Dollar Thrifty Slashes Pay, Benefits
Citing reduced travel, the rental car company makes its third retrenchment within a year.
A slow travel market, weakening economy and disappointing fourth quarter officials say are prompting Tulsa-based Dollar Thrifty Automotive Group Inc. to make major salary and benefit cuts, Tulsa World reports.
In its third retrenchment of the past year, the rental car company is suspending its matching contributions to employees’ 401(k) retirement plans. It is also suspending merit pay increases for executives and enacting 21 percent salary cuts for executives at the vice president level and above.
Employees were notified of the cuts during the past week in a memo from President and CEO Gary Paxton.
Dollar Thrifty employs 8,500 people worldwide.
After outlining the salary and benefit cuts, Paxton said company executives will present a plan to the board of directors that will reinstate pay and benefits if the company meets specified earnings targets.
According to Tulsa World, Dollar Thrifty shares recently closed at $20.73, up 23 cents for the day.
More Rental Operations
Brazilian Executive MBA Targets Growing Domestic Rental Car Industry
Rental car companies face a unique combination of challenges that are rarely addressed in traditional programs.
Read More →
Green Motion Expands Into Japan With Master Franchise Agreement
Japan's tourism industry, business travel market, and demand for vehicle rental services are reasons the country represents an important market for the company.
Read More →
ACRA Carrying Fuller Industry Load As AI and EVs Lurk In Future
The leading car rental professional business group details an active legislative, regulatory, and macro-trends agenda affecting car rental operators.
Read More →
World Cup Travel Data Shows Longer Car Rentals and More One-Ways
A recent analysis of FIFA bookings found varied demand patterns that influenced rental car pricing.
Read More →
A Leveling Force: AI Morphs Into A Rental Car Profit-Seeker
Revenue managers can’t match the emerging AI tools gobbling lots of data that could counter the competitive race to the rate bottom.
Read More →
Stop Losing Money On Rental Tolls
Regardless of your rental fleet size and structure, fleet managers, executives, and owners can gain valuable insights into an often-overlooked area of fleet operations.
Read More →
Rethink The Future To Avert A Race To The Bottom
Rental car operators heard a sobering industry message and a stern challenge at the close of the International Car Rental Show.
Read More →
DriveItAway, Free2move Plan Shared Fleet Program for Independent Rental Fleet Operators
Vehicles would be placed with participating rental operations to support car renter demand and provide additional fleet capacity.
Read More →
Stellantis Recalls 1.3 Million Jeep Vehicles Worldwide Over Fire Risk
Stellantis is recalling more than 1.3 million Jeep Wrangler and Gladiator models worldwide over a fire risk linked to power steering pump wiring.
Read More →
Green Motion And U-Save Open Rental Operations In Guatemala
The brands will open their first rental car outlets in the country at La Aurora International Airport in Guatemala City.
Read More →