Dollar Thrifty Automotive 8-K Current report

Exhibit 99.18

Press Release

Contacts:
Media:	Terri Snow	Financial:	Steve Hildebrand
	Executive Director -		Chief Financial Officer
	Corporate Communications		(918) 669-2288
	(918) 669-2743
	tsnow@dtag.com

FOR IMMEDIATE RELEASE

DOLLAR THRIFTY AUTOMOTIVE GROUP REPORTS RECORD
REVENUE, STRONG SECOND QUARTER RESULTS

Net income leaps 183 percent on 17 percent revenue gain

TULSA, OKLAHOMA, July 29, 2004: Dollar Thrifty Automotive Group, Inc. (NYSE:DTG), today reported results for the second quarter ended June 30, 2004. Total revenue for the 2004 second quarter was a record $354.9 million, a 17 percent increase over the 2003 second quarter. Net income for the quarter was $17.9 million, or $.68 per diluted share. For the comparable 2003 quarter, net income was $6.3 million, or $.25 per diluted share.

For the first six months of 2004, total revenue was $653.6 million, an 18 percent increase over the first half of 2003. Net income for the six-month period was $24.4 million, or $.93 per diluted share, including the $.14 per share favorable effect of a cumulative change in accounting principle, compared to $6.9 million, or $.28 per diluted share, for the first six months of 2003.

DTG also achieved record vehicle rental revenue of $317 million during the second quarter, a 30 percent increase over the 2003 second quarter. This growth was driven by a 35 percent increase in rental days of which 22 percent was generated from franchise acquisitions and greenfield locations and 13 percent came from same store growth. Vehicle leasing revenue declined from last year’s second quarter due to fewer vehicles leased to franchisees resulting primarily from franchise acquisitions and to lower lease rates.

“We were very pleased with another quarter of exceptional revenue growth and profit performance,” Gary L. Paxton, President and Chief Executive Officer, said. “During the second quarter, we benefited from strong same store growth and increased revenue from our franchise acquisition program. We also continued to improve our vehicle utilization rate and made excellent progress in improving vehicle costs to combat lower revenue per day resulting from highly competitive industry conditions.

“During the second quarter, we completed the acquisition of the Thrifty franchise operations in Orlando, Tampa and Ft. Myers, Florida. As we previously announced, we have reached an agreement to acquire the Thrifty franchise in Chicago which includes operations at both O’Hare International and Midway airports, as well as an agreement to acquire the Thrifty franchise operation at John Wayne Airport in Santa Ana, California. We also anticipate the completion of additional acquisitions during the third and fourth quarters.

“Also, we are pleased to report an extension through the 2009 model year of our vehicle supply agreement with DaimlerChrysler, our primary vehicle supplier, continuing the more than 20-year relationship between our two companies.”

During the second quarter, DTG purchased 143,300 shares under its two-year $30 million share repurchase program at a total cost of $3.8 million. Since announcing the program last July, DTG has purchased 526,400 shares at a cost of $13.4 million.

Outlook

“Looking ahead, we believe DTG will continue to benefit from the improving economy and growth in travel,” Paxton said. “We expect to see continued same store revenue growth for our two strong value brands, fueled by consumers’ search for value. We also expect to continue to achieve strong growth from our franchise acquisition strategy. We are striving for efficiencies available from our consolidated operating model and are investing in improved IT systems, marketing initiatives and infrastructure to accommodate further growth. The Company is maintaining its previous 2004 earnings per share guidance range of $1.75 to $2.00, excluding the cumulative effect of a change in accounting principle which was previously announced and included in the first quarter results. We are raising our expectation for 2004 same store rental day growth to a range of 9 percent to 11 percent, lowering our expectation for revenue per day to be down about 3 percent compared to last year and expect further improvements in vehicle costs.”

The Dollar Thrifty Automotive Group, Inc. second quarter 2004 earnings release conference call will be held on Thursday, July 29, 2004, at 10:00 a.m. (central daylight time). Those interested in listening to the conference call live may access the call via Web cast at the corporate Web site, dtag.com, or by dialing 800-619-5712 (domestic) or 210-234-8002 (international), using the pass code “Dollar Thrifty.” An audio replay of the conference call will be available through August 12, 2004, by calling 888-566-0083 (domestic) or 402-220-5214 (international). The replay will also be available via the corporate Web site for one year.

Dollar Thrifty Automotive Group, Inc. is a Fortune 1000 Company headquartered in Tulsa, Oklahoma. Driven by the mission, Value Every Time, the Company’s brands, Dollar Rent A Car and Thrifty Car Rental, serve value-conscious travelers in approximately 70 countries. Dollar and Thrifty have approximately 800 corporate and franchised locations in the United States and Canada, and they have operations at most major airports. The Company’s more than 8,000 employees are located mainly in North America, but global service capabilities exist through an ever expanding franchise network. For additional information, visit dtag.com.

Some of the statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Dollar Thrifty Automotive Group, Inc. believes such forward-looking statements are based upon reasonable assumptions, such statements are not guarantees of future performance and certain factors could cause results to differ materially from current expectations. These factors include: price and product competition; economic and competitive conditions in markets and countries where the companies’ customers reside and where the companies and their franchisees operate; airline travel patterns; changes in capital availability or cost; costs and other terms related to the acquisition and disposition of automobiles; costs of conducting business and changes in structure or operations; and certain regulatory and environmental matters. Should one or more of these risks or uncertainties, among others, materialize, actual results could vary from those estimated, anticipated or projected. Dollar Thrifty Automotive Group, Inc. undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

Table 1

Dollar Thrifty Automotive Group, Inc.
Consolidated Statement of Income
(In thousands, except share and per share data)
Unaudited

			Three months ended						As % of
			June 30,						Total Revenues
			2004			2003			2004			2003
Revenues:
	Vehicle rentals			$	317,040		$	243,713		89.3	%		80.1	%
	Vehicle leasing				20,709			41,444		5.8	%		13.6	%
	Fees and services				14,949			14,317		4.2	%		4.7	%
	Other				2,242			4,625		0.7	%		1.6	%
		Total revenues			354,940			304,099		100.0	%		100.0	%
Costs and Expenses:
	Direct vehicle and operating				180,083			119,382		50.7	%		39.3	%
	Vehicle depreciation and lease charges, net				64,785			102,329		18.3	%		33.6	%
	Selling, general and administrative				56,253			47,706		15.8	%		15.7	%
	Interest expense, net				23,038			22,508		6.5	%		7.4	%
		Total costs and expenses			324,159			291,925		91.3	%		96.0	%
Income before income taxes					30,781			12,174		8.7	%		4.0	%
Income tax expense					12,873			5,845		3.7	%		1.9	%
Net income				$	17,908		$	6,329		5.0	%		2.1	%
Earnings per share:
	Basic			$	0.72		$	0.26
	Diluted			$	0.68		$	0.25
Weighted average number
of shares outstanding:
	Basic				25,045,211			24,492,981
	Diluted				26,352,207			25,290,040

Table 1 (Continued)

Dollar Thrifty Automotive Group, Inc.
Consolidated Statement of Income
(In thousands, except share and per share data)
Unaudited

			Six months ended						As % of
			June 30,						Total Revenues
			2004			2003			2004			2003
Revenues:
	Vehicle rentals			$	582,385		$	442,071		89.1	%		79.7	%
	Vehicle leasing				38,477			78,668		5.9	%		14.2	%
	Fees and services				27,083			27,863		4.1	%		5.0	%
	Other				5,703			5,980		0.9	%		1.1	%
		Total revenues			653,648			554,582		100.0	%		100.0	%
Costs and Expenses:
	Direct vehicle and operating				336,648			220,023		51.5	%		39.7	%
	Vehicle depreciation and lease charges, net				133,984			189,101		20.5	%		34.1	%
	Selling, general and administrative				103,800			89,796		15.9	%		16.2	%
	Interest expense, net				42,247			41,777		6.4	%		7.5	%
		Total costs and expenses			616,679			540,697		94.3	%		97.5	%
Income before income taxes					36,969			13,885		5.7	%		2.5	%
Income tax expense					16,304			6,962		2.5	%		1.3	%
Income before cumulative effect of a change in accounting principle					20,665			6,923		3.2	%		1.2	%
Cumulative effect of a change in accounting principle					3,730			-		0.5	%		0.0	%
Net income				$	24,395		$	6,923		3.7	%		1.2	%
Basic earnings per share:
	Income before cumulative effect of a change in accounting principle			$	0.83		$	0.28
	Cumulative effect of a change in accounting principle				0.15			-
	Net income			$	0.98		$	0.28
Diluted earnings per share:
	Income before cumulative effect of a change in accounting principle		$		0.79		$	0.28
	Cumulative effect of a change in accounting principle				0.14			-
	Net income			$	0.93		$	0.28
Weighted average number
of shares outstanding:
	Basic				24,999,251			24,474,926
	Diluted				26,300,989			25,164,647

Table 2

Dollar Thrifty Automotive Group, Inc.
Selected Operating and Financial Data

	Three months ended			Six months ended
	June 30, 2004			June 30, 2004
OPERATING DATA:
Vehicle Rental Data: (includes new stores)
Average number of vehicles operated		103,775			94,312
% change from prior year		32.2%			30.4%
Number of rental days		8,068,147			14,753,523
% change from prior year		34.5%			35.6%
Vehicle utilization		85.4%			86.0%
Percentage points change from prior year		1.4 p.p.			2.9 p.p.
Average revenue per day		$39.30			$39.47
% change from prior year		(3.3%	)		(2.9%	)
Monthly average revenue per vehicle		$1,018			$1,029
% change from prior year		(1.6%	)		1.0%
Same Store Vehicle Rental Data: (excludes new stores)
Average number of vehicles operated		86,684			79,129
% change from prior year		10.4%			9.4%
Number of rental days		6,750,381			12,397,632
% change from prior year		12.5%			14.0%
Vehicle Leasing Data:
Average number of vehicles leased		17,988			16,938
% change from prior year		(41.1%	)		(41.9%	)
Monthly average revenue per vehicle		$384			$379
% change from prior year		(15.2%	)		(15.8%	)
FINANCIAL DATA: (in millions) (unaudited)
Non-vehicle depreciation and amortization	$	6		$	11
Non-vehicle capital expenditures (excludes acquisitions)		6			11
Franchise acquisitions		43			46
Cash paid for income taxes		1			2

Selected Balance Sheet Data
(In millions)

	June 30,						December 31,
	2004			2003			2003
	(Unaudited)
Cash and cash equivalents		$	141		$	62		$	192
Restricted cash and investments			70			114			537
Revenue-earning vehicles, net			2,835			2,701			2,137
Total debt			2,630			2,586			2,442
Stockholders' equity			572			503			533