July 29, 2010
Avis Budget Group on Wednesday issued a counteroffer
to acquire Dollar Thrifty Automotive Group, about 17 percent higher than the
offer Hertz signed in April.
July 28, 2010
Chauffeured car service supplier BostonCoach on Wednesday
launched a reporting tool designed to provide travel managers analysis of their
car services spending and usage across their organizations.
July 23, 2010
Eurostar said Thursday that it is experiencing a resurgence
in business travelers after reporting a 6 percent growth in passenger numbers
and 18 percent rise in revenues to €483 million for the first six months of
2010. The company attributed the jump in average ticket price to an improvement
in the corporate market. "As the economic environment has strengthened, we
have seen an uplift in the business market and an overall increase in the
number of passengers traveling," said chief executive Nicolas Petrovic.
July 08, 2010
The chauffeured transportation industry in 2009 was a dark place, plagued by plummeting corporate demand, the evisceration of the financial companies that provided a consistent stream of business and the tarring of their product by some as extravagant and unnecessary. Casualties were plenty: Untold numbers of small limo companies died, major suppliers pulled out of entire cities, countless jobs were lost and millions of dollars in revenues evaporated. As time progressed, the U.S. economy approximated a rally, corporations loosened the reins on travel spending, and the beleaguered chauffeured industry began to see some rays of light shine through.
June 30, 2010
Car rental negotiations save corporations about 30 percent off standard car rental rates, according to data published Wednesday by Runzheimer International Travel Management Network.
June 29, 2010
Avis Europe last Friday announced a rights issue aimed at raising up to £151 million on the London Stock Exchange to shore up its balance sheet and drive expansion in China. It expects to complete the move, which issues nine new shares for eight old ones at a discount of 56 percent from current market value, by July 27.
June 24, 2010
Most corporate travelers are not aware of their companies' preferred vendors and instead rely on word-of-mouth when making booking decisions, according to more than 800 travelers surveyed by chauffeured car supplier BostonCoach.
June 22, 2010
One way or another, irrevocable change soon will consign the car rental industry of 2009 and the first half of 2010 to the pages of history, and not just because of the easing of the recession and corporate cutbacks that brutalized the sector a year ago. Dollar Thrifty Automotive Group, so wounded by the recession that its stock price dipped below 65 cents a share, soon will become the property of Hertz Corp. or, less likely, Avis Budget Group, for a billion-dollar price tag.
May 04, 2010
Dollar Thrifty Automotive Group's board will consider a competing offer for acquisition from Avis Budget Group but said Avis Budget inaccurately portrayed its acquisition agreement with Hertz, the company said in a statement released today.
May 03, 2010
Avis Budget Group today announced intentions to outbid Hertz for the acquisition of Dollar Thrifty Automotive Group, issuing a letter to Dollar Thrifty's chairman and CEO decrying the terms of the proposed deal with Hertz.