Dollar Thrifty Automotive Group sees increase in local leasing amidst global downturn

"As the Middle East starts to feel the impact of the global recession, we're seeing an opportunity in the car rental industry to help those unable to purchase new cars. As banks are reining in their lending policies, consumers are unable to obtain credit to buy cars and car leasing offers an economical and reliable alternative," said Sam Eltibi, Executive Director, Dollar Thrifty Automotive Group, MENA and Asia Pacific.

"Corporate restructuring has also caused consumers to take a more short-term view rather than investing in a car, with its related maintenance and insurance costs, and leasing continues to provide a flexible transport opportunity for people who are unclear about how long they will be in the region," he added.

As the financial crisis begins to weaken confidence in the Middle East, Dollar Thrifty Automotive Group continues to have an optimistic view of the situation. The global financial slowdown can be seen as a unique opportunity for regional investment and reform. Banks are tightening loan policies, making it more difficult for people to make down payments or allocate monthly fees for cars. Increasingly, customers will lease or choose to rent daily, weekly or monthly instead of buying a new car for capital purposes.

Dollar Thrifty Automotive Group has a region-wide expansion plan in place for 2009 and negotiations are in final stages for markets such as Jordan, Saudi Arabia and Bahrain.

"The Middle East remains a heavily car-reliant market and Dollar Thrifty Automotive Group is adapting our strategy to ensure that consumers have the transport they need under the current economic conditions,"

concluded Eltibi.