Dollar Thrifty Automotive Group is the first holding company of Thrifty Car Rental and Dollar Rent A Car. Dollar Thrifty Automotive began operations as an independent car rental subsidiary of The Chrysler Corporation on November 4, 1997 while continuing to support its two brands, Dollar Rent A Car and Thrifty Car Rental. It was acquired by The Hertz Corporation for $ 2.3 billion USD on November 19, 2012.
Video Dollar Thrifty Automotive Group
Enterprise Development
Founded in 1990 by The Chrysler Corporation, Dollar Thrifty Automotive is part of Chrysler's Pentastar Transportation Group in Tulsa, Oklahoma, which also includes General Rent-A-Car and Snappy Car Rental. Chrysler first bought Thrifty Rent A Car System, Inc. in 1989, and Dollar Rent A Car Systems, Inc. in 1990 - formed the Dollar Thrifty Automotive Group. In 1997, Dollar Thrifty Automotive earned $ 843.94 million USD in sales, employed 5,200 staff, and maintained a combined lease fleet of around 100,000 vehicles.
Chrysler announced that Dollar Thrifty Automotive filed to the US Securities and Exchange Commission to offer common stock in November 1997. On December 23, 1997, Dollar Thrifty Automotive completed its initial public offering on the New York Stock Exchange and traded as DTG. Before Thrifty Car Rental and Dollar Rent A Car acted as their own subsidiary under Dollar Thrifty Automotive in December 2002, Dollar Thrifty Automotive operated as a car rental group to reduce costs. In 2003, the Dollar and Thrifty brand operates in over 70 countries worldwide, including about 800 corporate and franchise locations in the United States and Canada.
Maps Dollar Thrifty Automotive Group
Armada Rental
From 1990 to 2009, Dollar Thrifty Automotive mainly leased Chrysler, Dodge, and Jeep vehicles to customers in the United States. Some locations feature Mazda, Nissan, and Toyota models as well. In October 2009, it was announced that the company would move away from the use of Chrysler Group vehicles in hopes of better diversity of their rental fleet. The announced fleet will now include Ford Motor Company, General Motors, Nissan, Hyundai, Kia, Chrysler, and other vehicles. The fleet's expansion helped Dollar Thrifty shares on the New York Stock Exchange rise to a 52 week high of $ 27.50 before closing at $ 26.33 - up 0.57 percent.
Former Executive Key
Gary L. Paxton was elected President and CEO of Dollar Thrifty Automotive in October 2003 in response to Joseph E. Cappy's return after ten years with the brand. Paxton's career with Dollar Thrifty Automotive began after working for the first Rent A Car Dollar franchise in California in 1968; he then moved to senior management positions Vice President of Operations (1972 to1974), Vice President of Property (1974 to 1982), Senior Vice President of Operations and Property (1986 to 1990), Executive Vice President (1997 to 2002), and Chief Airport Negotiator of Dollar (1974 to 1990). Paxton oversees 7,000 employees of an automotive company - 700 of whom work at Tulsa headquarters - as well as day-to-day operations of both brands.
In response to Paxton's retirement in December, the Dollar Board of Thrifty Automotive Group announced Scott L. Thompson as the company's president, CEO and board member in October 2008. Paxton will provide consulting services to car rental companies until 31 October 2009.
Thompson joined the company on May 23, 2008, as Senior Executive Vice President and Chief Financial Officer, stepping away from his role with Group 1 Automotive, listed companies New York Stock Exchange and Fortune 500. In addition, R. Scott Anderson, who joined the brand in 1987, will serve as Senior Vice President and responsible for the company's store operations and franchising, global sales, and marketing efforts. Anderson was promoted to Chief Marketing Officer in 2008.
Hertz Corporation Buying Dollar Thrifty Automotive Group
In 2009, Hertz Global Holdings made an initial offer to buy a Tulsa-based car rental firm for $ 41 per share. In April 2010, the negotiations have brought Hertz to a bid of $ 1.27 billion USD, which increased again to $ 1.5 billion USD, but was rejected for a third time by Dollar Thrifty shareholders. In July 2011, Hertz's bid increased to $ 1.91 billion USD, competing with the rival Avis Budget Group's $ 1.55 billion offer. Finally, on November 19, 2012, Hertz Global Holdings former Chairman and CEO Mark P. Frissora announced the purchase of the company Dollar Thrifty Automotive Group for $ 2.3 billion USD.
The Dollar Thrifty Automotive Group has split into two independent subsidiaries, Thrifty Car Rental and Dollar Rent A Car, under The Hertz Corporation. Each operates with its own sales, marketing, rental fleet, and franchise locations from Hertz's headquarters in Estero, Florida under President and CEO Kathryn V. Marinello.
Dollar Rent A Car
Formerly known as Dollar A Day Rent A Car, Dollar Rent A Car Systems, Inc. founded by Henry J. Caruso in Los Angeles, California in 1965. Purchased for an undisclosed amount on August 15, 1990 by The Chrysler Corporation, which incorporates Dollar Rent A Car and Thrifty Car Rental into Dollar Thrifty Automotive Group.
The Dollar brand focuses on the leisure and tourism markets, with 76% of the brand's revenues in 1997 from Florida, California, Hawaii, and Nevada locations. Dollar Rent A Car has more than 370 locations worldwide in 26 countries, including Australia, Canada, the Caribbean region and Latin America, and about 230 locations in the United States.
With on-site car rental services, Dollar Rent A Car provides ski racks, child safety chairs, navigation and operational support.
Car Rental Save
Thrifty Car Rental was founded in 1958 as an indirect subsidiary of Thrifty Rent A Car System, Inc. In May 1989, Thrifty brand bought Snappy Car Rental Inc. based in Ohio, who specialize in leasing insurance substitutes, for $ 40 million. As the former fifth largest car rental company in North America, Thrifty focuses on airport locations, local markets, franchises and franchise support services.
The Thrifty brand agreed to be acquired by The Chrysler Corporation for $ 263 million USD in 1989. In turn, Chrysler Chairman Lee Iacocca announced his company would finance part of Thrifty's acquisition of Snappy for $ 40 million USD.
As a subsidiary of The Hertz Corporation, Thrifty Car Rental operates in 77 countries and territories with 472 locations in the United States and Canada, and 589 locations throughout the Americas, Africa, Europe, Middle East, and the Caribbean as well as the Asia-Pacific Region.
Awards and Recognition
- The Thrifty Automotive Dollar was listed as Fortune 1000 Company in 2003.
See also
- Car rental
References
External links
- The official site Dollar Rent A Car
- Official Site of Cheap Car Hire
- The official website of Hertz's parent company
Source of the article : Wikipedia
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