company will have acquired 30 key U.S. and Canadian markets, opened eight new Dollar or Thrifty locations adding in approximately 21,000 vehicles, on an annualized basis, to the company’s rental fleet. Other franchise acquisitions in 2004 include: Ft. Myers, Florida; Aspen, Colorado; Greensboro/Raleigh-Durham, North Carolina; and Vancouver, Canada.
“The Thrifty Orlando and Tampa operations are a well-established franchise that has served its value-seeking customers with quality and service for a number of years. We expect that tradition to continue,” said Jay Foley, DTG Senior Executive Vice President for U.S. Corporate Operations. “Moving from a franchise to a corporate operation will be seamless to our customers.”
In September 2003, Dollar Thrifty acquired Thrifty franchise operations in South Florida. Locations serving the Miami, Fort Lauderdale and West Palm Beach airports were included in that purchase. DTG now operates both brands, Dollar and Thrifty, corporately in every major Florida market. As a result, the Company is beginning to achieve the benefits of controlling improved quality of service, optimum fleet usage and operating efficiencies in the marketplace.
Dollar Thrifty Automotive Group, Inc. is a Fortune 1000 Company headquartered in Tulsa, Oklahoma. Driven by the mission “Value Every Time,” the Company's brands, Dollar Rent A Car and Thrifty Car Rental, serve value-conscious travelers in approximately 70 countries. Dollar and Thrifty have approximately 800 corporate and franchised locations in the United States and Canada, and they have operations at most major airports. The Company's more than 7,000 employees are located mainly in North America, but global service capabilities exist through an ever expanding franchise network. For additional information, visit 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.