TULSA, Okla. -- Dollar Thrifty Automotive Group today distributed $7.57 million in profit sharing and performance awards in recognition of employee achievements for 2003. Approximately $3.6 million of that was awarded to employees based in Oklahoma.
With an annual worldwide payroll of exceeding $200 million and an annual Oklahoma payroll of more than $55 million, Dollar Thrifty employs more than 1,500 in support of its Dollar Rent A Car, Thrifty Car Rental and Thrifty Car Sales brands at its worldwide headquarters and reservations centers in Oklahoma. Of the publicly held companies based in Oklahoma, DTG ranks as one of the top 10 employers in the state.
Gary L. Paxton, Dollar Thrifty CEO and president, said: "Despite the state of the industry or the economic conditions, Dollar Thrifty has been profitable every year since the company's initial public offering in 1997. Dollar Thrifty employees have worked diligently together as a team to implement significant new strategic initiatives while also achieving excellent results. You can't deliver the accomplishments Dollar Thrifty has without a team effort. Presenting our employees with these performance awards is an opportunity to say thank you for a great job."
Paxton specifically cited:
-- The successful implementation of a new operating model and organizational structure
-- The acquisition or opening of locations in 28 major markets, adding 15,000 cars to the corporate fleet
-- The introduction of a dual-franchising program for international, Canadian and smaller markets in the U.S.
-- Record annual revenue in 2003 of $1.23 billion, an 8.4% increase over the prior year.
Paxton noted that performance award checks were distributed to employees at all job levels.
"Over 70% of these awards went to non-executives, reflecting Dollar Thrifty's commitment to recognizing the broad spectrum of contributions from its entire organization," Paxton said.