Dollar Thrifty Automotive Group Acquires Thrifty Franchise Operations in Phoenix
Acquisition Represents Another Milestone in Company's Growth Strategy
TULSA, Okla., Aug. 31 -- Dollar Thrifty Automotive Group, Inc. today announced the acquisition of the Thrifty Car Rental franchise operations in Phoenix. The acquisition includes an in- terminal location at the new Sky Harbor International Airport consolidated rental car facility, as well as two local market locations and adds approximately 1,400 vehicles to the Company's corporate fleet. The Phoenix operations were sold by Cholla Holdings, LLC., owned by Stuart and Laura Boykoff, long-time, successful Thrifty Car Rental franchisees. Terms of the transaction were not disclosed.
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"We're extremely pleased to increase our corporate presence in one of the fastest growing cities in the nation," Jay Foley, Senior Executive Vice President - Corporate Operations, said. "Phoenix ranks as one of the top five U.S. airport car rental markets and our purchase of the Thrifty franchise operations there is another very important link in the execution of our franchise acquisition growth strategy for key U.S. airport markets. Phoenix is a premier destination for both tourists and business travelers. With the Dollar Rent A Car brand already operating corporately in Phoenix, we look forward to the operating efficiencies we can achieve by adding the Thrifty brand in this dynamic city."
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 1,600 corporate and franchised worldwide locations including over 800 in the United States and Canada. The Dollar or Thrifty brands operate in virtually all of the top U.S. airport markets; both brands operate in all of the top Canadian airport markets. The Company's more than 8,500 employees are located mainly in North America, but global service capabilities exist through an expanding international franchise network. For additional information, visit http://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; access to reservation distribution channels; economic and competitive conditions in markets and countries where the companies' customers reside and where the companies and their franchisees operate; natural hazards or catastrophes; incidents of terrorism; airline travel patterns; changes in capital availability or cost; costs and other terms related to the acquisition and disposition of automobiles; systems or communications failures; costs of conducting business and changes in structure or operations; and certain regulatory and environmental matters and litigation risks. 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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