Penske Truck Leasing to Acquire AMI Leasing

READING, Pa., Aug. 12, 2004 -- Penske Truck Leasing Co., L.P. has entered into an agreement with Ford Motor Credit Company to acquire the full- service truck leasing, rental, maintenance and logistics operations of Auto Rental Corporation (ARC), known as AMI Leasing. AMI is a wholly owned subsidiary of Ford Credit.

Headquartered in Worcester, Mass., AMI Leasing serves more than 1,500 customers at 26 locations throughout the northeastern United States. AMI's truck product lines include full-service leasing, rental, finance leasing, contract maintenance and dedicated contract carriage.

The acquisition of AMI's truck and equipment businesses will add approximately 14,000 tractors, trucks and trailers to Penske Truck Leasing's fleet.

"Both AMI and Penske customers will benefit from products and services available through a combined network of facilities across the United States," said Brian Hard, president, Penske Truck Leasing. "Penske has a strong commitment to its customers and will continue providing the high-quality service AMI customers have come to expect."

Penske and AMI expect to complete the transaction, which is subject to customary closing conditions, by the end of August.

Ford Motor Credit Company is an indirect, wholly owned subsidiary of Ford Motor Company. Now in its 45th year, Ford Credit provides vehicle financing in 36 countries to more than 10 million customers and 12,500 automotive dealers. More information can be found at http://www.fordcredit.com/ and at Ford Credit's investor center, http://www.fordcredit.com/investorcenter.

Penske Truck Leasing, headquartered in Reading, Pa., is a joint venture of Penske Corporation and General Electric. A leading global transportation services provider, the company operates approximately 200,000 vehicles and serves customers from nearly 1,000 locations in the United States, Canada, Mexico, South America and Europe. Product lines include full-service leasing, contract maintenance, commercial and consumer rental, transportation and warehousing management, and supply chain management solutions. Penske Truck Leasing's annual revenue is approximately US $3.5 billion. The company can be reached at http://www.pensketruckleasing.com/.