TULSA, OKLAHOMA -- Dollar Thrifty Automotive Group said it has agreed to acquire nearly all of the assets of the Thrifty Car Rental franchise operations in Orlando and Tampa, Fla., on May 1.
The acquisition adds seven locations, including those serving the Orlando and Tampa airports, and approximately 5,200 vehicles to the company's corporate rental fleet. Terms of the agreement were not disclosed.
"The positive buzz about this acquisition has enthusiasm running high throughout our company," said Gary L. Paxton, president and CEO of DTG. "Orlando and Tampa are among the top leisure destinations in the world. In terms of potential, this strategic acquisition represents the crown jewel of Dollar Thrifty's expansion plan."
Orlando is the number one car rental market based on reported revenue; Tampa is number eight.
In December 2002, Dollar Thrifty unveiled a corporate growth strategy to acquire locations in the top 75 U.S. airports from existing franchisees and operate them corporately. After the Orlando/Tampa transaction is complete, the company will have acquired operations in 30 key U.S. and Canadian markets and opened eight new Dollar or Thrifty locations. These acquisitions add approximately 21,000 vehicles to the company's rental fleet.
Other franchise acquisitions in 2004 include: Ft. Myers, Fla.; Aspen, Col.; Greensboro/Raleigh-Durham, N.C.; and Vancouver, Canada.
"The Thrifty Orlando and Tampa operations are a well-established franchise that has served its value-seeking customers with quality and service for a number of years. We expect that tradition to continue," said Jay Foley, DTG senior executive vice president for U.S. corporate operations. "Moving from a franchise to a corporate operation will be seamless to our customers."
In September 2003, Dollar Thrifty acquired Thrifty franchise operations in South Florida. Locations serving the Miami, Fort Lauderdale and West Palm Beach airports were included in that purchase. DTG now operates both brands, Dollar and Thrifty, corporately in every major Florida market.