Dennis Hecker sells shares of Dollar Thrifty Automotive

By Lisa Kerner

Charlotte, N.C., June 26 - Dennis E. Hecker reported the sale of 178,435 shares of Dollar Thrifty Automotive Group, Inc. between March 24 and June 4, priced from $12.26 to $15.72 each.

With the sale, Hecker reduced his stake in Dollar Thrifty to 4.74%, or about 1.01 million shares, according to a schedule 13D filed with the Securities and Exchange Commission.

In May, Hecker's affiliate ARC Venture Holding, Inc. retained the investment banking firm of Houlihan Lokey to assist in exploring strategic alternatives for ARC Venture and its daily car rental business, including alternatives with respect to Dollar Thrifty.

ARC Venture owns all of the outstanding shares of Southwest-Tex Leasing Co., Inc., which does business as Advantage Rent-A-Car.

It was previously reported that Hecker, with a controlling interest in ARC Venture, intended to withhold votes from Dollar Thrifty's nominees for election to the board of directors and to vote against the addition of 660,000 shares to Dollar Thrifty's amended and restated long-term incentive plan and director equity plan.

Hecker, chairman of Denny Hecker's Automotive Group, Inc., owns and operates various businesses in the automotive industry, including automobile and truck dealerships, fleet leasing and daily car rental businesses.

Dollar Thrifty is a Tulsa, Okla., vehicle rental company.

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