----

----

| [x] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----|-----------------------------------------------------------------------------------------|

| [  ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|----------------|------------------------------------------------------------------------------------------|

| Delaware                        | 73-1356520          |
|---------------------------------|---------------------|
| (State or other jurisdiction of | (I.R.S. Employer    |
| incorporation or organization)  | Identification No.) |

----

----

DOLLAR THRIFTY AUTOMOTIVE GROUP, INC.

|   | Page |
|--------|------|

| PART I - FINANCIAL INFORMATION |   |
|--------------------------------|--------|

|   | ITEM 1. | FINANCIAL STATEMENTS (UNAUDITED)  | 4 |
|--------|---------|----------------------------------------|---|

|   | ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF |   |
|--------|---------|-----------------------------------------------|--------|

|   |             | FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 26 |
|--------|--------------------------------------------------------------------|-----------------------------------------------|----|

|   | ITEM 3. | QUANTITATIVE AND QUALITATIVE |   |
|--------|---------|------------------------------|--------|

|   |             | DISCLOSURES ABOUT MARKET RISK | 34 |
|--------|--------------------------------------------------------------------|-------------------------------|----|

|   | ITEM 4. | CONTROLS AND PROCEDURES | 35 |
|--------|---------|-------------------------|----|

| PART II - OTHER INFORMATION |   |
|----------------------------------|--------|

|   | ITEM 1. | LEGAL PROCEEDINGS | 35 |
|--------|---------|-------------------|----|

|   | ITEM 1A. | RISK FACTORS  | 36 |
|--------|----------|--------------------|----|

|   | ITEM 6. | EXHIBITS  | 37 |
|--------|---------|----------------|----|

| SIGNATURES | 38 |
|------------|----|

| INDEX TO EXHIBITS  | 39 |
|-------------------------|----|

|   | · | the impact of our pending acquisition by Hertz Global Holdings, Inc. (“Hertz”) or developments relating to the proposed transaction, including, among other things, diversion of management’s attention from day-to-day operations, a loss of key personnel, disruption of our operations, an inability to obtain regulatory and stockholder approvals on the terms and schedule contemplated, and the impact of pending or future litigation relating to the proposed transaction; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the impact of persistent pricing and demand pressures, particularly in light of the continuing volatility in the global financial and credit markets and concerns about global economic prospects and the timing and strength of a recovery, and whether consumer confidence and spending levels will continue to improve; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | whether ongoing governmental and regulatory initiatives in the United States and elsewhere to stimulate economic growth will be successful; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the impact of pricing and other actions by competitors, particularly as they increase fleet sizes in anticipation of seasonal activity; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our ability to manage our fleet mix to match demand and meet our target for vehicle depreciation costs, particularly in light of the significant increase in the level of risk vehicles (i.e., those vehicles not acquired through a guaranteed residual value program) in our fleet and our exposure to the used vehicle market; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | · | the cost and other terms of acquiring and disposing of automobiles and the impact of conditions in the used vehicle market on our ability to reduce our fleet capacity as and when projected by our plans; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | whether efforts to revitalize the U.S. automotive industry are successful, particularly in light of our dependence on vehicle supply from U.S. automotive manufacturers; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the effectiveness of actions we take to manage costs and liquidity and whether further reductions in the scope of our operations will be necessary in light of the economic environment; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our ability to obtain cost-effective financing as needed (including replacement of asset backed notes and other indebtedness as it comes due) without unduly restricting operational flexibility; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our ability to comply with financial covenants or to obtain necessary amendments or waivers, and the impact of the terms of any required amendments or waivers, such as potential reductions in lender commitments; |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | our ability to manage the consequences under our financing agreements of an event of bankruptcy with respect to any of the monoline insurers that provide credit support for our asset backed financing structures, including our ability to obtain any necessary waivers or consents with respect to recent developments involving Ambac; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the potential for significant cash tax payments in 2010 as a result of the reduction in our fleet size and the resulting impact of our inability to defer gains on the disposition of our vehicles under our like-kind exchange program; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | airline travel patterns, including disruptions or reductions in air travel resulting from airline bankruptcies, industry consolidation, capacity reductions and pricing actions or other events; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | local market conditions where we and our franchisees do business, including whether franchisees will continue to have access to capital as needed; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | volatility in gasoline prices; |
|--------|--------|--------------------------------|

|   | · | access to reservation distribution channels; |
|--------|--------|----------------------------------------------|

|   | · | disruptions in the operation or development of information and communication systems that we rely on, including those relating to methods of payment; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the cost of regulatory compliance, costs and other effects of potential future initiatives, including those directed at climate change and its effects, and the costs and outcome of pending litigation; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | · | the impact of natural catastrophes and terrorism. |
|--------|--------|---------------------------------------------------|

----

PART I

ITEM 1. 

Table of Contents

----

| DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. AND SUBSIDIARIES                  |   |            |    |   |   |   |
|-------------------------------------------------------------------------|--------|-----------------|---------|--------|--------|--------|
|                                                                    |   |            |    |   |   |   |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS                         |   |            |    |   |   |   |
| THREE MONTHS ENDED MARCH 31, 2010 AND 2009                              |   |            |    |
| (In Thousands Except Per Share Data)                                    |   |            |    |   |   |   |
|                                                                    |   |            |    |   |   |   |
|                                                                    |   | Three Months    |    |
|                                                                    |   | Ended March 31, |    |
|                                                                    |   | (Unaudited)     |    |
|                                                                    |   |            |    |   |   |   |
|                                                                    |   | 2010            |    |   | 2009   |   |
| REVENUES:                                                               |   |            |    |   |   |   |
|   Vehicle rentals                                             |   | $               | 332,484 |   |   | $      | 345,313 |   |
|   Other                                                       |   |            | 15,846  |   |   |   | 17,109 |   |
| Total revenues                                                          |   |            | 348,330 |   |   |   | 362,422 |   |
|                                                                    |   |            |    |   |   |   |   |   |
| COSTS AND EXPENSES:                                                     |   |            |    |   |   |   |   |   |
|   Direct vehicle and operating                                |   |            | 179,858 |   |   |   | 185,016 |   |
|   Vehicle depreciation and lease charges, net                 |   |            | 59,034  |   |   |   | 119,984 |   |
|   Selling, general and administrative                         |   |            | 48,350  |   |   |   | 46,887 |   |
|   Interest expense, net of interest income of $231 and $3,334 |   |            | 21,408  |   |   |   | 26,154 |   |
|   Long-lived asset impairment                                 |   |            | -       |   |   |   | 261 |   |
| Total costs and expenses                                                |   |            | 308,650 |   |   |   | 378,302 |   |
|                                                                    |   |            |    |   |   |   |   |   |
|   Increase in fair value of derivatives                       |   |            | (7,370  | )      |   |   | (5,045 | ) |
|                                                                    |   |            |    |   |   |   |   |   |
| INCOME (LOSS) BEFORE INCOME TAXES                                       |   |            | 47,050  |   |   |   | (10,835 | ) |
|                                                                    |   |            |    |   |   |   |   |   |
| INCOME TAX EXPENSE (BENEFIT)                                            |   |            | 19,758  |   |   |   | (1,895 | ) |
|                                                                    |   |            |    |   |   |   |   |   |
| NET INCOME (LOSS)                                                       |   | $               | 27,292  |   |   | $      | (8,940 | ) |
|                                                                    |   |            |    |   |   |   |   |   |
|                                                                    |   |            |    |   |   |   |   |   |
| BASIC INCOME (LOSS) PER SHARE                                           |   | $               | 0.96    |   |   | $      | (0.42 | ) |
|                                                                    |   |            |    |   |   |   |   |   |
| DILUTED INCOME (LOSS) PER SHARE                                         |   | $               | 0.91    |   |   | $      | (0.42 | ) |
|                                                                    |   |            |    |   |   |   |   |   |
| See notes to condensed consolidated financial statements.               |   |            |    |   |   |   |   |   |

----

| DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. AND SUBSIDIARIES                        |   |      |      |   |         |   |
|-------------------------------------------------------------------------------|--------|-----------|-----------|--------|--------------|--------|
|                                                                          |   |      |      |   |         |   |
| CONSOLIDATED BALANCE SHEETS                                                   |   |      |      |   |         |   |
| MARCH 31, 2010 AND DECEMBER 31, 2009                                          |   |
| (In Thousands Except Share and Per Share Data)                                |   |      |      |   |         |   |
|                                                                          |   |      |      |   |         |   |
|                                                                          |   | March 31, |      |   | December 31, |   |
|                                                                          |   | 2010      |      |   | 2009         |   |
| ASSETS                                                                        |   |      |      |   |         |   |
|                                                                          |   |      |      |   |         |   |
| Cash and cash equivalents                                                     |   | $         | 352,074   |   |         | $      | 400,404 |   |
| Cash and cash equivalents-required minimum balance                            |   |      | 100,000   |   |         |   | 100,000 |   |
| Restricted cash and investments                                               |   |      | 146,507   |   |         |   | 622,540 |   |
| Receivables, net                                                              |   |      | 116,191   |   |         |   | 104,645 |   |
| Prepaid expenses and other assets                                             |   |      | 71,268    |   |         |   | 63,377 |   |
| Revenue-earning vehicles, net                                                 |   |      | 1,565,479 |   |         |   | 1,228,637 |   |
| Property and equipment, net                                                   |   |      | 93,966    |   |         |   | 96,198 |   |
| Income taxes receivable                                                       |   |      | -         |   |         |   | 4,065 |   |
| Intangible assets, net                                                        |   |      | 25,394    |   |         |   | 26,071 |   |
|                                                                          |   |      |      |   |         |   |   |   |
| Total assets                                                                  |   | $         | 2,470,879 |   |         | $      | 2,645,937 |   |
|                                                                          |   |      |      |   |         |   |   |   |
| LIABILITIES AND STOCKHOLDERS' EQUITY                                          |   |      |      |   |         |   |   |   |
|                                                                          |   |      |      |   |         |   |   |   |
| LIABILITIES:                                                                  |   |      |      |   |         |   |   |   |
| Accounts payable                                                              |   | $         | 49,061    |   |         | $      | 48,366 |   |
| Accrued liabilities                                                           |   |      | 190,375   |   |         |   | 204,340 |   |
| Income taxes payable                                                          |   |      | 5,749     |   |         |   | - |   |
| Deferred income tax liability                                                 |   |      | 170,493   |   |         |   | 162,923 |   |
| Vehicle insurance reserves                                                    |   |      | 109,258   |   |         |   | 108,584 |   |
| Debt and other obligations                                                    |   |      | 1,522,833 |   |         |   | 1,727,810 |   |
|      Total liabilities                               |   |      | 2,047,769 |   |         |   | 2,252,023 |   |
|                                                                          |   |      |      |   |         |   |   |   |
| COMMITMENTS AND CONTINGENCIES                                                 |   |      |      |   |         |   |   |   |
|                                                                          |   |      |      |   |         |   |   |   |
| STOCKHOLDERS' EQUITY:                                                         |   |      |      |   |         |   |   |   |
| Preferred stock, $.01 par value:                                              |   |      | -         |   |         |   | - |   |
|    Authorized 10,000,000 shares; none outstanding              |   |      |      |   |         |   |   |   |
| Common stock, $.01 par value:                                                 |   |      |      |   |         |   |   |   |
| Authorized 50,000,000 shares;                                                 |   |      |      |   |         |   |   |   |
|    35,055,205 and 34,951,351 issued, respectively, and         |   |      |      |   |         |   |   |   |
|    28,629,652 and 28,536,445 outstanding, respectively         |   |      | 350       |   |         |   | 349 |   |
| Additional capital                                                            |   |      | 934,022   |   |         |   | 932,693 |   |
| Accumulated deficit                                                           |   |      | (265,893  | )      |         |   | (293,185 | ) |
|   Accumulated other comprehensive loss                                   |   |      | (17,473   | )      |         |   | (18,374 | ) |
|   Treasury stock, at cost (6,425,553 and 6,414,906 shares, respectively) |   |      | (227,896  | )      |         |   | (227,569 | ) |
| Total stockholders' equity                                                    |   |      | 423,110   |   |         |   | 393,914 |   |
|                                                                          |   |      |      |   |         |   |   |   |
|    Total liabilities and stockholders' equity                       |   | $         | 2,470,879 |   |         | $      | 2,645,937 |   |
|                                                                          |   |      |      |   |         |   |   |   |
| See notes to condensed consolidated financial statements.                     |   |      |      |   |         |   |   |   |

----

| DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. AND SUBSIDIARIES                                                      |   |            |     |   |   |        |
|-------------------------------------------------------------------------------------------------------------|--------|-----------------|----------|--------|--------|-------------|
|                                                                                                        |   |            |     |   |   |        |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                                                             |   |            |     |   |   |        |
| THREE MONTHS ENDED MARCH 31, 2010 AND 2009                                                                  |   |
| (In Thousands)                                                                                              |   |            |     |   |   |        |
|                                                                                                        |   |            |     |   |   |        |
|                                                                                                        |   | Three Months    |     |
|                                                                                                        |   | Ended March 31, |     |
|                                                                                                        |   | (Unaudited)     |     |
|                                                                                                        |   |            |     |   |   |        |
|                                                                                                        |   | 2010            |     |   | 2009   |        |
|                                                                                                        |   |            |     |   |   |        |
| CASH FLOWS FROM OPERATING ACTIVITIES:                                                                       |   |            |     |   |   |        |
| Net income (loss)                                                                                           |   | $               | 27,292   |   |   | $           | (8,940 | ) |
| Adjustments to reconcile net income (loss) to                                                               |   |            |     |   |   |        |   |   |
|    net cash provided by operating activities:                                                |   |            |     |   |   |        |   |   |
|      Depreciation:                                                                 |   |            |     |   |   |        |   |   |
|        Vehicle depreciation                                              |   |            | 84,689   |   |   |        | 119,662 |   |
|        Non-vehicle depreciation                                          |   |            | 4,813    |   |   |        | 5,340 |   |
|      Net (gains) losses from disposition of revenue-earning vehicles               |   |            | (25,673  | )      |   |        | 149 |   |
|      Amortization                                                                  |   |            | 1,832    |   |   |        | 1,998 |   |
|      Performance share incentive, stock option and restricted stock plans          |   |            | 684      |   |   |        | 1,118 |   |
|      Interest income earned on restricted cash and investments                     |   |            | (137     | )      |   |        | (1,551 | ) |
|      Long-lived asset impairment                                                   |   |            | -        |   |   |        | 261 |   |
|      Provision for (recovery of) losses on receivables                             |   |            | (406     | )      |   |        | 1,340 |   |
|      Deferred income taxes                                                         |   |            | 7,361    |   |   |        | (11,795 | ) |
|      Change in fair value of derivatives                                           |   |            | (7,370   | )      |   |        | (5,045 | ) |
|      Change in assets and liabilities:                                             |   |            |     |   |   |        |   |   |
|        Income taxes payable/receivable                                   |   |            | 9,814    |   |   |        | 4,957 |   |
|        Receivables                                                       |   |            | 4,882    |   |   |        | 13,399 |   |
|        Prepaid expenses and other assets                                 |   |            | (5,513   | )      |   |        | 2,161 |   |
|        Accounts payable                                                  |   |            | 2,981    |   |   |        | 786 |   |
|        Accrued liabilities                                               |   |            | (6,856   | )      |   |        | 25,924 |   |
|        Vehicle insurance reserves                                        |   |            | 674      |   |   |        | (1,684 | ) |
|        Other                                                             |   |            | 654      |   |   |        | (703 | ) |
|                                                                                                        |   |            |     |   |   |        |   |   |
|            Net cash provided by operating activities |   |            | 99,721   |   |   |        | 147,377 |   |
|                                                                                                        |   |            |     |   |   |        |   |   |
| CASH FLOWS FROM INVESTING ACTIVITIES:                                                                       |   |            |     |   |   |        |   |   |
| Revenue-earning vehicles:                                                                                   |   |            |     |   |   |        |   |   |
|   Purchases                                                                                       |   |            | (610,614 | )      |   |        | (230,386 | ) |
|   Proceeds from sales                                                                             |   |            | 198,719  |   |   |        | 665,427 |   |
| Change in cash and cash equivalents - required minimum balance                                              |   |            | -        |   |   |        | (100,000 | ) |
| Net change in restricted cash and investments                                                               |   |            | 476,170  |   |   |        | 23,878 |   |
| Property, equipment and software:                                                                           |   |            |     |   |   |        |   |   |
|   Purchases                                                                                       |   |            | (6,337   | )      |   |        | (1,764 | ) |
|   Proceeds from sales                                                                             |   |            | 461      |   |   |        | - |   |
| Acquisition of businesses, net of cash acquired                                                             |   |            | -        |   |   |        | (8 | ) |
|                                                                                                        |   |            |     |   |   |        |   |   |
|            Net cash provided by investing activities |   |            | 58,399   |   |   |        | 357,147 |   |
|                                                                                                        |   |            |     |   |   |        |   |   |
|                                                                                                        |   |            |     |   |   | (Continued) |   |

----

| DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. AND SUBSIDIARIES                                                              |   |            |     |   |   |   |
|---------------------------------------------------------------------------------------------------------------------|--------|-----------------|----------|--------|--------|--------|
|                                                                                                                |   |            |     |   |   |   |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                     |   |            |     |   |   |   |
| THREE MONTHS ENDED MARCH 31, 2010 AND 2009                                                                          |   |
| (In Thousands)                                                                                                      |   |            |     |   |   |   |
|                                                                                                                |   |            |     |   |   |   |
|                                                                                                                |   | Three Months    |     |
|                                                                                                                |   | Ended March 31, |     |
|                                                                                                                |   | (Unaudited)     |     |
|                                                                                                                |   |            |     |   |   |   |
|                                                                                                                |   | 2010            |     |   | 2009   |   |
|                                                                                                                |   |            |     |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES:                                                                               |   |            |     |   |   |   |
| Debt and other obligations:                                                                                         |   |            |     |   |   |   |
|   Proceeds from vehicle debt and other obligations                                                        |   |            | 2,513    |   |   |   | 619 |   |
|   Payments of vehicle debt and other obligations                                                          |   |            | (204,993 | )      |   |   | (617,370 | ) |
|   Payments of non-vehicle debt                                                                            |   |            | (2,500   | )      |   |   | (20,000 | ) |
| Issuance of common shares                                                                                           |   |            | 1,320    |   |   |   | 1 |   |
| Excess tax benefit on share-based awards                                                                            |   |            | (327     | )      |   |   | - |   |
| Financing issue costs                                                                                               |   |            | (2,463   | )      |   |   | (4,409 | ) |
|                                                                                                                |   |            |     |   |   |   |   |   |
|            Net cash used in financing activities             |   |            | (206,450 | )      |   |   | (641,159 | ) |
|                                                                                                                |   |            |     |   |   |   |   |   |
| CHANGE IN CASH AND CASH EQUIVALENTS                                                                                 |   |            | (48,330  | )      |   |   | (136,635 | ) |
|                                                                                                                |   |            |     |   |   |   |   |   |
| CASH AND CASH EQUIVALENTS:                                                                                          |   |            |     |   |   |   |   |   |
| Beginning of period                                                                                                 |   |            | 400,404  |   |   |   | 229,636 |   |
|                                                                                                                |   |            |     |   |   |   |   |   |
| End of period                                                                                                       |   | $               | 352,074  |   |   | $      | 93,001 |   |
|                                                                                                                |   |            |     |   |   |   |   |   |
|                                                                                                                |   |            |     |   |   |   |   |   |
| See notes to condensed consolidated financial statements, including Note 14 for supplemental cash flow information. |   |

----

| DOLLAR THRIFTY AUTOMOTIVE GROUP, INC. AND SUBSIDIARIES |
|--------------------------------------------------------|
|                                                   |   |   |   |   |   |   |   |   |   |   |
| NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS   |
| THREE MONTHS ENDED MARCH 31, 2010 AND 2009             |
| (Unaudited)                                            |   |   |   |   |   |   |   |   |   |

| 1. | BASIS OF PRESENTATION |
|----|-----------------------|

|   | The accompanying condensed consolidated financial statements include the accounts of Dollar Thrifty Automotive Group, Inc. (“DTG”) and its subsidiaries.  DTG’s significant wholly owned subsidiaries include DTG Operations, Inc., Thrifty, Inc., Dollar Rent A Car, Inc., Rental Car Finance Corp. (“RCFC”) and Dollar Thrifty Funding Corp.  Thrifty, Inc. is the parent company of Thrifty Rent-A-Car System, Inc., which is the parent company of Dollar Thrifty Automotive Group Canada Inc. (“DTG Canada”).  The term the “Company” is used to refer to DTG and its subsidiaries, individually or collectively, as the context may require. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The accounting policies set forth in Item 8 - Note 1 of notes to the consolidated financial statements contained in DTG’s Annual Report on Form 10-K for the year ended December 31, 2009, filed with the Securities and Exchange Commission on March 4, 2010, have been followed in preparing the accompanying condensed consolidated financial statements. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The condensed consolidated financial statements and notes thereto for interim periods included herein have not been audited by an independent registered public accounting firm.  The condensed consolidated financial statements and notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.  In the Company’s opinion, it made all adjustments (which include only normal recurring adjustments) necessary for a fair presentation of the results of operations for the interim periods presented.  Results for interim periods are not necessarily indicative of results for a full year. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | CASH AND INVESTMENTS |
|----|----------------------|

----

| 3. | SHARE-BASED PAYMENT PLANS |
|----|---------------------------|

----

|                                       |   |           |   |   |      |    |             | Weighted-   |   |   |           |   |
|--------------------------------------------|--------|----------------|--------|--------|-----------|---------|------------------|-------------|--------|--------|----------------|--------|
|                                       |   |           |   |   | Weighted- |    |             | Average     |   |   | Aggregate      |   |
|                                       |   | Number of      |   |   | Average   |    |             | Remaining   |   |   | Intrinsic      |   |
|                                       |   | Shares         |   |   | Exercise  |    |             | Contractual |   |   | Value          |   |
|                                       |   | (In Thousands) |   |   | Price     |    |             | Term        |   |   | (In Thousands) |   |
|                                       |   |           |   |   |      |    |             |        |   |   |           |   |
| Outstanding at January 1, 2010        |   |           | 2,451  |   |      | $       | 6.55             |        |   |   | 8.11           |   |   | $ | 46,702 |   |
|                                       |   |           |   |   |      |    |             |        |   |   |           |   |   |   |   |   |
| Granted                                    |   |           | -      |   |      |    | -                |        |   |   |           |   |   |   |   |   |
| Exercised                                  |   |           | (71    | )      |      |    | 18.66            |        |   |   |           |   |   |   |   |   |
| Canceled                                   |   |           | -      |   |      |    | -                |        |   |   |           |   |   |   |   |   |
|                                       |   |           |   |   |      |    |             |        |   |   |           |   |   |   |   |   |
| Outstanding at March 31, 2010         |   |           | 2,380  |   |      | $  | 6.19             |        |   |   | 8.09           |   |   | $  | 61,725 |   |
|                                       |   |           |   |   |      |    |             |        |   |   |           |   |   |   |   |   |
| Fully vested options at:                   |   |           |   |   |      |    |             |        |   |   |           |   |   |   |   |   |
|   March 31, 2010                 |   |           | 412    |   |      | $       | 6.66             |        |   |   | 6.32           |   |   | $ | 10,509 |   |
| Outstanding Options at March 31, 2010 |   |           |   |   |      |    |             |        |   |   |           |   |   |   |   |   |
|   expected to vest               |   |           | 1,968  |   |      | $  |  6.10  |        |   |   |  8.76     |   |   | $  |  51,216 |   |

|            |   |   | Options Outstanding |   | Options Exercisable |
|-----------------|--------|--------|---------------------|--------|---------------------|
|            |   |   |                |   |                | Weighted-Average |   | Weighted- |   |   |   |   |   | Weighted- |   |
| Range of        |   |   | Number              |   |                | Remaining |   | Average |   |   | Number |   |   | Average |   |
| Exercise        |   |   | Outstanding         |   |                | Contractual Life |   | Exercise |   |   | Exercisable |   |   | Exercise |   |
| Prices          |   |   | (In Thousands)      |   |                | (In Years) |   | Price |   |   | (In Thousands) |   |   | Price |   |
|            |   |   |                |   |                |   |   |   |   |   |   |   |   |   |   |   |
| $0.77 - $0.97   |   |   |                | 843    |                |   |   | 8.54 |   |   | $ | 0.95 |   |   |   | 281 |   |   | $ | 0.95 |   |
|            |   |   |                |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| $4.44 - $11.45  |   |   |                | 1,121  |                |   |   | 9.01 |   |   |   | 4.54 |   |   |   | 16 |   |   |   | 11.45 |   |
|            |   |   |                |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| $13.98 - $24.38 |   |   |                | 416    |                |   |   | 4.69 |   |   |   | 21.26 |   |   |   | 115 |   |   |   | 19.87 |   |
|            |   |   |                |   |                |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| $0.77 - $24.38  |   |   |                | 2,380  |                |   |   | 8.09 |   |   | $ | 6.19 |   |   |   | 412 |   |   | $ | 6.66 |   |

----

|                              |   |           |   |   | Weighted-Average |    |
|-----------------------------------|--------|----------------|--------|--------|------------------|---------|
|                              |   | Shares         |   |   | Grant-Date       |    |
| Nonvested Shares                  |   | (In Thousands) |   |   | Fair Value       |    |
|                              |   |           |   |   |             |    |
|                              |   |           |   |   |             |    |   |   |
| Nonvested at January 1, 2010 |   |           | 188    |   |             | $  | 39.75 |   |
| Granted                           |   |           | -      |   |             |    | - |   |
| Vested                            |   |           | (33    | )      |             |    | 56.60 |   |
| Forfeited                         |   |           | (57    | )      |             |    | 56.60 |   |
| Nonvested at March 31, 2010  |   |           | 98     |   |             | $       | 24.39 |   |

----

|                              |   |           |   |   | Weighted-Average |    |
|-----------------------------------|--------|----------------|--------|--------|------------------|---------|
|                              |   | Shares         |   |   | Grant-Date       |    |
| Nonvested Shares                  |   | (In Thousands) |   |   | Fair Value       |    |
|                              |   |           |   |   |             |    |
|                              |   |           |   |   |             |    |   |   |
| Nonvested at January 1, 2010 |   |           | 94     |   |             | $  | 4.24 |   |
| Granted                           |   |           | 18     |   |             |    | 25.28 |   |
| Vested                            |   |           | -      |   |             |    | - |   |
| Forfeited                         |   |           | -      |   |             |    | - |   |
| Nonvested at March 31, 2010  |   |           | 112    |   |             | $       | 7.62 |   |

| 4. | VEHICLE DEPRECIATION AND LEASE CHARGES, NET |
|----|---------------------------------------------|

|                                                         |   | Three Months    |    |
|--------------------------------------------------------------|--------|-----------------|---------|
|                                                         |   | Ended March 31, |    |
|                                                         |   |            |    |   |   |   |
|                                                         |   | 2010            |    |   | 2009 |   |
|                                                         |   |            |    |   |   |   |
| Depreciation of revenue-earning vehicles                     |   | $               | 84,689  |   |   | $ | 119,662 |   |
| Net (gains) losses from disposal of revenue-earning vehicles |   |            | (25,673 | ) |   |   | 149 |   |
| Rents paid for vehicles leased                               |   |            | 18      |   |   |   | 173 |   |
|                                                         |   |            |    |   |   |   |   |   |
|                                                         |   | $               | 59,034  |   |   | $ | 119,984 |   |

| 5. | EARNINGS PER SHARE |
|----|--------------------|

----

|                                              |   | Three Months    |       |
|---------------------------------------------------|--------|-----------------|------------|
|                                              |   | Ended March 31, |       |
|                                              |   |            |       |   |   |   |
|                                              |   | 2010            |       |   | 2009 |   |
|                                              |   |            |       |   |   |   |
| Net income (loss)                                 |   | $               | 27,292     |   |   | $ | (8,940 | ) |
|                                              |   |            |       |   |   |   |   |   |
| Basic EPS:                                        |   |            |       |   |   |   |   |   |
|    Weighted-average common shares  |   |            | 28,522,616 |   |   |   | 21,483,042 |   |
|                                              |   |            |       |   |   |   |   |   |
| Basic EPS                                         |   | $               | 0.96       |   |   | $ | (0.42 | ) |
|                                              |   |            |       |   |   |   |   |   |
| Diluted EPS:                                      |   |            |       |   |   |   |   |   |
|    Weighted-average common shares  |   |            | 28,522,616 |   |   |   | 21,483,042 |   |
|                                              |   |            |       |   |   |   |   |   |
| Shares contingently issuable:                     |   |            |       |   |   |   |   |   |
|   Stock options                         |   |            | 1,150,858  |   |   |   | - |   |
|   Performance awards                    |   |            | 86,091     |   |   |   | - |   |
|   Employee compensation shares deferred |   |            | 49,774     |   |   |   | - |   |
|   Director compensation shares deferred |   |            | 217,462    |   |   |   | - |   |
|                                              |   |            |       |   |   |   |   |   |
| Shares applicable to diluted                      |   |            | 30,026,801 |   |   |   | 21,483,042 |   |
|                                              |   |            |       |   |   |   |   |   |
| Diluted EPS                                       |   | $               | 0.91       |   |   | $ | (0.42 | ) |

----

| 6. | RECEIVABLES |
|----|-------------|

|                                             |   | March 31, |    |   | December 31, |   |
|--------------------------------------------------|--------|-----------|---------|--------|--------------|--------|
|                                             |   | 2010      |    |   | 2009         |   |
|                                             |   |      |    |   |         |   |
| Trade accounts receivable and other              |   | $         | 70,400  |   |         | $      | 76,304 |   |
| Vehicle manufacturer receivables                 |   |      | 40,313  |   |         |   | 30,194 |   |
| Car sales receivable                             |   |      | 12,557  |   |         |   | 5,677 |   |
|                                             |   |      | 123,270 |   |         |   | 112,175 |   |
| Less:  Allowance for doubtful accounts |   |      | (7,079  | )      |         |   | (7,530 | ) |
|                                             |   | $         | 116,191 |   |         | $      | 104,645 |   |

----

| 7. | DEBT AND OTHER OBLIGATIONS |
|----|----------------------------|

|                                                                                      |   | March 31, |      |   | December 31, |   |
|-------------------------------------------------------------------------------------------|--------|-----------|-----------|--------|--------------|--------|
|                                                                                      |   | 2010      |      |   | 2009         |   |
| Vehicle debt and other obligations                                                        |   |      |      |   |         |   |
| Asset backed medium term notes:                                                           |   |      |      |   |         |   |
|   Series 2007-1 notes (matures July 2012)                                  |   | $         | 500,000   |   |         | $      | 500,000 |   |
|   Series 2006-1 notes (matures May 2011)                                   |   |      | 600,000   |   |         |   | 600,000 |   |
|   Series 2005-1 notes (matures June 2010)                                  |   |      | 200,000   |   |         |   | 400,000 |   |
|                                                                                      |   |      | 1,300,000 |   |         |   | 1,500,000 |   |
|        Discounts on asset backed medium term notes     |   |      | (2        | )      |         |   | (5 | ) |
|        Asset backed medium term notes, net of discount |   |      | 1,299,998 |   |         |   | 1,499,995 |   |
|                                                                                      |   |      |      |   |         |   |   |   |
| Limited partner interest in limited partnership                                           |   |      |      |   |         |   |   |   |
|    (Canadian fleet financing)                                              |   |      | 67,210    |   |         |   | 69,690 |   |
|                                                                                      |   |      |      |   |         |   |   |   |
|    Total vehicle debt and other obligations                                |   |      | 1,367,208 |   |         |   | 1,569,685 |   |
|                                                                                      |   |      |      |   |         |   |   |   |
| Non-vehicle debt                                                                          |   |      |      |   |         |   |   |   |
| Term Loan                                                                                 |   |      | 155,625   |   |         |   | 158,125 |   |
|    Total non-vehicle debt                                                  |   |      | 155,625   |   |         |   | 158,125 |   |
|                                                                                      |   |      |      |   |         |   |   |   |
| Total debt and other obligations                                                          |   | $         | 1,522,833 |   |         | $      | 1,727,810 |   |

| 8. | DERIVATIVE FINANCIAL INSTRUMENTS |
|----|----------------------------------|

----

|                                                    | Fair Value of Derivative Instruments |
|---------------------------------------------------------|--------------------------------------|
|                                                    |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    | Asset Derivatives                    |   | Liability Derivatives |
|                                                    | March 31,                       |   | December 31, |   | March 31, |   | December 31, |
|                                                    | 2010                                 |   | 2009 |   | 2010 |   | 2009 |
|                                                    | Balance Sheet Location               |   | Fair Value |   | Balance Sheet Location |   | Fair Value |   | Balance Sheet Location |   | Fair Value |   | Balance Sheet Location |   | Fair Value |   |
| Derivatives designated as hedging instruments           |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate contracts                                 | Receivables                          |   | $ | - |   | Receivables |   | $ | - |   | Accrued Liabilities |   | $ | 40,915 |   | Accrued Liabilities |   | $ | 40,639 |   |
|                                                    |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total derivatives designated as hedging instruments     |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |                                 |   | $ | - |   |   |   | $ | - |   |   |   | $ | 40,915 |   |   |   | $ | 40,639 |   |
|                                                    |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Derivatives not designated as hedging instruments       |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate contracts                                 | Receivables                          |   | $ | - |   | Receivables |   | $ | 16 |   | Accrued Liabilities |   | $ | 27,346 |   | Accrued Liabilities |   | $ | 34,732 |   |
|                                                    |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total derivatives not designated as hedging instruments |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                    |                                 |   | $ | - |   |   |   | $ | 16 |   |   |   | $ | 27,346 |   |   |   | $ | 34,732 |   |
|                                                    |                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total derivatives                                       |                                 |   | $ | - |   |   |   | $ | 16 |   |   |   | $ | 68,261 |   |   |   | $ | 75,371 |   |

|                                              |   | Amount of (Gain) or Loss Recognized in Income on Derivative |   | Location of (Gain) or Loss Recognized in Income on Derivative |
|---------------------------------------------------|--------|-------------------------------------------------------------|--------|---------------------------------------------------------------|
|                                              |   | Three Months Ended                                          |   |                                                          |
|                                              |   | March 31,                                                   |   |                                                          |
| Derivatives Not Designated as Hedging Instruments |   | 2010                                                        |   |                                                          | 2009 |   |   |
|                                              |   |                                                        |   |                                                          |   |   | Net increase in fair |
| Interest rate contracts                           |   | $                                                           | (7,370 | )                                                             |   | $ | (5,045 | ) | value of derivatives |
|                                              |   |                                                        |   |                                                          |   |   |   |   |   |
| Total                                             |   | $                                                           | (7,370 | )                                                             |   | $ | (5,045 | ) |   |

----

|                                           |   | Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) |   |   | Amount of Gain or (Loss) Reclassified from AOCI into Income (Effective Portion) |   | Location of (Gain) or Loss Reclassified from AOCI in Income (Effective Portion) |
|------------------------------------------------|--------|------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|
|                                           |   |                                                                         |   |   |                                                                            |   |                                                                            |
|                                           |   | Three Months EndedMarch 31,                                             |   |   | Three Months EndedMarch 31,                                                |   |                                                                            |
| Derivatives in Cash Flow Hedging Relationships |   | 2010                                                                         |   |   | 2009                                                                            |   |                                                                            | 2010 |   |   | 2009 |   |   |
|                                           |   |                                                                         |   |   |                                                                            |   |                                                                            |   |   |   |   |   |   |
| Interest rate contracts                        |   | $                                                                            | 297    |   |                                                                            | $      | 963                                                                             |   |   | $ | (3,392 | ) |   | $ | (3,324 | ) | Interest expense, net of interest income |
|                                           |   |                                                                         |   |   |                                                                            |   |                                                                            |   |   |   |   |   |   |   |   |   |   |
| Total                                          |   | $                                                                            | 297    |   |                                                                            | $      | 963                                                                             |   |   | $ | (3,392 | ) |   | $ | (3,324 | ) |   |

| Note: Amount of Gain or (Loss) Reclassified from AOCI into income, which was disclosed without the tax effect in the condensed                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|           consolidated financial statements for the period ended March 31, 2009, has been modified to conform to the presentation |
|           for the period ended March 31, 2010 on a net of tax basis.                                                              |

| 9. | FAIR VALUE MEASUREMENTS |
|----|-------------------------|

----

|                                                  |   |          |    |   | Fair Value Measurements at Reporting Date Using |    |
|-------------------------------------------------------|--------|---------------|---------|--------|-------------------------------------------------|---------|
|                                                  |   | Total Fair    |    |   | Quoted Prices in                                |    |   | Significant Other |   |   | Significant |   |
| (in thousands)                                        |   | Value Assets  |    |   | Active Markets for                              |    |   | Observable |   |   | Unobservable |   |
|                                                  |   | (Liabilities) |    |   | Identical Assets                                |    |   | Inputs |   |   | Inputs |   |
| Description                                           |   | at 3/31/10    |    |   | (Level 1)                                       |    |   | (Level 2) |   |   | (Level 3) |   |
|                                                  |   |          |    |   |                                            |    |   |   |   |   |   |   |
| Derivative Liabilities                                |   | $        | (68,261 | )      |                                            | $  | - |   |   | $  | (68,261 | ) |   | $  | - |   |
| Marketable Securities  (available for sale) |   |          | 438     |   |                                            |    | 438 |   |   |   | - |   |   |   | - |   |
| Deferred Compensation Plan Assets (a)            |   |          | 2,661   |   |                                            |    | - |   |   |   | 2,661 |   |   |   | - |   |
|                                                  |   |          |    |   |                                            |    |   |   |   |   |   |   |   |   |   |   |
| Total                                                 |   | $             | (65,162 | )      |                                            | $       | 438 |   |   | $ | (65,600 | ) |   | $ | - |   |
|                                                  |   |          |    |   |                                            |    |   |   |   |   |   |   |   |   |   |   |
|                                                  |   |

| (a) | The Company also has an offsetting liability related to the Deferred Compensation Plan, which is not disclosed in the table as it is not independently measured at fair value. The liability was not reported at fair value as of the transition, but rather set to equal fair value of the assets held in the related rabbi trust. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                  |   |          |    |   | Fair Value Measurements at Reporting Date Using |   |
|-------------------------------------------------------|--------|---------------|---------|--------|-------------------------------------------------|--------|
|                                                  |   | Total Fair    |    |   | Quoted Prices in                                |   |   | Significant Other |   |   | Significant |   |
| (in thousands)                                        |   | Value Assets  |    |   | Active Markets for                              |   |   | Observable |   |   | Unobservable |   |
|                                                  |   | (Liabilities) |    |   | Identical Assets                                |   |   | Inputs |   |   | Inputs |   |
| Description                                           |   | at 12/31/09   |    |   | (Level 1)                                       |   |   | (Level 2) |   |   | (Level 3) |   |
|                                                  |   |          |    |   |                                            |   |   |   |   |   |   |   |
| Derivative Assets                                     |   | $             | 16      |   |                                            | $      | - |   |   | $ | 16 |   |   | $ | - |   |
| Derivative Liabilities                                |   |          | (75,371 | )      |                                            |   | - |   |   |   | (75,371 | ) |   |   | - |   |
| Marketable Securities  (available for sale) |   |          | 424     |   |                                            |   | 424 |   |   |   | - |   |   |   | - |   |
| Deferred Compensation Plan Assets (a)            |   |          | 1,546   |   |                                            |   | - |   |   |   | 1,546 |   |   |   | - |   |
|                                                  |   |          |    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                 |   | $             | (73,385 | )      |                                            | $      | 424 |   |   | $ | (73,809 | ) |   | $ | - |   |
|                                                  |   |          |    |   |                                            |   |   |   |   |   |   |   |   |   |   |   |

| (a) | The Company also has an offsetting liability related to the Deferred Compensation Plan, which is not disclosed in the table as it is not independently measured at fair value. The liability was not reported at fair value as of the transition, but rather set to equal fair value of the assets held in the related rabbi trust. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Debt and other obligations                               |   | Carrying |      |   | Fair Value |   |
|----------------------------------------------------------|--------|----------|-----------|--------|------------|--------|
| at March 31, 2010                                        |   | Value    |      |   | at 3/31/10 |   |
| (in thousands)                                           |   |     |      |   |       |   |
|                                                     |   |     |      |   |       |   |
| Debt:                                                    |   |     |      |   |       |   |
|                                                     |   |     |      |   |       |   |
| Vehicle debt and obligations-floating rates (1)          |   | $        | 1,245,000 |   |       | $      | 1,193,662 |   |
|                                                     |   |     |      |   |       |   |   |   |
| Vehicle debt and obligations-fixed rates                 |   | $        | 55,000    |   |       | $      | 54,998 |   |
|                                                     |   |     |      |   |       |   |   |   |
| Vehicle debt and obligations-Canadian dollar denominated |   | $        | 67,210    |   |       | $      | 67,210 |   |
|                                                     |   |     |      |   |       |   |   |   |
| Non-vehicle debt - Term Loan                             |   | $        | 155,625   |   |       | $      | 147,844 |   |

| Debt and other obligations                               |   | Carrying |      |   | Fair Value  |   |
|----------------------------------------------------------|--------|----------|-----------|--------|-------------|--------|
| at December 31, 2009                                     |   | Value    |      |   | at 12/31/09 |   |
| (in thousands)                                           |   |     |      |   |        |   |
|                                                     |   |     |      |   |        |   |
| Debt:                                                    |   |     |      |   |        |   |
|                                                     |   |     |      |   |        |   |
| Vehicle debt and obligations-floating rates (1)          |   | $        | 1,390,000 |   |        | $      | 1,307,100 |   |
|                                                     |   |     |      |   |        |   |   |   |
| Vehicle debt and obligations-fixed rates                 |   | $        | 110,000   |   |        | $      | 110,408 |   |
|                                                     |   |     |      |   |        |   |   |   |
| Vehicle debt and obligations-Canadian dollar denominated |   | $        | 69,690    |   |        | $      | 69,690 |   |
|                                                     |   |     |      |   |        |   |   |   |
| Non-vehicle debt - Term Loan                             |   | $        | 158,125   |   |        | $      | 143,894 |   |

----

| 10. | COMPREHENSIVE INCOME (LOSS) |
|-----|-----------------------------|

|                                       |   | Three Months    |   |
|--------------------------------------------|--------|-----------------|--------|
|                                       |   | Ended March 31, |   |
|                                       |   |            |   |   |   |   |
|                                       |   | 2010            |   |   | 2009 |   |
|                                       |   |            |   |   |   |   |
| Net income (loss)                          |   | $               | 27,292 |   |   | $ | (8,940 | ) |
|                                       |   |            |   |   |   |   |   |   |
| Interest rate swap adjustment on 2007 swap |   |            | 297    |   |   |   | 963 |   |
| Foreign currency translation adjustment    |   |            | 604    |   |   |   | (614 | ) |
|                                       |   |            |   |   |   |   |   |   |
| Comprehensive income (loss)                |   | $               | 28,193 |   |   | $ | (8,591 | ) |

| 11. | INCOME TAXES |
|-----|--------------|

| 12. | COMMITMENTS AND CONTINGENCIES |
|-----|-------------------------------|

----

| 13. | NEW ACCOUNTING STANDARDS |
|-----|--------------------------|

----

| 14. | SUPPLEMENTAL CASH FLOW DISCLOSURES |
|-----|------------------------------------|

|                                                     |   | Three Months    |   |
|----------------------------------------------------------|--------|-----------------|--------|
|                                                     |   | Ended March 31, |   |
|                                                     |   | 2010            |   |   | 2009 |   |
|                                                     |   | (In Thousands)  |   |
|                                                     |   |            |   |   |   |   |
| SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:       |   |            |   |   |   |   |
| Cash paid for:                                           |   |            |   |   |   |   |
|   Income taxes to taxing authorities           |   | $               | 2,572  |   |   | $ | 4,930 |   |
|   Interest                                     |   | $               | 19,767 |   |   | $ | 25,573 |   |
|                                                     |   |            |   |   |   |   |   |   |
|                                                     |   |            |   |   |   |   |   |   |
| SUPPLEMENTAL DISCLOSURES OF INVESTING AND FINANCING      |   |            |   |   |   |   |   |   |
|   NONCASH ACTIVITIES:                          |   |            |   |   |   |   |   |   |
| Sales and incentives related to revenue-earning vehicles |   |            |   |   |   |   |   |   |
|   included in receivables                      |   | $               | 49,741 |   |   | $ | 64,631 |   |
| Purchases of property, equipment and software included   |   |            |   |   |   |   |   |   |
|   in accounts payable                          |   | $               | 628    |   |   | $ | 755 |   |

----

|                                      |   | Three Months         |     |
|-------------------------------------------|--------|----------------------|----------|
|                                      |   | Ended March 31, 2009 |     |
|                                      |   | As Previously        |     |   |   |   |   | As |   |
|                                      |   | Reported             |     |   | Adjustment |   |   | Restated |   |
|                                      |   |  (In Thousands) |     |
|                                      |   |                 |     |   |   |   |   |   |   |
| Net cash provided by operating activities |   | $                    | 241,698  |   |   | $ | (94,321 | ) |   | $ | 147,377 |   |
|                                      |   |                 |     |   |   |   |   |   |   |   |   |   |
| Net cash provided by investing activities |   |                 | 262,826  |   |   |   | 94,321 |   |   |   | 357,147 |   |
|                                      |   |                 |     |   |   |   |   |   |   |   |   |   |
| CHANGE IN CASH AND CASH EQUIVALENTS       |   |                 | (136,635 | ) |   |   | - |   |   |   | (136,635 | ) |

| 15. | SUBSEQUENT EVENTS |
|-----|-------------------|

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ITEM 2.

Table of Contents

|                                        |   | Three Months    |      |   |   |   |
|---------------------------------------------|--------|-----------------|-----------|--------|--------|--------|
|                                        |   | Ended March 31, |      |   |   |   |
|                                        |   |            |      |   |   |   |   | Percentage |   |
| U.S. and Canada                             |   | 2010            |      |   | 2009   |   |   | Change |   |
|                                        |   |            |      |   |   |   |   |   |   |
| Vehicle Rental Data:                        |   |            |      |   |   |   |   |   |   |
|                                        |   |            |      |   |   |   |   |   |   |
| Average number of vehicles operated         |   |            | 94,641    |   |   |   | 99,875 |   |   |   | (5.2% | ) |
| Number of rental days                       |   |            | 6,837,738 |   |   |   | 7,382,178 |   |   |   | (7.4% | ) |
| Vehicle utilization                         |   |            | 80.3%     |   |   |   | 82.1% |   |   | (1.8) p.p. |   |
| Average revenue per day                     |   | $               | 48.62     |   |   | $      | 46.78 |   |   |   | 3.9% |   |
| Monthly average revenue per vehicle         |   | $               | 1,171     |   |   | $      | 1,152 |   |   |   | 1.6% |   |
| Average depreciable fleet                   |   |            | 95,646    |   |   |   | 101,933 |   |   |   | (6.2% | ) |
| Monthly avg. depreciation (net) per vehicle |   | $               | 206       |   |   | $      | 392 |   |   |   | (47.4% | ) |

----

| Reconciliation of reported GAAP pretax income (loss) per the               |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |
|----------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------|--------|--------|--------|
| income statement to non-GAAP pretax income (loss):                         |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   | Three Months    |   |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   | Ended March 31, |   |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   | 2010            |   |   | 2009   |   |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   | (in thousands)  |   |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |
| Income (loss) before income taxes - as reported                            |                                                                                                                                                                                                                                                                                                                    | $      | 47,050          |   |   | $      | (10,835 | ) |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |   |
| (Increase) decrease in fair value of derivatives                           |                                                                                                                                                                                                                                                                                                                    |   | (7,370          | )      |   |   | (5,045 | ) |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |   |
| Long-lived asset impairment                                                |                                                                                                                                                                                                                                                                                                                    |   | -               |   |   |   | 261 |   |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |   |
| Pretax income (loss) - non-GAAP                                            |                                                                                                                                                                                                                                                                                                                    | $      | 39,680          |   |   | $      | (15,619 | ) |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |   |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |   |
| Reconciliation of reported GAAP net income (loss) per the                  |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |
| income statement to non-GAAP net income (loss):                            |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |   |
| Net income (loss) - as reported                                            |                                                                                                                                                                                                                                                                                                                    | $      | 27,292          |   |   | $      | (8,940 | ) |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |   |
| (Increase) decrease in fair value of derivatives, net of tax (a)           |                                                                                                                                                                                                                                                                                                                    |   | (4,322          | )      |   |   | (2,967 | ) |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |   |
| Long-lived asset impairment, net of tax (b)                                |                                                                                                                                                                                                                                                                                                                    |   | -               |   |   |   | 114 |   |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |   |
| Net income (loss) - non-GAAP                                               |                                                                                                                                                                                                                                                                                                                    | $      | 22,970          |   |   | $      | (11,793 | ) |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |   |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |   |
| Reconciliation of reported GAAP diluted earnings (loss)                    |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |
| per share ("EPS") to non-GAAP diluted EPS:                                 |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |   |
| EPS, diluted - as reported                                                 |                                                                                                                                                                                                                                                                                                                    | $      | 0.91            |   |   | $      | (0.42 | ) |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |   |
| EPS impact of (increase) decrease in fair value of derivatives, net of tax |                                                                                                                                                                                                                                                                                                                    |   | (0.14           | )      |   |   | (0.14 | ) |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |   |
| EPS impact of long-lived asset impairment, net of tax                      |                                                                                                                                                                                                                                                                                                                    |   | -               |   |   |   | 0.01 |   |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |   |
| EPS, diluted - non-GAAP (c)                                                |                                                                                                                                                                                                                                                                                                                    | $      | 0.76            |   |   | $      | (0.55 | ) |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |   |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |            |   |   |   |   |   |   |
| (a)                                                                        | The tax effect of the (increase) decrease in fair value of derivatives is calculated using the entity-specific, U.S. federal and blended state tax rate applicable to the derivative instruments which amounts are ($3,048,000) and ($2,078,000) for the three months ended March 31, 2010 and 2009, respectively. |   |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |
| (b)                                                                        | The tax effect of the long-lived asset impairment is calculated using the tax-deductible portion of the impairment and applying the entity-specific, U.S. federal and blended state tax rate which amount is $147,000 for the three months ended March 31, 2009.                                                   |   |
|                                                                       |                                                                                                                                                                                                                                                                                                                    |   |
| (c)                                                                   | Since each category of earnings per share is computed independently for each period, total per share amounts may not equal the sum of the respective categories.                                                                                                                                                        |   |

----

|                                                                    |   | Three Months    |     |
|-------------------------------------------------------------------------|--------|-----------------|----------|
|                                                                    |   | Ended March 31, |     |
|                                                                    |   | 2010            |     |   | 2009 |   |
|                                                                    |   | (in thousands)  |     |
| Reconciliation of net income (loss) to                                  |   |            |     |   |   |   |
| Corporate Adjusted EBITDA                                               |   |            |     |   |   |   |
|                                                                    |   |            |     |   |   |   |
| Net income (loss) - as reported                                         |   | $               | 27,292   |   |   | $ | (8,940 | ) |
|                                                                    |   |            |     |   |   |   |   |   |
| (Increase) decrease in fair value of derivatives                        |   |            | (7,370   | ) |   |   | (5,045 | ) |
| Non-vehicle interest expense                                            |   |            | 2,427    |   |   |   | 4,754 |   |
| Income tax expense (benefit)                                            |   |            | 19,758   |   |   |   | (1,895 | ) |
| Non-vehicle depreciation                                                |   |            | 4,813    |   |   |   | 5,340 |   |
| Amortization                                                            |   |            | 1,832    |   |   |   | 1,998 |   |
| Non-cash stock incentives                                               |   |            | 684      |   |   |   | 1,118 |   |
| Long-lived asset impairment                                             |   |            | -        |   |   |   | 261 |   |
| Other                                                                   |   |            | (12      | ) |   |   | - |   |
|                                                                    |   |            |     |   |   |   |   |   |
| Corporate Adjusted EBITDA                                               |   | $               | 49,424   |   |   | $ | (2,409 | ) |
|                                                                    |   |            |     |   |   |   |   |   |
|                                                                    |   |            |     |   |   |   |   |   |
| Reconciliation of Corporate Adjusted EBITDA                             |   |            |     |   |   |   |   |   |
| to Cash Flows From Operating Activities                                 |   |            |     |   |   |   |   |   |
|                                                                    |   |            |     |   |   |   |   |   |
| Corporate Adjusted EBITDA                                               |   | $               | 49,424   |   |   | $ | (2,409 | ) |
|                                                                    |   |            |     |   |   |   |   |   |
| Vehicle depreciation, net of gains/losses from disposal                 |   |            | 59,016   |   |   |   | 119,811 |   |
| Non-vehicle interest expense                                            |   |            | (2,427   | ) |   |   | (4,754 | ) |
| Change in assets and liabilities, net of acquisitions, and other        |   |            | (6,292   | ) |   |   | 34,729 |   |
|      Net cash provided by operating activities |   | $               | 99,721   |   |   | $ | 147,377 |   |
|                                                                    |   |            |     |   |   |   |   |   |
| Memo:                                                                   |   |            |     |   |   |   |   |   |
| Net cash provided by investing activites                                |   | $               | 58,399   |   |   | $ | 357,147 |   |
| Net cash used in financing activities                                   |   | $               | (206,450 | ) |   | $ | (641,159 | ) |

----

|                       |   | Three Months    |      |   |        |   |      |        |   |
|----------------------------|--------|-----------------|-----------|--------|-------------|--------|-----------|-------------|--------|
|                       |   | Ended March 31, |      |   | $ Increase/ |   |      | % Increase/ |   |
|                       |   | 2010            |      |   | 2009        |   |      | (decrease)  |   |   | (decrease) |   |
|                       |   | (in millions)   |      |
|                       |   |            |      |   |        |   |      |        |   |   |   |   |
| Vehicle rentals            |   | $               | 332.5     |   |        | $      | 345.3     |        |   | $ | (12.8 | ) |   |   | (3.7% | ) |
| Other                      |   |            | 15.8      |   |        |   | 17.1      |        |   |   | (1.3 | ) |   |   | (7.4% | ) |
|   Total revenues |   | $               | 348.3     |   |        | $      | 362.4     |        |   | $ | (14.1 | ) |   |   | (3.9% | ) |
|                       |   |            |      |   |        |   |      |        |   |   |   |   |   |   |   |   |
| Vehicle rental metrics:    |   |            |      |   |        |   |      |        |   |   |   |   |   |   |   |   |
| Number of rental days      |   |            | 6,837,738 |   |        |   | 7,382,178 |        |   |   | (544,440 | ) |   |   | (7.4% | ) |
| Average revenue per day    |   | $               | 48.62     |   |        | $      | 46.78     |        |   | $ | 1.84 |   |   |   | 3.9% |   |

|                                        |   | Three Months    |   |   |        |   |   |        |   |
|---------------------------------------------|--------|-----------------|--------|--------|-------------|--------|--------|-------------|--------|
|                                        |   | Ended March 31, |   |   | $ Increase/ |   |   | % Increase/ |   |
|                                        |   | 2010            |   |   | 2009        |   |   | (decrease)  |   |   | (decrease) |   |
|                                        |   | (in millions)   |   |
|                                        |   |            |   |   |        |   |   |        |   |   |   |   |
| Direct vehicle and operating                |   | $               | 179.9  |   |        | $      | 185.0  |        |   | $ | (5.1 | ) |   |   | (2.8% | ) |
| Vehicle depreciation and lease charges, net |   |            | 59.0   |   |        |   | 120.0  |        |   |   | (61.0 | ) |   |   | (50.8% | ) |
| Selling, general and administrative         |   |            | 48.4   |   |        |   | 46.9   |        |   |   | 1.5 |   |   |   | 3.1% |   |
| Interest expense, net of interest income    |   |            | 21.4   |   |        |   | 26.1   |        |   |   | (4.7 | ) |   |   | (18.1% | ) |
| Long-lived asset impairment                 |   |            | -      |   |        |   | 0.3    |        |   |   | (0.3 | ) |   |   | (100.0% | ) |
|   Total expenses                  |   | $               | 308.7  |   |        | $      | 378.3  |        |   | $ | (69.6 | ) |   |   | (18.4% | ) |
|                                        |   |            |   |   |        |   |   |        |   |   |   |   |   |   |   |   |
| Increase in fair value of derivatives       |   | $               | (7.4   | )      |        | $      | (5.0   | )           |   | $ | (2.4 | ) |   |   | 46.1% |   |

|   | Ø | Vehicle related expenses decreased $1.5 million. This decrease resulted primarily from a decrease in vehicle maintenance expenses of $1.3 million due to a reduced fleet and a decrease in net vehicle damages of $1.8 million, partially offset by an increase in gasoline expense of $3.5 million, resulting from higher average gas prices, which is generally recovered in revenue from customers. All other vehicle related expenses decreased $1.9 million. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Ø | Bad debt expense decreased $1.7 million due to improved collection efforts in 2010 and the bankruptcy of one of the Company’s tour operators during the first quarter of 2009. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Ø | Communications and computer expenses decreased $1.2 million due to decreased equipment lease expenses. |
|--------|--------|--------------------------------------------------------------------------------------------------------|

|   | Ø | Facility and airport concession fees decreased $0.7 million.  This decrease resulted primarily from decreased rent expense of $1.0 million primarily due to the company-owned store closures. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Ø | Personnel related expenses increased $1.6 million.  The increase was primarily due to a $1.3 million increase in the vacation accrual and $1.1 million in incentive compensation expense recorded in 2010, partially offset by a $0.8 decrease in group insurance expenses. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Ø | All other direct vehicle and operating expenses decreased $1.6 million. |
|--------|--------|-------------------------------------------------------------------------|

|   | Ø | Personnel related expenses increased $2.9 million, primarily due to $2.1 million of incentive compensation expense recorded in 2010 and a $0.9 million increase in vacation accrual. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Ø | The Company incurred approximately $1.7 million in costs associated with the proposed transaction with Hertz in 2010. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | Ø | Outsourcing expenses decreased $1.6 million primarily due to fewer IT-related projects  in 2010. |
|--------|--------|------------------------------------------------------------------------------------------------------------|

|   | Ø | Sales and marketing expenses decreased $0.6 million primarily due to a decrease in marketing production expenses. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------|

|   | Ø | All other selling, general and administrative expenses decreased $0.9 million. |
|--------|--------|--------------------------------------------------------------------------------|

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----

ITEM 3.

Table of Contents

----

ITEM 4. 

Table of Contents

PART II 

ITEM 1.

Table of Contents

----

ITEM 1A.

Table of Contents

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| ITEM 6.   | EXHIBITS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.234         | First Amendment to Second Amended and Restated Employment Continuation Plan for Key Employees of Dollar Thrifty Automotive Group, Inc. dated as of March 24, 2010**                                                                                                                                                                                                                                                                                                                                       |
| 10.235         | Second Amended and Restated Long-Term Incentive Plan and Director Equity Plan dated as of December 9, 2008 (filed as exhibit 10.212 with DTG’s Form 10-K for the fiscal year ended December 31, 2008, filed March 3, 2009), as amended effective on March 16, 2009 (filed as exhibit 10.221 with DTG’s Form 8-K, filed May 20, 2009) and effective on March 31, 2009 (filed as exhibit 10.219 with DTG’s Form 10-Q for the quarterly period ended March 31, 2009, filed May 6, 2009)**  |
| 15.37          | Letter from Deloitte & Touche LLP regarding interim financial information**                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 31.65          | Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**                                                                                                                                                                                                                                                                                                                                                                                                  |
| 31.66          | Certification by the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002**                                                                                                                                                                                                                                                                                                                                                                                                  |
| 32.65          | Certification by the Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**                                                                                                                                                                                                                                                                                                                                                                                                  |
| 32.66          | Certification by the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**                                                                                                                                                                                                                                                                                                                                                                                                  |

Table of Contents

----

SIGNATURES

Table of Contents

|        |   | DOLLAR THRIFTY AUTOMOTIVE GROUP, INC.                                                                               |
|-------------|--------|---------------------------------------------------------------------------------------------------------------------|
|        |   |                                                                                                                |
|        |   |                                                                                                                |
| May 5, 2010 | By:    | /s/  SCOTT L. THOMPSON                                                                                    |   |
|        |   | Scott L. ThompsonPresident, Chief Executive Officer and PrincipalExecutive Officer                        |
| May 5, 2010 | By:    | /s/  H. CLIFFORD BUSTER III                                                                               |   |
|        |   | H. Clifford Buster IIISenior Executive Vice President, Chief Financial Officerand Principal Financial Officer  |

----

INDEX TO EXHIBITS

Table of Contents

| Exhibit Number   | Description                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|----------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 10.234                | First Amendment to Second Amended and Restated Employment Continuation Plan for Key Employees of Dollar Thrifty Automotive Group, Inc. dated as of March 24, 2010                                                                                                                                                                                                                                                                                                                                      |
| 10.235                | Second Amended and Restated Long-Term Incentive Plan and Director Equity Plan dated as of December 9, 2008 (filed as exhibit 10.212 with DTG’s Form 10-K for the fiscal year ended December 31, 2008, filed March 3, 2009), as amended effective on March 16, 2009 (filed as exhibit 10.221 with DTG’s Form 8-K filed May 20, 2009) and effective on March 31, 2009 (filed as exhibit 10.219 with DTG’s Form 10-Q for the quarterly period ended March 31, 2009, filed May 6, 2009)  |
| 15.37                 | Letter from Deloitte & Touche LLP regarding interim financial information                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 31.65                 | Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                 |
| 31.66                 | Certification by the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                 |
| 32.65                 | Certification by the Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                 |
| 32.66                 | Certification by the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002                                                                                                                                                                                                                                                                                                                                                                                                 |

----