Dollar Thrifty Automotive Group Sets Strategy in Motion; Acquires Hawaii Franchise
TULSA, Okla., Feb. 3 -- Dollar Thrifty Automotive Group, Inc. today announced the acquisition of the Thrifty Car Rental franchise in Hawaii. Acquisition of the Thrifty locations in Hawaii comes approximately one month after DTG launched a new corporate structure and growth strategy. The acquisition of the Thrifty franchise adds six locations including: in-terminal operations at Kahului, Maui; Lihue, Kauai; Kona and Hilo on the Big Island; as well as locations off airport in Honolulu and Waikiki. Terms of the agreement, which became effective February 1, were not disclosed. "We are extremely pleased to announce the acquisition of the Thrifty Car Rental Hawaii operations, Gary L. Paxton, DTG President and Chief Operating Officer - Corporate Operations, said. "We believe this acquisition will provide great momentum to our previously announced expansion efforts." Jay Foley, Dollar Thrifty Automotive Group Executive Vice President - U.S. Corporate Operations, said, "We are looking forward to operating the Thrifty brand corporately in the state of Hawaii. The transition will be invisible to our customers. Both the Dollar and Thrifty locations will present separate and distinct brands to the consumer. Both will continue to serve their own accounts and loyal customers with the same high level of service that has been in place for many years. With the addition of the Thrifty locations, we have over 550 employees in the state of Hawaii. At the time of this transaction, Thrifty was operating a fleet of 1,500 vehicles in the state." Dollar Thrifty Automotive Group, Inc. is headquartered in Tulsa, Oklahoma, and has over 5,000 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 over 800 corporate and franchised locations in the United States and Canada. 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.