Dollar Thrifty Automotive Group Continues Execution of Strategic Growth Plan
Company Acquires Franchisees in Growing Research Triangle Region of North Carolina
TULSA, Okla., March 2 -- Dollar Thrifty Automotive Group, Inc. today announced the acquisition of the Thrifty Car Rental franchise operations in Raleigh-Durham, North Carolina. The acquisition includes a location off-airport at Raleigh-Durham International Airport and a location in downtown Durham. The acquisition continues the corporate growth strategy of acquiring franchisees in key U.S. and Canadian markets. The terms of the transaction were not disclosed.
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"Raleigh-Durham is a strong growing market and we're pleased to add these locations to our corporate operations," Jay Foley, Senior Executive Vice President - Corporate Operations, said. "DTG currently operates the Dollar brand in Raleigh-Durham and this acquisition provides us with marketplace operating synergies in fleet, back office and management. Although it is early in 2004, to date this year DTG has acquired franchise operations in Greensboro, North Carolina, and Vancouver, providing us with great momentum in the execution of our strategy."
The Raleigh-Durham acquisition adds approximately 625 vehicles to DTG's corporate operations. Since the Company announced its acquisition strategy in early 2003, DTG has successfully acquired 26 key U.S. and Canadian markets and opened six new Greenfield locations. 2003 acquisitions and greenfield activities have added approximately 15,000 vehicles on an annualized basis to the company's rental fleet.
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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