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AutoNation Completes Tax-Free Spin-Off Of ANC Rental Corporation

30 June 2000

AutoNation Completes Tax-Free Spin-Off Of ANC Rental Corporation 
         ANC to Trade on Nasdaq as Separate Company Beginning July 3

    FORT LAUDERDALE, Fla., June 30 AutoNation, Inc.
announced today that it has completed the tax-free spin-off of ANC Rental
Corporation to AutoNation's shareholders of record. As part of
the transaction, AutoNation shareholders will receive one share of ANC Rental
Corporation for every eight shares of AutoNation owned.
    As a result of the spin-off, ANC Rental Corporation becomes a free-
standing public company whose stock will trade on the Nasdaq Stock Market
under the symbol "ANCX" beginning Monday, July 3. ANC Rental Corporation
comprises the Alamo, National and CarTemps USA vehicle rental companies.
    Following the spin-off, AutoNation will continue to trade on the New York
Stock Exchange under its existing symbol, "AN." The Company also said that the
spin-off does not impact AutoNation shareholders' ownership of existing
AutoNation stock as shareholders will continue to own their AutoNation stock
in addition to receiving shares of ANC Rental Corporation. AutoNation said
that shareholders do not need to take any action to participate in the spin-
off.
    Commenting on the spin-off, AutoNation Chief Executive Officer, Michael J.
Jackson, said, "We're pleased to be rewarding AutoNation's shareholders with
ownership in a second public company. We're also very excited to now be in a
position to focus all of our resources on our automotive retail business. With
the spin-off complete, AutoNation is now the largest pure-play automotive
retailer in America."
    AutoNation, Inc. is America's largest automotive retailer, on and off the
web, with more than 400 new vehicle franchises in 19 states and more than 200
web sites. AutoNation is a Fortune 100 company (#63) with more than
$20 billion in annual revenue, including $1 billion of Internet-related
revenue. AutoNation employs approximately 33,000 people.
    ANC Rental Corporation is one of the world's largest car rental companies
with annual revenue of approximately $3.5 billion and an average daily fleet
of about 339,000 vehicles in 1999. Headquartered in Fort Lauderdale, Florida,
ANC employs approximately 22,000 associates worldwide.
    Certain statements and information included in this press release
constitute "forward-looking statements" within the meaning of the Federal
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or
achievements expressed or implied in such forward-looking statements.
Additional discussion of factors that could cause the actual results to differ
materially from management's projection, forecasts, estimates and expectations
is contained in the Company's SEC filings.