Dollar Thrifty reports jump in car rental profits

What a difference a year can make in the world of car rentals. Dollar Thrifty Automotive Group, Inc. has updated their fourth quarter prediction and end of year predictions this week and they are looking positive for the car rental giant.

Fourth quarter figures before all deductibles like taxes and expenses are taken out are expected to be within the $10-15 million range. Compare this to last year when they were at a loss of $43.4 million and you can see how well the hire car market has sustained its business in this harsh financial year.

The end of year figures are also looking on the upside of life as they are now predicting a total earn of between $83-85 million for the complete year, a massive jump from $2.3 million down for the end of year in 2008. Despite the economic turndown, finance control and cost cutting measures has helped the firm return to winning ways.

The CEO and President of Dollar Thrifty, Scott L Thompson, has heaped praise on the entire company and their suppliers for a well worked year that has returned them to profitability. Mr Thompson went on to say how they are now in a strong position for next and sees it as the next big step for car rental firm in the right direction.

Many companies have struggled along this year with a surplus of cars compared to demand. Many chose not to buy new this year and operated with a reduced fleet. While this was good for the rental firms it left many people without a car during peak holiday months or having to spend much more than they did the previous year for just a basic car.