Home / About Us / Press Releases / Archive / 2006 / Dollar Thrifty Automotive Group Board Authorizes $300 Million Share Repurchase Program

Dollar Thrifty Automotive Group Board Authorizes $300 Million Share Repurchase Program

Contact:
Terri Snow
Executive Director - Corporate Communications
(918) 669-2743
terri.snow@dtag.com

Steve Hildebrand
Chief Financial Officer
(918) 669-2288

Tulsa, Oklahoma, February 9, 2006: Dollar Thrifty Automotive
Group, Inc.
(NYSE: DTG) today announced its Board of Directors has completed
a review of strategic alternatives and has determined that a significant increase
in its share repurchase program is an appropriate action toward increasing shareholder
value. As such, the Board has approved a new $300 million share repurchase program
to be completed by December 31, 2008. Share repurchases at this level are subject
to obtaining the necessary amendments to the Company’s revolving credit
facility which currently limits share repurchases to $50 million annually. The
Company plans to immediately begin repurchasing shares under this new authorization
up to the current credit facility limits pending bank approval to increase the
level of repurchases. This new program replaces the existing $100 million program
of which $44.7 million has been used to purchase 1,551,600 shares.

“The Company has generated a strong cash position, has no non-vehicle
debt and is positioned to generate strong cash flow going forward,” Gary
L. Paxton, President and Chief Executive Officer, said. “With the majority
of our franchise acquisition opportunities now behind us, we are confident in
our ability to significantly increase share repurchases while still maintaining
a strong balance sheet and sufficient liquidity to continue our growth. We believe
repurchasing DTG shares represents an attractive investment at current price
levels and demonstrates our commitment to return excess cash to shareholders.”

Shares will be repurchased at times and amounts determined by the Company’s
management based on its evaluation of market conditions and other factors. Repurchases
will be made from time to time in the open market and through privately negotiated
transactions. Repurchases may also be made under SEC Rule 10b5-1 plans, which
permit shares to be repurchased when the Company would not normally be in the
market due to its own internal blackout periods. The repurchase program may
be suspended or discontinued at any time.

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 over 800 corporate
and franchised locations in the United States and Canada including operations
at most major airports. The Company's more than 8,000 employees are located
mainly in North America, but global service capabilities exist through an expanding
international 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;
access to reservation distribution channels; economic and competitive conditions
in markets and countries where the companies' customers reside and where the
companies and their franchisees operate; natural hazards or catastrophes; incidents
of terrorism; airline travel patterns; changes in capital availability or cost;
costs and other terms related to the acquisition and disposition of automobiles;
systems or communications failures; costs of conducting business and changes
in structure or operations; and certain regulatory and environmental matters
and litigation risks. 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.

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