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Dollar Thrifty Automotive Group’s fourth-quarter net profit rose 171%, mainly due to the strength of the used-car market.

The company earned $33.9 million, up from $12.5 million.

Per-vehicle depreciation cost totaled $218 per month, a 29% decrease from $308 in the fourth quarter of 2010. The resulting favorable impact on residual values enabled Dollar Thrifty to get more for vehicles on the used-car market.

Revenue increased just 1.3%, to $353.7 million. Dollar Thrifty said rental revenue was up 1%, driven primarily by a 5.2% increase in rental days. The company said there was a 4% decrease in revenue per day.

Dollar Thrifty benefited from a strong used-car market and a recovering travel industry for all of 2011, as the company earned $159.6 million in net profit, up 21.6% from $131.2 million in 2010.

CEO Scott Thompson said the company reported record earnings for the second straight year.

The company projects that vehicle rental revenue will rise 3% to 5% in 2012.