Dollar Thrifty Provides Third Quarter Update

Dollar Thrifty Automotive Group expects vehicle rental revenues for the third quarter of 2009 to decrease about 12 percent compared to the third quarter of 2008, the company reported.
DTG said a 12 percent improvement in pricing on a year-over-year basis does not fully mitigate a 21 percent decline in transaction days.
Location closures represented about 4 percent of the decline in transaction days, while the remaining decline resulted from lower demand for our services at our current price point and a planned reduction in our fleet capacity as part of our focus on return on assets.
“Optimizing the mix between pricing and volume is a primary focus area for the Company in 2009. I am pleased to report for the second consecutive quarter that the company achieved a double-digit increase in rate per day compared to the prior year period, and also achieved its revenue targets for the quarter. One other highlight was that for the month of September, rental revenues were down only 3 percent compared to September 2008, indicating we may have seen the worst of the rental revenue declines for this business cycle,” said Scott L. Thompson, CEO and president.

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