TULSA, Okla. // PRNewswire-FirstCall // -- Dollar Thrifty Automotive Group, Inc. (NYSE: DTG) today announced that it has substantially completed its inventory ordering cycle for 2010 model year vehicles, and in conjunction with those orders will meet its previously announced strategic objective of fleet diversification during 2010 when those vehicle orders are delivered. The Company noted that its 2010 vehicle orders will provide its customers with a wider range of vehicles, while at the same time allowing the Company to diversify the residual value and production risk across a broader range of suppliers. The Company's 2010 fleet purchases are broken down by manufacturer as follows:
General Motors 20
Hyundai / Kia / Other 10
"One of our primary goals for 2009 was to diversify our fleet in order to mitigate the various risks associated with concentration of inventory from any individual suppliers, while at the same time providing our customers with a broader array of options to meet their individual rental needs. We are pleased to have achieved this objective in a relatively short time frame," said Scott L. Thompson, Chief Executive Officer and President. "We truly appreciate the ongoing support of our manufacturer partners, and look forward to continuing to forge long-term, mutually beneficial relationships with each of them."
The Company also noted that during the third quarter it continued to experience sequential improvement in fleet depreciation costs per vehicle due to improving residual values resulting from conditions in the used vehicle market as well as improved purchase economics on model year 2010 inventory purchases.
The Company had previously stated an objective of achieving an average fleet cost of $350 per unit per month some time during calendar 2010. The Company noted, however, that it now expects fleet costs to be below the $350 level for the third and fourth quarters of 2009, and, based on current facts and circumstances, now expects its 2010 fleet cost to stabilize below $350 per unit per month.
Dollar Thrifty Automotive Group, Inc. is a Fortune 1000 company headquartered in Tulsa, Oklahoma. Driven by the mission "Value Every Time," the Company's brands, Dollar Rent A Car and Thrifty Car Rental, serve value-conscious travelers in over 70 countries. Dollar and Thrifty have over 600 corporate and franchised locations in the United States and Canada, operating in virtually all of the top U.S. and Canadian airport markets. The Company's approximately 6,400 employees are located mainly in North America, but global service capabilities exist through an expanding international franchise network.
This press release contains "forward-looking statements" about our expectations, plans and performance. These statements use such words as "may," "will," "expect," "believe," "intend," "should," "could," "anticipate," "estimate," "forecast," "project," "plan" and similar expressions. These statements do not guarantee future performance and Dollar Thrifty Automotive Group, Inc. assumes no obligation to update them. Risks and uncertainties that could materially affect future results include:
Forward-looking statements should be considered in light of information in this press release and other filings we make with the Securities and Exchange Commission.
SOURCE Dollar Thrifty Automotive Group, Inc.