Dollar Thrifty Automotive Group Continues Acquisition Momentum
Consistent With Aggressive Growth Strategy Company Acquires Franchisees In Greensboro and Aspen
TULSA, Okla., Feb. 3 -- Dollar Thrifty Automotive Group, Inc. today announced the continuation of its growth strategy with the acquisition of the Thrifty Car Rental franchise operation in Greensboro, North Carolina, and the Thrifty Car Rental and Dollar Rent A Car franchise operations in Aspen, Colorado. Today's announcement follows on the heels of the Company's successful 2003 acquisition activity which, along with the opening of greenfield locations, will add approximately 14,500 vehicles on an annualized basis to the Company's U.S. rental fleet. The terms of the transactions were not disclosed.
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The Thrifty Greensboro acquisition includes an in-terminal location at Piedmont Triad International Airport, a location near the airport in Greensboro as well as a local market store in Winston-Salem, North Carolina. The Aspen acquisitions include a Thrifty location at Aspen-Pitken Airport, a Thrifty location near the airport and a Dollar location off airport.
"The key element of our growth strategy is to acquire both Dollar and Thrifty franchisees in key U.S. and Canadian markets," Jay Foley Senior Executive Vice President - Corporate Operations, said. "We are very pleased with the 2003 execution of this growth strategy. We believe the Greensboro and Aspen acquisitions provide an excellent start to DTG's 2004 achievements and look forward to continuing the execution of our strategy throughout the year."
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 approximately 800 corporate and franchised locations in the United States and Canada, and they have operations at most major airports. The company's more than 7,000 employees are located mainly in North America, but global service capabilities exist through an ever expanding franchise network. For additional information, visit 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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