|Traded as||Formerly NYSE: DTG|
|Industry||Car rental and Leasing|
|Headquarters||Estero, Florida, United States|
Number of locations
|9,700 corporate and franchise between Hertz, Dollar, and Thrifty (as of September 2017)|
|Paul Stone, President and CEO of The Hertz Corporation|
|Owner||The Hertz Corporation|
Thrifty Car Rental is a subsidiary of The Hertz Corporation with headquarters in Estero, Florida.Formerly operating as Dollar Thrifty Automotive Group, Thrifty shares 340 corporate and 1,500 franchise rental car locations in the United States and Canada with Dollar Rent A Car as of February 2017.
Thrifty Car Rental was established in 1958 as an indirect subsidiary of Thrifty Rent A Car System, Inc.Thrifty purchased Ohio-based Snappy Car Rental, Inc. for US$40 million in May 1989.
By the end of 1989, Thrifty was purchased by Chrysler Corporation for US$263 million with the intent to merge Thrifty with its Pentastar Transportation Group.With focus on value-priced car rentals, Chrysler announced Thrifty Car Rental and Dollar Rent A Car would form Dollar Thrifty Automotive Group to reduce operating expenses in 1997. This rebrand was overseen by Chairman and CEO Joseph E. Cappy, serving from 1993 to 2003.
Dollar Thrifty Automotive filed with the U.S. Securities and Exchange Commission to offer common stock and was officially traded as DTG on the New York Stock Exchange on December 23, 1997.The same year, Thrifty Car Rental's information processing and reservation management was outsourced to The SABRE Group, Inc. 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.
Fleet sizes and locations in the United States:
After ten years with the brand, President and CEO Cappy retired in 2003.Gary L. Paxton was promoted from Chief Operating Officer to Chief Executive Officer of Dollar Thrifty Automotive Group on October 1, 2003. Paxton was originally appointed to Dollar Thrifty Automotive Group's senior management panel when the purchase of Dollar Rent A Car Systems, Inc. was finalized in 1990. He oversaw daily management and operational strategies until retirement in December 2008. Scott L. Thompson, who joined the company as Senior Executive Vice President and Chief Financial Officer in May 2008, stepped in as the newest President and CEO.
Former Hertz Global Holdings Chairman and CEO Mark P. Frissora announced the company's purchase of Dollar Thrifty Automotive Group for US$2.3 billion on November 19, 2012. This resulted in the car rental company to operate the present-day brands of Thrifty Car Rental and Dollar Rent A Car.
As a result of the COVID-19 pandemic, on April 30, 2020, Hertz announced that it has missed lease payments on its fleet and was seeking support of its lenders including Carl Icahn in an attempt to avoid bankruptcy.Following Marinello's resignation, on May 18, 2020, Hertz announced that Paul Stone will be the new president and chief executive. Stone previously served as Hertz's executive vice president and chief retail operations officer for North America. On May 22, 2020, the Wall Street Journal reported that Hertz was preparing to file for bankruptcy because it did not reach an agreement with top lenders. That same day, the company filed for Chapter 11 bankruptcy.
With approximately 1,000 car rental locations in 76 countries and territories by December 2010, Thrifty Car Rental began to focus on international locations. By 2013, approximately 1,285 international rental locations existed between Hertz, Dollar, and Thrifty brands.
Operating as the largest car rental provider in United Arab Emirates with 18,000 vehicles, Thrifty introduced its first "Thrifty Lounge" at their Burjuman, Dubai branch in February 2017.Lounges provide free WiFi access, coffee, and comfortable seating areas. Parent company Hertz Global Holdings announced Thrifty Car Rental would operate in Colombo, Sri Lanka in May 2017. Rental options include short term, long term, and chauffeur rental services with compact, sedans, luxury cars, SUV, and minibuses.
With car rental storefronts at Malta International Airport, downtown Sliema, and Gozo Harbour, additional European locations are expected in Poland, Turkey, and Hungary.Thrifty Car Rental maintains 472 locations in the US and Canada, as well as 589 storefronts in 77 countries and territories.
Thrifty Australia and Thrifty New Zealand previously owned by Mitsubishi are now owned outright by NRMA in Australia.
In the United Kingdom, the Thrifty Car & Van Rental franchise is held by Scot Group and has approximately 110 branches nationwide.Unlike the budget rental business model in the rest of the world, Thrifty's UK operation is more geared to prestige marques such as BMW, Jaguar and Land Rover. Thrifty operates independently from Hertz in the UK.
With revenue generated from franchising fees and car rental services, Thrifty targets US and Canada airport locations with focus on leisure travelers, tour operators, and small business owners.
The rental fleet of Thrifty Car Rental includes Ford, Chrysler, General Motors, Nissan, Hyundai, Kia Motors, and other vehicle manufacturers. The fleet includes "green" vehicles - primarily Toyota Prius and Chrysler "bio-fuel" models.
Thrifty Car Rental's free Blue Chip Express Rental Program was introduced to the U.S. and Canada in 2008.It offers expedited pickup and returns processes, choosing vehicle type, insurance coverage, designated lines at the counter, and syncing airline rewards.
The Hertz Corporation, a subsidiary of Hertz Global Holdings, Inc., is an American car rental company based in Estero, Florida, that operates 10,200 corporate and franchisee locations internationally. As the second-largest US car rental company by sales, locations, and fleet size, Hertz operates in 150 countries in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand. The Hertz Corporation owns Dollar and Thrifty Automotive Group—which separates into Thrifty Car Rental and Dollar Rent A Car.
National Car Rental is an American rental car agency based in Clayton, Missouri, United States. National is owned by Enterprise Holdings, along with other agencies including Enterprise Rent-A-Car, and Alamo Rent a Car.
Dollar Rent A Car, Inc., formerly known as Dollar A Day Rent A Car, is a global rental car company with headquarters in Estero, Florida. Operating as a subsidiary of The Hertz Corporation, Dollar Rent A Car shares 840 company-owned locations in the United States and Canada and over 1,500 franchise locations in 70 countries with Thrifty Car Rental as of February 2017.
AutoNation is an American automotive retailer, which provides new and pre-owned vehicles and associated services in the United States. The company was founded by Wayne Huizenga in 1996, and has more than 360 retail outlets. Based in Fort Lauderdale Florida, the company's current chief executive officer is Cheryl Miller, the previous chief financial officer of the company, who replaced Carl Liebert III on July 23, 2019.
Cerberus Capital Management, L.P. is an American private equity firm, specializing in distressed investing. The firm is based in New York City, and run by Steve Feinberg, who co-founded Cerberus in 1992 with William L. Richter, who serves as a senior managing director. The firm has affiliate and advisory offices in the United States, Europe and Asia.
Damage waiver or, as it is often referred to, collision damage waiver (CDW) or loss damage waiver (LDW), is optional damage insurance coverage that is available to you when you rent a car.
Advantage Rent a Car is a Canadian-owned car rental company headquartered in Orlando, Florida.
Vanguard Automotive Group was a company based in Tulsa, Oklahoma. Vanguard purchased ANC Rental, owner of National Car Rental and Alamo Rent A Car. The company had a fleet of nearly 300,000 vehicles, mainly from Ford and Chrysler, and operated over 1,500 locations. In 2007 Enterprise agreed to purchase a controlling share in the company from Cerberus Capital Management. A sale to rival Enterprise Rent-A-Car was completed on Aug 1, 2007, making the combined Enterprise-Alamo-National the largest US car rental operation, ahead of The Hertz Corporation, and rival Avis Budget Group.
Henry "Hank" J. Caruso was an American businessman. He was the founder of Dollar Rent A Car.
Kathryn V. Marinello is an American businesswoman, and the former president and chief executive officer (CEO) of The Hertz Corporation.
The 2009 General Motors Chapter 11 sale of the assets of automobile manufacturer General Motors and some of its subsidiaries was implemented through Chapter 11, Title 11, United States Code in the United States bankruptcy court for the Southern District of New York. The United States government-endorsed sale enabled the NGMCO Inc. to purchase the continuing operational assets of the old GM. Normal operations, including employee compensation, warranties, and other customer service were uninterrupted during the bankruptcy proceedings. Operations outside of the United States were not included in the court filing.
Chrysler, a large automobile manufacturer, was founded in the 1920s and continues today under the formal name FCA US LLC. The history of Chrysler involves engineering innovations, high finance, wide alternations of profits and losses, various mergers and acquisitions, and multinationalization.
DriveTime Automotive Group Inc. is an American used car retailer and finance company. It is based in Tempe, Arizona, and sells and finances cars to customers around the nation. The company was formerly known as Ugly Duckling and was renamed DriveTime in 2002. It also spun off Carvana and GO Financial, SilverRock Group Inc, and Bridgecrest Acceptance Corporation. As of 2018, DriveTime had approximately 145 locations in the U.S. and 3,800 employees.
Dollar Thrifty Automotive Group is the former holding company of Thrifty Car Rental and Dollar Rent A Car. Dollar Thrifty Automotive began to operate 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 US$2.3 billion on November 19, 2012.
The American Car Rental Association (ACRA) is a formal trade organization based in Long Lake, New York, composed of rental car companies, that advocates and lobbies on behalf of the car rental industry with elected officials and consumer advocates at the federal, state and local levels of government.
Enterprise Holdings, Inc. is a private holding company headquartered in the Clayton suburb of St. Louis, Missouri, United States. It is the parent company of car rental companies Enterprise Rent-A-Car, National Car Rental, Alamo Rent a Car, and Enterprise CarShare. The holding company was formed in 2009 as a result of Enterprise Rent-A-Car's 2007 acquisition of Vanguard Automotive Group, the parent company of National Car Rental and Alamo Rent a Car. The company sells its used cars through Enterprise Car Sales. It is owned by the Taylor family.
Firefly Car Rental is a low cost car rental brand owned by Hertz. Hertz developed the new brand to replace Advantage Rent a Car which had to be sold following the acquisition of Dollar Thrifty Automotive Group.
Hertz Car Sales, a division of The Hertz Corporation, regulates the sales of certified used vehicles previously used in the Hertz car rental fleet. Hertz Car Sales is based out of The Hertz Corporation's headquarters in Estero, Florida. The largest operating market is in North America, with over 75 dealer locations in the United States and Canada, with additional locations in France, Germany, Italy, Spain, and the United Kingdom.
Auto Europe is a large car rental wholesale company, working with approximately 24,000 car rental locations in 180 countries in Europe, Asia, Africa, Australia, New Zealand, as well as North and South America. Auto Europe has been accredited with the Better Business Bureau since April 2, 1993 with an A+ rating. Auto Europe has been owned by Court Square Capital Partners since 2006.
Mark Paul Frissora is an American business executive. He has been the CEO and president of The Hertz Corporation, and was the CEO and president of Caesars Entertainment until 2019.