Dollar Thrifty Automotive Group Rolls Into the Motor City
Company Accelerates Acquisition Program With Addition of Thrifty Franchisee Operations at Detroit Metro Airport
TULSA, Okla., Dec. 11 -- Dollar Thrifty Automotive Group, Inc. today announced the acquisition of the Thrifty Car Rental franchise operation serving the Detroit Metropolitan Wayne County Airport. The acquisition, effective today, continues the corporate growth strategy of acquiring franchisees in key U.S. markets. The terms of the transaction were not disclosed.
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"This acquisition highlights the considerable progress we've made in implementing our aggressive corporate growth strategy," Jay Foley, Senior Executive Vice President - Corporate Operations, said. "Since the beginning of the year, DTG has acquired Thrifty franchise operations in a number of cities including Atlanta, Las Vegas, Boston, Miami and Houston and opened greenfield locations in Charlotte, Daytona Beach and Tucson. We are particularly pleased to add the Detroit Airport Thrifty location, which is one of the top 20 airport car rental markets in the U.S., to our network of corporate locations."
The Detroit acquisition adds approximately 300 vehicles to DTG's corporate operations. As a result of recent acquisitions and greenfield location openings, 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 the year, DTG's corporate U.S. rental fleet averaged over 75,000 vehicles.
The facility serving the airport and located at 29111 Wick Road will continue to offer convenient parking and shuttle services.
The Thrifty Detroit Airport location was acquired from Motor City Rentals, Inc., owned by Jeff and Michelle Warmolts. With seven Thrifty stores in Wayne, Macomb and Oakland counties, the Warmolts will concentrate on operating in the local markets.
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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