Dollar Thrifty: 1Q Rental Revenue Fell 8-9 Percent

Associated Press

TULSA, Okla. (AP) -- Dollar Thrifty Automotive Group Inc. says Tuesday that first-quarter rental revenue is expected to fall 8 percent to 9 percent compared with the same period last year.

The Tulsa-based company, which runs Dollar Rent A Car and Thrifty Car Rental businesses, says prices that were 4 percent higher did not fully offset a 12 percent drop in transaction days.

The company also says that Easter, which is traditionally a busy travel weekend, fell in the second quarter this year.

But Dollar Thrifty says it expects first-quarter vehicle rental revenue to rise about 2 percent to 3 percent compared with the fourth quarter of 2008 thanks to a 10 percent.

That's because of an increase in the per-day charge for vehicles, which more than offset a 7 percent decline in transaction days.

The company plans to report first-quarter results on May 6.

Dollar Thrifty shares fell 5 cents, or 2.7 percent, to close at $1.80.