Ryder System, Inc. Not Affiliated With Budget Group, Inc. Nor Its Bankruptcy Filing
MIAMI--July 29, 2002--Ryder System, Inc. , a $5 billion, Fortune 500 global leader in transportation and supply chain management solutions, today issued a general reminder that its business operations -- including its subsidiary Ryder Truck Rental, Inc. -- are not affiliated with those of Budget Group, Inc., which recently filed for federal bankruptcy protection. Budget Group, Inc. (OTCBB:BDGPA) (formerly NYSE:BD) operates a truck rental business under the name "Ryder TRS" (the "yellow trucks").
Budget Group and its Ryder TRS business unit are not affiliated with Ryder System or Ryder System's subsidiary Ryder Truck Rental, Inc. As such, Budget's current financial circumstances in no way affect the solid financial standing of Ryder System or its ability to serve customers throughout North America and in Latin America, Europe and Asia.
Ryder System, Inc., which has one of the nation's largest truck rental and leasing fleets, sold its consumer-oriented "yellow" truck rental division in 1996. Those business operations were subsequently purchased by the current owner, Budget Group, Inc. and operated under the name "Ryder TRS," pursuant to a Trademark License Agreement signed in connection with the 1996 sale. In March of this year, Ryder terminated the Trademark License Agreement and filed suit against Budget and Ryder TRS based on breaches of the Trademark License Agreement and violations of state and federal law. This suit to enforce the termination is pending in federal court in New York.
Ryder System, Inc. is a business-to-business enterprise serving commercial customers. The Company has a fleet of more than 170,000 vehicles. The fleet consists of trucks and trailers that are painted and decaled with the logos and graphics of Ryder System customers, or that are painted white and emblazoned with red and black Ryder logos. This fleet of vehicles serves commercial customers on a full-service lease, dedicated contract carriage basis, or as part of comprehensive supply chain solutions. Included within this fleet are approximately 30,000 commercial rental trucks (white, with red and black logos) that are used to supplement customers' fleets during high-volume periods and are available to commercial customers on a short-term basis.
About Ryder
Ryder provides leading-edge transportation, logistics and supply chain management solutions worldwide. Ryder's product offerings range from full-service leasing, commercial rental and programmed maintenance of vehicles to integrated services such as dedicated contract carriage and carrier management. Ryder also sells a wide range of parts and equipment used to maintain truck and automotive fleets through its http://www.ryderfleetproducts.com site and sells used vehicles through http://www.usedtrucks.ryder.com.
Additionally, Ryder offers comprehensive supply chain solutions, consulting, lead logistics management services and e-Business solutions that support customers' entire supply chains, from inbound raw materials and parts through distribution and delivery of finished goods. Ryder serves customer needs throughout North America, in Latin America, Europe and Asia.
For more information on Ryder System, Inc., visit http://www.ryder.com.