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Thrifty Car Rental becomes fully owned subsidiary of NRMA Motoring & Services

17 December 2008

NRMA acquisition to lead to further investment in systems, processes and streamlining of fleet

Today the NRMA Motoring & Services Group acquired the remaining 25% of Thrifty that it did not already own. The car rental company in both Australia and New Zealand is now a 100% owned subsidiary of the NRMA.

NRMA has other operating subsidiaries in travel, holiday parks, car servicing as well as its traditional business of roadside assistance and the acquisition of 100% of Thrifty will complement those other businesses.

The move to 100% ownership creates significant opportunity for Thrifty and will help move to secure a bright future for the car rental company. NRMA has already provided significant support which allowed Thrifty to continue to grow through the transition to 100% ownership. In addition NRMA's acquisition also includes some key staff and resources to help shape the future.

There will now be further investment in the business to extract the benefits of 100 per cent ownership by a large and diversified group. This will range from investment in systems and processes, through to further streamlining of fleet.

Thrifty will work very closely with all stakeholders in this new era, specifically its own employees and the Thrifty licensees, to move the business on to a sound footing for the future.

John Walker has also resigned from the Board of Thrifty effective today and has no further involvement with the company going forward.

If you have any questions please contact the Acting CEO, Owen Gilbert, who would be happy to discuss these changes further.

About Thrifty

Thrifty is one of Australia's largest and most dynamic vehicle rental companies. We're represented in every state, territory, capital city, major city, regional centre and commercial airport, and service over 260 locations nationally. We also provide many handy service centres in country and remote areas. For more information, visit http://www.thrifty.com.au/