TULSA, Okla. -- Dollar Thrifty Automotive Group announced that its two brands -- Dollar Rent A Car and Thrifty Car Rental -- will stop operating as two separate companies in order to cut costs and streamline operations. In addition, the company is taking steps to acquire more Thrifty franchises in order to make them corporate operations.
DTG Chairman and CEO Joseph E. Cappy called the shift in corporate strategy a "proactive decision" that will create "an opportunity to accelerate synergies between brands."
DTG estimated that putting the new corporate structure in place will cost about $4 million in the fourth quarter.
The company also announced Dec. 3 that it had restored $7.13 million in employee merit raises, executive compensation and 401(k) company matches that were suspended following the Sept. 11 attack last year.