Dollar Thrifty Automotive Group Acquires Operations of Memphis Thrifty Franchisee
TULSA, Okla., Dec. 4, 2003 -- Dollar Thrifty Automotive Group, Inc. today announced the acquisition of the Thrifty Car Rental franchise operation in Memphis, Tennessee. The acquisition, effective today, includes the Thrifty operation at Memphis International Airport as well as a suburban location. Terms of the agreement were not disclosed.
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"We are looking forward to operating the Thrifty brand corporately in Memphis," Jay Foley, Senior Vice President - Corporate Operations, said. "DTG's acquisition of these franchised locations is consistent with our plan to operate larger U.S. locations corporately. We look forward to providing excellent value products and services to both arriving airline passengers as well as the local community. As in previous acquisitions, we plan on a seamless transition for our customers. DTG anticipates additional acquisitions in the coming months."
The Memphis acquisition adds approximately 300 vehicles to DTG's corporate operations. As a result of DTG's aggressive acquisition activities and the opening of greenfield locations, the company has added approximately 14,000 vehicles on an annualized basis to the company's U.S. rental fleet in 2003. For the first nine months of this year, DTG's corporate U.S. rental fleet averaged approximately 75,000 vehicles.
Dollar Thrifty Automotive Group, Inc., a Fortune 1000 Company, is headquartered in Tulsa, Oklahoma, and has approximately 7,000 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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