Bowing to pressure from consumers and advocacy groups, major car rental companies have agreed to end the practice of renting cars that have been recalled for safety problems.
Good news, rental car fans – Hertz has managed to expand its operations by over 1,500 locations. The company has reportedly just agreed to snatch up Dollar Thrifty car rental in a $1.17 billion deal that included both cash and Hertz stock. According to USA Today, that figure values Dollar Thrifty shares at a 5.5 percent premium over what the company's stock had been trading for recently.
Dollar Thrifty Automotive Group, known in the retail world as Dollar Rent A Car and Thrifty Car Rental, will be buying about 40,000 fewer Chryslers than it did last year. Previously, the company was contractually bound to ensure that 75% of its fleet was composed of Chrysler vehicles. After the bankruptcy kerfuffle, the contract has been revised to compel Dollar Thrifty to purchase a new minimum number of vehicles, and the company is using the freedom to increase its model mix.