Enterprise Holdings highlights overall success of 2011 fiscal year
Enterprise Holdings is the world's largest and most comprehensive service provider, and the only investment-grade company, in the car rental industry. For its fiscal year ended July 31, 2011, Enterprise Holdings posted a record $14.1bn in worldwide revenues, up more than 12% from $12.6bn in 2010, which likewise represented a 4% increase over fiscal 2009.
Andrew C. Taylor (Inset, Left), chairman and chief executive officer, whose family owns and operates Enterprise Holdings, commented: ‘Conservative and disciplined financial management is the key to Enterprise's approach to corporate sustainability, which fully integrates our efforts to be responsible stewards from an economic, social and environmental perspective.
‘Our team works hard every day to manage our company for the long term, and we are very proud of our continued growth across all lines of business in both the home-city market and at the airport. And our customer service scores have never been higher.
‘Our strong balance sheet is a testament to our continued focus on customer service and costs, especially during tough economic times like these,’ he went on to add.
For more than 50 years, the Taylor family has put a significant portion of the company's cumulative earnings back into its privately held business — into building operations, serving customers and expanding the fleet. As a result of this ongoing reinvestment, the company by far has the lowest debt-to-equity ratio in the car rental industry. Such financial strength not only fosters new opportunities, but also offers Enterprise Holdings' three-brand portfolio a distinct competitive advantage in the car rental and travel industries. For example, the company operates, through its regional subsidiaries, an extensive and one-of-a-kind network of more than 6,000 neighborhood and airport branch offices located within 15 miles of 90% of the U.S. population.
‘Because we operate more than twice as many locations as our nearest competitor in the United States, we are ideally positioned to efficiently move vehicles from city to city, as well as back and forth between airports and nearby local offices,’ Taylor noted. ‘As a result, our ability to quickly respond to demand fluctuations is unique and directly mitigates the historical volatility of airport car rental.’
Enterprise Holdings' revenues for fiscal 2011 would place it 16th among the largest private companies in the United States.For more of the latest industry news, click here.