Thrifty Car Rental 2008 Annual Report Download - page 8

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Summary Operating Data of the Company
2008 2007 2006
(in thousands)
Revenues:
Revenue from U.S. and
Canada company-owned
stores 1,637,119$ 1,694,064$ 1,549,727$
Revenue from franchisees
and other 60,874 66,727 110,950
Total revenues 1,697,993$ 1,760,791$ 1,660,677$
Year Ended December 31,
2008 2007 2006
Rental locations:
U.S. and Canada company-
owned stores 400 466 407
U.S. and Canada franchisee
locations 341 365 429
Franchisee agreements:
U.S. and Canada 222 234 224
International 139 117 110
As of December 31,
Dollar and Thrifty Brands
Dollar
Dollar’s main focus is serving the airport vehicle rental market, which is comprised of business and leisure
travelers. The majority of its locations are on or near airport facilities. At December 31, 2008, Dollar had
110 company-owned and franchised in-terminal airport locations in the United States. Dollar operates
primarily through company-owned stores in the U.S. and Canada, and also licenses to independent
franchisees which operate as a part of the Dollar brand system in the U.S., Canada and abroad. In
Canada, Dollar operates company-owned stores in seven of the eight largest airport markets of Calgary,
Winnipeg, Toronto, Montreal, Halifax, Edmonton and Vancouver.
As of December 31, 2008, Dollar’s vehicle rental system included 324 locations in the U.S. and Canada,
consisting of 181 company-owned stores and 143 franchisee locations. Dollar’s total rental revenue
generated by company-owned stores was $949 million for the year ended December 31, 2008.
Thrifty
Thrifty’s approach of serving both the airport and local markets allows many of its franchisees and
company-owned stores to have multiple locations to improve fleet utilization and profit margins by moving
vehicles among locations to better address demand between these markets. Thrifty’s U.S. company-
owned stores and its franchisees derive approximately 80% of their combined rental revenues from the
airport market and approximately 20% from the local market. At December 31, 2008, Thrifty had 107
company-owned and franchised in-terminal airport locations in the United States.
As of December 31, 2008, Thrifty’s vehicle rental system included 417 rental locations in the U.S. and
Canada, consisting of 219 company-owned stores and 198 franchisee locations. Thrifty’s total rental
revenue generated by company-owned stores was $667 million for the year ended December 31, 2008.
The Company is focused on maximizing profitability of its company-owned stores and will close or
consolidate its stores that are underperforming. In 2008, based on a review of the financial performance
of its company-owned stores, the Company closed 40 company-owned stores that were underperforming.
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