Dollar Thrifty Automotive Group to Acquire Operations of Las Vegas Thrifty Franchisee
Acquisition Will Increase Company's Strong Presence in Top U.S. Leisure Destination
TULSA, Okla., Sept. 15 -- Dollar Thrifty Automotive Group, Inc. today announced its corporate operations subsidiary has signed an agreement to acquire substantially all of the assets of the Thrifty Car Rental franchise operations in Las Vegas, Nevada. The acquisition, consistent with DTG's corporate growth strategy, will add approximately 1,950 vehicles to DTG's corporate operations. The terms of the transaction were not disclosed.
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The acquisition, effective November 1, 2003, includes a Thrifty location at the McCarran International Airport as well as a recently remodeled service and rental facility on Rent-A-Car Road.
"Our two brands, Dollar and Thrifty, focus on serving the value-oriented traveler so increasing our already substantial corporate presence in Las Vegas is a perfect fit with our growth strategy," Gary L. Paxton, DTG President and Chief Operating Officer - Corporate Operations, said. "For years, Dollar has been one of the major car rental players at the McCarran International Airport and also has rental locations at most major hotels in the city.
"A unique part of this acquisition is that Dollar and Thrifty actually share a common fence between properties at the customer car pick up and return facility which will assist in gaining operational efficiencies. And, as in previous acquisitions, the transition from franchise to corporate operations is expected to be seamless to Thrifty's customers.
"The Thrifty licensee, Qualcar LLC, owned and operated by David Rosen, has experienced exceptional growth in revenues and profit combined with quality customer service which will make this location acquisition accretive to DTG earnings next year."
According to Paxton, the purchase of key franchise operations, along with the opening of greenfield locations have now added approximately 13,000 vehicles to the company's fleet since the beginning of 2003. DTG will continue to explore further acquisitions as it continues to execute its internal growth plan.
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 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 www.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.
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