Dollar Thrifty: 3Q Car Rental Revenue To Fall

TULSA, Okla. (AP) — Dollar Thrifty Automotive Group Inc. said Thursday that third-quarter vehicle rental revenue is expected to drop about 12 percent.

The car rental company said better prices were not able to fully offset declining demand, rental location closings and a planned reduction in its fleet size.

While quarterly results were soft, CEO and President Scott L. Thompson said in a statement that September's 3 percent rental revenue drop-off may signal that the worst of the rental revenue declines have passed.

Last month Dollar Thrifty said it had closed about 115 of its corporate-owned locations since Oct. 1, 2008 and planned to close about another 10 before year's end.

The company's stock slipped 58 cents, or 2.1 percent, to $26.65 in afternoon trading. Over the past year, the stock has traded in a range of 60 cents to $27.50.