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Allied Holdings Completes Acquisition of Ryder Automotive Carrier Services and RC Management Corp.

30 September 1997

Allied Holdings Completes Acquisition of Ryder Automotive Carrier Services and RC Management Corp.

    DECATUR, Ga., Sept. 30 -- Allied Holdings, Inc.
, announced that it has completed the acquisition of Ryder's
Automotive Carrier Group.  The completed acquisition will make Allied the
largest motor carrier in North America specializing in the transportation of
new and used automobiles and light trucks.
    Allied announced on May 27, 1997 it had agreed to acquire Ryder's
Automotive Carrier Group, which includes Ryder Automotive Carrier Services,
Inc. and RC Management Corp., from Ryder System, Inc. , for
approximately $114.5 million in cash.  After regulatory approvals were
granted, and the definitive agreement signed, Allied completed an offering of
$150 million of senior notes due 2007 to fund the acquisition and reduce
borrowings.
    "Today is quite historical for Allied and its employees," stated R.J.
Rutland, Chairman.  "We look forward to the challenges ahead and the many
benefits the acquisition will bring to Allied."
    Combined, the company will have approximately 5,300 specialized tractor
trailers and 121 locations in all states and Canada.  The combined revenues
for 1996 would have been approximately $1 billion.
    Allied Holdings, Inc. is the parent company of several subsidiaries
engaged in the automotive distribution business.  The Allied Automotive Group
is the largest motor carrier in North America specializing in the delivery of
automobiles and light trucks.  The automotive group transports for all major
domestic and foreign manufacturers primarily from manufacturing plants, rail
ramps, ports and auctions to automobile dealers throughout the United States
and Canada.  Allied Holdings' Axis Group, Inc. provides logistics solutions
based on the underlying philosophy of Move, Improve, Inform to the automotive
market, both in the United States and internationally.  This involves
identifying new and innovative methods of distribution as well as better
utilizing traditional and emerging technologies to help customers solve the
most complex transportation, inventory management and logistics problems.

SOURCE  Allied Holdings, Inc.