Thrifty Car Rentalis an Americancar rentalagency, headquartered inEstero, Florida,with offices in many countries around the world. Thrifty is owned byThe Hertz Corporation,along with other agencies including Hertz Rent A Car andDollar Rent A Car.Thrifty typically caters to budget-conscious leisure travelers.
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Car rental |
| Founded | 1958 |
| Headquarters | , United States |
Number of locations | 1,061 locations (2022)[1] |
| Parent | Hertz Global Holdings |
| Website | thrifty.com |
History
editThrifty Car Rental was established in 1958.[2][3]In 1981, the company was purchased by Bill Lobeck, the husband ofKathy Taylor,and his business partners.[4]The company completed aninitial public offering(IPO) of common stock in 1987. It would grow in size by purchasing Ohio-based Snappy Car Rental forUS$40,000,000(equivalent to $98,319,463 in 2023) in May 1989.[5][6]
By the end of 1989, the company was acquired by theChrysler CorporationforUS$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.[7]
On December 23, 1997, Chrysler spun off its car rental operations into theDollar Thrifty Automotive Groupwith an IPO, as part of an effort to reduce operating expenses at Chrysler.[8][9][10]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][11]
Fleet sizes and locations in the United States:
- 1999- 149 company-owned US locations with 123,814 vehicles between Dollar and Thrifty brands[12]
- 2001- 130,252 cars in service with 540 locations in the US (includes 162 airport locations)[12][13]
- 2003- 310 company-owned and 513 franchisee locations in the US[12]
- 2006- 407 US corporate locations with revenue ofUS$1,534,000,000(equivalent to $2,318,472,103 in 2023)[14][15]
- 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 forUS$2,300,000,000(equivalent to $3,052,442,383 in 2023) on November 19, 2012.[16]
As a result of theimpact of the COVID-19 pandemic on tourism,on April 30, 2020, Hertz announced that it has missed lease payments on its fleet and was seeking support from its lenders in an attempt to avoid bankruptcy.[17]On May 22, 2020, the company filed forChapter 11 bankruptcybecause it did not reach an agreement with top lenders.[18][19]The company emerged from bankruptcy in early 2021.[20]
Dollar and Thrifty locations across the United States have faced multiple class action lawsuits[21]for duplicitous actions.
Operations
editThe Thrifty brand typically caters to budget-consciousleisure travelersrenting from airports.[2][22]
The Blue Chip Rental Express Program
editThrifty Car Rental's free Blue Chip Express Rental Program was introduced to the U.S. and Canada in 2008.[23]It offers expedited pickup and returns processes, choosing vehicle type, insurance coverage, designated lines at the counter, and syncing airline rewards.[23][24]
Competitors
editReferences
edit- ^"General information".Thrifty Car Rental.RetrievedAugust 11,2022.
- ^abcd"DOLLAR THRIFTY AUTOMOTIVE GROUP INC (DTG) IPO".Nasdaq. 2017.RetrievedNovember 5,2017.
- ^"Thrifty Car Rental".Travel Commerce Network. 2017.RetrievedNovember 6,2017.
- ^"Bill Lobeck".tulsahistory.org.Tulsa Historical Society.RetrievedFebruary 14,2025.
- ^"COMPANY NEWS; Thrifty Rent-A-Car To Buy Snappy Car".The New York Times.May 24, 1989.RetrievedNovember 5,2017.
- ^"Thrifty to Acquire Snappy Car".The Report Dispatch.Gannett.May 23, 1989. p. 39.RetrievedFebruary 23,2024– viaNewspapers.com.
- ^"COMPANY NEWS; Chrysler Sells Snappy Car Division".The New York Times.Reuters.September 9, 1994.RetrievedNovember 6,2017.
- ^"Dollar Thrifty Automotive Group Announces Key Leadership Changes; Paxton Named President and CEO".F&I and Showroom.September 26, 2003.RetrievedNovember 6,2017.
- ^Christian, Nicole M.; Reitman, Valerie (November 7, 1997)."Chrysler Will Spin Off Its Dollar Thrifty Unit".The Wall Street Journal.Auburn Hills, MI.RetrievedNovember 6,2017.
- ^"Dollar Thrifty Automotive Group, Inc. History".Funding Universe.2017.RetrievedNovember 6,2017.
- ^"Chrysler to Acquire Dollar Rent A Car".Chicago Tribune.Vol. 144, no. 178. Detroit, MI. June 27, 1990. pp.35–6.RetrievedFebruary 23,2024– viaNewspapers.com.
- ^abc"Form 10-K for DOLLAR THRIFTY AUTOMOTIVE GROUP, INC".United States Securities and Exchange Commission. 2003.RetrievedNovember 6,2017.
- ^"U.S. Car Rental Market: Fleet".Auto Rental news. 2001.RetrievedNovember 6,2017.
- ^"2006 U.S. CAR RENTAL MARKET"(PDF).Auto Rental News. 2006.RetrievedNovember 8,2017.
- ^"Dollar Thrifty Automotive Group 2006 Form 10-K"(PDF).Corporate Library. 2006.RetrievedNovember 8,2017.
- ^Terlep, Sharon; Dezember, Ryan (August 27, 2012)."Hertz Wins Bid to Buy Dollar Thrifty".The Wall Street Journal.RetrievedNovember 6,2017.
- ^Welch, David (April 30, 2020)."Hertz in push to avoid bankruptcy - Business down 80% since pandemic took hold".SFGate.RetrievedMay 1,2020.
- ^Gladstone, Alexander; Lombardo, Cara (May 22, 2020)."Hertz Preparing Bankruptcy Filing as Soon as This Weekend".The Wall Street Journal.RetrievedMay 22,2020.
- ^Spector, Mike (May 22, 2020)."Hertz files for U.S. bankruptcy protection as car rentals evaporate in pandemic".Reuters.Archived fromthe originalon April 6, 2023.RetrievedMay 22,2020.
- ^Lipschultz, Bailey (July 1, 2021)."Hertz Stock Rages On After Bankruptcy With Surge, Then Plunge".Bloomberg.
- ^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.RetrievedFebruary 6,2024.
- ^"DOLLAR THRIFTY AUTOMOTIVE GROUP INC".EDGAR Online. 2017.RetrievedNovember 8,2017.[dead link]
- ^ab"Thrifty Blue Chip Rewards Offers Free Car Rentals".Maximizing Money.March 7, 2008. Archived fromthe originalon July 3, 2018.RetrievedNovember 9,2017.
- ^"The Low Down on Thrifty Blue Chip".AutoSlash. November 1, 2021.RetrievedApril 9,2021.