Vanguard Car Rental USA Names Thomas C. Kennedy Senior Vice President and Chief Financial Officer

FT. LAUDERDALE, Fla.--Sept. 25, 2003--Vanguard Car Rental USA., Inc., today named Thomas C. Kennedy to the positions of Senior Vice President and Chief Financial Officer.

Vanguard Car Rental was recently formed by CAR Acquisition Company LLC to acquire Alamo Rent A Car and National Car Rental, the car-rental brands of choice for leisure travelers and business travelers, respectively. Alamo and National are currently owned by ANC Rental Corporation, which is in bankruptcy. The acquisition is expected to close in October.

Mr. Kennedy joins Vanguard from Northwest Airlines, Inc., where he held a variety of management and executive posts since 1992. He served most recently as that airline's Senior Vice President and Controller.

Mr. Kennedy brings more than 16 years of management experience to his new role at Vanguard Car Rental, including assignments at Merrill Lynch Capital Markets, Bank of Yokohama, Ltd., and Chiquita Brands International. He holds a Masters in Business Administration from Harvard, conferred in 1992, and an undergraduate degree in Economics from Tulane.

Upon completion of the acquisition of the Alamo and National brands, Vanguard Car Rental USA and its affiliates will operate one of the world's largest car rental businesses. The Alamo and National brands had annual revenues of approximately $2.4 billion in 2002, operating from more than 3,000 locations in 83 countries. Alamo and National employ more than 12,000 associates to serve customers worldwide with an average daily fleet of more than 375,000 automobiles.