Preliminary financial data indicate third-quarter vehicle rental revenue will decrease 12 percent compared with the same quarter last year, executives at Dollar Thrifty Automotive Group Inc. said Thursday.

Executives at the Tulsa-based car rental firm said a 12 percent improvement in third-quarter pricing was not able to overcome a 21 percent decline in transaction days. Rental vehicle store closings represented about 4 percent of the declines.

The remaining decline resulted from lower demand and planned reduction in the company's fleet capacity.

"Optimizing the mix between pricing and volume is a primary focus area for the company in 2009," said President and CEO Scott L. Thompson.

"I am pleased to report for the second consecutive quarter that the company achieved a double-digit increase in rate per day compared to the prior year period and also achieved its revenue targets for the quarter.

"One other highlight was that for the month of September, rental revenues were down only 3 percent compared to September 2008, indicating we may have seen the worst of the rental revenue declines for this business cycle."

The company is expected to report third-quarter earnings Oct. 27.

Dollar Thrifty shares closed Thursday at $26.64, down 59 cents or 2.17 percent.

D.R. Stewart 581-8451

Originally published by D.R. STEWART World Staff Writer.

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