Thrifty Car Rental

Edit links
Source: Wikipedia, the free encyclopedia.

Thrifty Car Rental
Websitethrifty.com

Thrifty Car Rental is an American

The Hertz Corporation, along with other agencies including Hertz Rent A Car and Dollar Rent A Car
. Thrifty typically caters to budget-conscious leisure travelers.

History

Thrifty Car Rental was established in 1958.[2][3] The company completed an initial public offering (IPO) of common stock in 1987. It would grow in size by purchasing Ohio-based Snappy Car Rental for US$40,000,000 (equivalent to $98,319,463 in 2023) in May 1989.[4][5]

By the end of 1989, the company was acquired by the

Chrysler Corporation for US$263,000,000 (equivalent to $646,450,470 in 2023) and merged into the company's Pentastar Transportation Group.[2] A few months later, Chrysler would also purchase Dollar Rent A Car. In September 1994, Chrysler would sell Snappy Car Rental to a group of investors.[6]

On December 23, 1997, Chrysler spun off its car rental operations into the Dollar Thrifty Automotive Group with an IPO, as part of an effort to reduce operating expenses at Chrysler.[7][8][9] By the end of the 1997 fiscal year, Dollar Thrifty Automotive maintained 872 locations in the United States and employed a staff of 5,400.[2][10]

Fleet sizes and locations in the United States:

  • 1999 - 149 company-owned US locations with 123,814 vehicles between Dollar and Thrifty brands[11]
  • 2001 - 130,252 cars in service with 540 locations in the US (includes 162 airport locations)[11][12]
  • 2003 - 310 company-owned and 513 franchisee locations in the US[11]
  • 2006 - 407 US corporate locations with revenue of US$1,534,000,000 (equivalent to $2,318,472,103 in 2023)[13][14]
  • 2010 - Thrifty's rental system includes 331 locations in the US and Canada.

The Hertz Corporation announced it would purchase the Dollar Thrifty Automotive Group for US$2,300,000,000 (equivalent to $3,052,442,383 in 2023) on November 19, 2012.[15]

As a result of the

Chapter 11 bankruptcy because it did not reach an agreement with top lenders.[17][18] The company emerged from bankruptcy in early 2021.[19]

Dollar and Thrifty locations across the United States have faced multiple class action lawsuits[20] for duplicitous actions.

Operations

The Thrifty brand typically caters to budget-conscious leisure travelers renting from airports.[2][21]

The Blue Chip Rental Express Program

Thrifty Car Rental's free Blue Chip Express Rental Program was introduced to the U.S. and Canada in 2008.[22] It offers expedited pickup and returns processes, choosing vehicle type, insurance coverage, designated lines at the counter, and syncing airline rewards.[22][23]

References

  1. ^ "General information". Thrifty Car Rental. Retrieved August 11, 2022.
  2. ^ a b c d "DOLLAR THRIFTY AUTOMOTIVE GROUP INC (DTG) IPO". Nasdaq. 2017. Retrieved November 5, 2017.
  3. ^ "Thrifty Car Rental". Travel Commerce Network. 2017. Retrieved November 6, 2017.
  4. ^ "COMPANY NEWS; Thrifty Rent-A-Car To Buy Snappy Car". The New York Times. May 24, 1989. Retrieved November 5, 2017.
  5. Newspapers.com
    .
  6. ^ "COMPANY NEWS; Chrysler Sells Snappy Car Division". The New York Times. Reuters. September 9, 1994. Retrieved November 6, 2017.
  7. ^ "Dollar Thrifty Automotive Group Announces Key Leadership Changes; Paxton Named President and CEO". F&I and Showroom. September 26, 2003. Retrieved November 6, 2017.
  8. ^ Christian, Nicole M.; Reitman, Valerie (November 7, 1997). "Chrysler Will Spin Off Its Dollar Thrifty Unit". The Wall Street Journal. Auburn Hills, MI. Retrieved November 6, 2017.
  9. ^ "Dollar Thrifty Automotive Group, Inc. History". Funding Universe. 2017. Retrieved November 6, 2017.
  10. Newspapers.com
    .
  11. ^ a b c "Form 10-K for DOLLAR THRIFTY AUTOMOTIVE GROUP, INC". United States Securities and Exchange Commission. 2003. Retrieved November 6, 2017.
  12. ^ "U.S. Car Rental Market: Fleet". Auto Rental news. 2001. Retrieved November 6, 2017.
  13. ^ "2006 U.S. CAR RENTAL MARKET" (PDF). Auto Rental News. 2006. Retrieved November 8, 2017.
  14. ^ "Dollar Thrifty Automotive Group 2006 Form 10-K" (PDF). Corporate Library. 2006. Retrieved November 8, 2017.
  15. ^ Terlep, Sharon; Dezember, Ryan (August 27, 2012). "Hertz Wins Bid to Buy Dollar Thrifty". The Wall Street Journal. Retrieved November 6, 2017.
  16. ^ Welch, David (April 30, 2020). "Hertz in push to avoid bankruptcy - Business down 80% since pandemic took hold". SFGate. Retrieved May 1, 2020.
  17. ^ Gladstone, Alexander; Lombardo, Cara (May 22, 2020). "Hertz Preparing Bankruptcy Filing as Soon as This Weekend". The Wall Street Journal. Retrieved May 22, 2020.
  18. ^ Spector, Mike (May 22, 2020). "Hertz files for U.S. bankruptcy protection as car rentals evaporate in pandemic". Reuters. Archived from the original on April 6, 2023. Retrieved May 22, 2020.
  19. ^ Lipschultz, Bailey (July 1, 2021). "Hertz Stock Rages On After Bankruptcy With Surge, Then Plunge". Bloomberg.
  20. ^ Mower, Lawrence (January 23, 2019). "Florida has settled with Dollar/Thrifty over misleading rental car fees. Here's how to file a claim". Tampa Bay Times. Retrieved February 6, 2024.
  21. ^ "DOLLAR THRIFTY AUTOMOTIVE GROUP INC". EDGAR Online. 2017. Retrieved November 8, 2017. [dead link]
  22. ^ a b "Thrifty Blue Chip Rewards Offers Free Car Rentals". Maximizing Money. March 7, 2008. Archived from the original on July 3, 2018. Retrieved November 9, 2017.
  23. ^ "The Low Down on Thrifty Blue Chip". AutoSlash. November 1, 2021. Retrieved April 9, 2021.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Thrifty_Car_Rental&oldid=1217788255"