The well know car hire group Dollar Thirty Automotive Group has just recently announced that underwriters have exercised, in full, their option to purchase an additional 862,500 shares of common stock at a public offering. The shares were going for $19.25 per share.

The exercise of this option now brings the total shares of common stock to be sold by the company in the previously announced public offering up to 6,612,500 shares. According to reports, the company intends to use the net proceeds for the sales of the 6,612,500 shares, which are expected to be worth almost $120 million, for general corporate purposes.

The selling of more stock comes at a time when the travel industry is at an all time low. Right now many people are not traveling, and thus, do not need car rentals and hotels. The few people that are traveling are looking for the best possible deals, meaning that airlines, hotels and even car hire companies are not getting the profit that they need from the sale of their services.

In order to beat out the recession, many companies are having to take certain steps to make sure that they can pay their bills. Some companies are cutting back on staff and others are offering pay freezes in order to make more money. However, Dollar Thrifty Automotive Group appears to be selling stock in order to use it for general corporate purposes.

Meanwhile other travel companies, like airlines, are having to deal with strikes due to their pay cuts and pay freezes. Thus, it seems like Dollar Thrifty Automotive Group may be on the right track.