Alamo and National Car Rental Purchase Completed

FORT LAUDERDALE, Fla., Oct. 15, 2003 -- The sale of the assets of ANC Rental Corporation (ANC), the owner of the Alamo and National rental car brands, was completed yesterday. A new entity, Vanguard Car Rental USA Inc., has assumed ownership of substantially all of the U.S. assets and operations of ANC. Other affiliates of Vanguard also completed the acquisition of ANC's European and Canadian operations.

"Alamo and National are two outstanding brands in the car rental industry. As a result of the closing of this acquisition and related financing commitments of $2.45 billion, our company has regained a strong financial base to assist in offering exceptional service to our business and leisure customers. We have a first-rate management team in place with significant industry experience, each of whom are working to ensure that customer expectations will be our primary focus," said William Lobeck, President and Chief Executive Officer. "We will concentrate on restoring National and Alamo to their former prominence. National will focus on meeting the needs of the high frequency business traveler, offering them an extraordinary level of service and great cars that can be accessed quickly. Alamo, The official rental car of the American vacation(TM), will focus on servicing customers that require the value car rental benefits that make it great- exceptional rates and extraordinary people."

William Lobeck served as the Chief Executive Officer and a principal owner of National Car Rental from 1995 until its sale to AutoNation in 1997, and as President and Chief Operating Officer of AutoNation's Rental Group from 1997 to 1999. Mr. Lobeck served as the Chief Executive Officer of Thrifty Rent-A-Car System, Inc. from 1981 until 1993, when it was sold to DaimlerChrysler.

Together, the Alamo and National brands make up one of the world's largest car rental companies, with annual revenue of $2.4 billion in 2002. Headquartered in Fort Lauderdale, Florida, the worldwide organization employs more than 14,000 associates, has more than 3,200 hundred locations in 83 countries and serves customers with a fleet of more than 217,000 automobiles.