PARSIPPANY, N.J. -

The battle between two rental car giants to acquire Dollar Thrifty Automotive Group has been chaotic to say the least, but in the aftermath of a Hertz Global Holdings and DTAG deal falling through, it appears Avis Budget Group and Dollar Thrifty have reached an accord.

The two companies put out a joint statement Tuesday saying they will work together to gain regulatory approval for an Avis acquisition of Dollar Thrifty.

“Avis Budget reaffirmed its commitment to diligently pursue antitrust clearance, as well as its commitment to continue to pursue an acquisition of Dollar Thrifty on the previously announced terms,” the companies said in the statement.

“However, Dollar Thrifty has requested that Avis Budget not commence an exchange offer at this time, as the parties work cooperatively with the antitrust authorities, and Avis Budget has agreed to defer doing so,” officials continued.

They added: “There can be no assurance on the timing or outcome of the efforts to secure antitrust clearance for the proposed transaction, that any agreement with respect to a transaction will be reached, or as to the timing or terms thereof. Avis Budget and Dollar Thrifty do not intend to make further announcements with respect to this matter unless so required under applicable law.”

Hertz Announces Further Growth

And meanwhile, the Hertz Corp. has been fairly active this week, as well, boasting about plans to open 60 new Hertz Local Edition locations by the end of 2010. The Local Edition is the off-airport car rental operation that Hertz runs in the U.S. These new locations will put Hertz Local Edition’s 2010 additions at more than 250 locations.

Officials said the strategy throughout Hertz is to grow its off-airport rental business more rapidly, and this expansion reflects as much.

“Our revenues continue to expand at a double-digit rate in the off airport market, and we are increasing our investment to meet anticipated demand,” stated Hertz chairman and chief executive officer Mark Frissora. “Since the beginning of the year, we’ve opened 192 new locations and we’re committed to an additional 60 location openings before year end.”

He added: “We are opening in the most cost-efficient manner possible, partnering with key local businesses which generate car rental demand. As a result, we will easily surpass $1 billion of revenues in 2010, up more than $100 million over 2009, and early next year we will open our 2,000th off-airport location.

“The off-airport segment is strategically critical for Hertz as we continue to develop new and expanded partnerships in the replacement market, offering customers pick-up and delivery service, as well as growing our leisure and business rentals,” Frissora noted.

With these additions, Hertz said it is mainly pairing facilities with body shops, hotels and repair shops. Officials explained that off-airport vehicles are typically rented for longer periods of time, meaning each transaction generates more revenue.