The company said record levels of auto recalls have affected the availability of rental vehicles in the U.S., and it said operating expenses in that business were significantly higher than expected. The company also said it isn't saving as much money as it expected from its acquisition of former competitor Dollar Thrifty. It is also experiencing weak demand for business-equipment rentals.
In June, the company said it needed to review and correct financial statements from the last three years because an audit had uncovered accounting errors. Earlier this month,
The company operates the
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