Dollar Thrifty Automotive Group Continues Acquisition Strategy in 2007
Company acquires Thrifty Car Rental franchise operations in Seattle and Portland
TULSA, Okla., Feb. 1 -- Dollar Thrifty Automotive Group, Inc. kicks its acquisition strategy into high gear in 2007 with the purchase of the Thrifty Car Rental franchise operations in Seattle, Wash., and Portland, Ore.
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The acquisition adds 2,500 vehicles to the company's corporate fleet and includes both in-terminal and off-airport Thrifty Car Rental locations serving Seattle-Tacoma International Airport and Portland International Airport, as well as stores in downtown Portland, Seattle and local market stores in Beaverton, Ore., and Bellevue, Wash. Also included in the purchase are parking facilities at both airports, as well as a Quik Stop business providing retail oil changes. Pacific Northwest Rental & Leasing Inc., a Thrifty Car Rental franchisee since 1974, was sold by Tom D. Huling, III. Terms of the deal, effective Feb. 1, were not disclosed.
"The natural beauty of Seattle and Portland has always been a popular draw for business and leisure travelers," said Jay Foley, senior executive vice president of corporate operations at Dollar Thrifty. "Sea-Tac is the 17th busiest airport in the nation, and Portland International Airport served more than 14 million passengers last year. Naturally, we're excited to operate the Thrifty Car Rental brand in the home of the Space Needle and in Portland, which was recently proclaimed North America's 'Best Big City' by Money magazine. This acquisition is consistent with our plan to corporately operate larger-market domestic locations. We expect franchise acquisitions to continue on an opportunistic basis, provided they meet our return on investment goals."
This marks the first franchise acquisition for Dollar Thrifty in 2007, following a heavy year of acquisitions in 2006 that resulted in the purchase of 12 Dollar Rent A Car and Thrifty Car Rental franchisees, representing 16 cities and adding more than 6,000 cars to its corporate 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 over 800 corporate and franchised locations in the United States and Canada including operations at most major airports. The Company's more than 8,600 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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