PACCAR Launches Financial Services Business in Europe

    BELLEVUE, Wash.--Aug. 21, 2001--PACCAR announced that it has expanded its financial services business with the establishment of PACCAR Financial Europe to support the sale of DAF and Foden trucks. DAF Trucks had previously provided financing through a joint venture with a Dutch bank.
    Ken Gangl, PACCAR vice president, commented, "PACCAR Financial Corp. in the U.S. is the leading finance company in North America for Kenworth and Peterbilt trucks, with over $3.7 billion in assets and an excellent record of profitable growth. The launch of PACCAR Financial Europe establishes PACCAR as one of the global finance leaders for commercial vehicles. The worldwide growth of PACCAR Financial will enable many of PACCAR's 1,700 dealer locations to offer a complete range of financial services." Gangl added, "PACCAR Financial Europe (PFE) is providing an outstanding resource for DAF and Foden dealers and their customers as we expand our finance operations throughout Europe. Creative finance programs, designed specifically for the trucking industry, will enable DAF and Foden dealers to continue their profitable growth. PACCAR Financial Europe launched its finance business in the U.K. in May 2001 and in Germany, Belgium, France and Italy in July. PFE is beginning operations in Spain and The Netherlands this month."
    In addition to PACCAR's retail finance business, PACCAR's leasing company is expanding its presence throughout North America. PACCAR Leasing's fleet size is over 14,000 units. Last year, PACCAR Leasing achieved its seventh consecutive record profit year and is one of the five largest full-service truck rental and leasing companies in North America. There are more than 170 PacLease locations throughout the United States, Canada and Mexico.
    "As a result of many of the North American truck leasing companies being acquired or struggling financially, customers are looking to dealer-based leasing options," commented Tim Henebry, president of PacLease. "The strength of PacLease and its steady growth is a direct result of PACCAR and the wonderful connection to Kenworth and Peterbilt. We are the only truck rental and leasing company to exclusively offer premium Kenworth and Peterbilt vehicles. These trucks offer a great combination of high resale value and low operating cost, which provides a tremendous competitive advantage for PacLease customers. PacLease, with an industry-leading array of leasing options from preventive maintenance programs and full-service leasing to dedicated contract carriage, is focused on enhancing its customers' operating efficiency."

    PACCAR Inc is a global technology leader in the design, manufacture and customer support of high-quality light-, medium- and heavy-duty trucks under the Kenworth, Peterbilt, DAF and Foden nameplates. It also provides financial services and distributes truck parts related to its principal business. In addition, the Bellevue, Washington-based company manufactures winches under the Braden, Gearmatic and Carco nameplates.
    PACCAR shares are traded on the Nasdaq Stock Market, symbol PCAR, and its homepage can be found at www.paccar.com.