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ANC Rental Corporation Announces Senior Management Team

Nov. 18, 1999

Eight Executives To Help ANC Create Long Term Shareholder Value

FORT LAUDERDALE, Fla., Nov. 18 /PRNewswire/ -- Michael Egan, Chairman, and Michael S. Karsner, President and CEO, of ANC Rental Corporation today announced the appointment of the new company's senior management team.

They are: Karen Beard-President, North America; Kathleen Hyle-Senior Vice President and Chief Financial Officer; Howard Schwartz-Senior Vice President and General Counsel; Mary Wood-Senior Vice President, Shared Services; Todd Faver-President, CarTemps USA; Edward Jones-Senior Vice President, Human Resources; Cheryl Budd-Senior Vice President, Corporate Communications; and Dennis Custage-President, International.

ANC will be spun-off to AutoNation (NYSE: AN) shareholders as a tax-free share dividend in January 2000. ANC comprises the Alamo, National and CarTemps USA vehicle rental companies. Headquartered in Fort Lauderdale, Florida, ANC will trade independently on the New York Stock Exchange under the symbol "ANR."

"Our team will begin immediately to focus on driving shareholder value by providing an exceptional customer experience, enhancing the value of each brand, and maintaining and sustaining a competitive cost structure," said Michael S. Karsner, ANC President and CEO.

Egan said, "We have assembled a very experienced team to launch ANC. Not only are they proven professionals in the car rental industry but also they have worked together for many years. Our commitment and knowledge of the industry will create a great company."

Karen Beard - President, North America: Beard is currently President of Alamo, a position she has held since November 1998. In her new position, she will be responsible for the continued growth and profitability of two brands -- Alamo and National -- within North America. She will oversee all brand activities as well as operations, reservations, revenue management and fleet management. A 19-year veteran of Alamo, Beard is thoroughly familiar with every aspect of the industry. She has held a variety of senior positions including Senior Vice President of Sales, Marketing and Advertising; Senior Vice President of Sales, Marketing and Revenue Management; Senior Vice President of North American Operations; and Vice President of North American Sales.

Kathleen Hyle - Senior Vice President and Chief Financial Officer: Hyle is currently Vice President, Finance and Treasurer for AutoNation, a position she has held since joining AutoNation in April 1997. In her new capacity, she will exercise overall strategic responsibility for ANC Rental Corporation's financial activities including the treasury, tax, financial reporting, accounting, internal audit and investor relations. Prior to joining AutoNation, Hyle was with Black and Decker Corporation for 17 years where she held a number of finance and treasury positions including Vice President and Treasurer.

Howard Schwartz - Senior Vice President and General Counsel: Schwartz is currently Vice President and Deputy General Counsel for AutoNation, a position he has held since October 1997. He has been responsible for the litigation, employment, benefits, trademark and compliance functions of AutoNation. In his new position as Senior Vice President and General Counsel for ANC, he will oversee all aspects of the company's legal functions. His broad experience consists of 23 years at the national law firm of Eckert Seamans where he was the partner-in-charge of the Firm's Florida operations, a member of the Executive Committee, and Co-Chairman of its Litigation Department. He also served as Senior Vice President and General Counsel of Alamo.

Mary Wood - Senior Vice President, Shared Services: Wood is currently Vice President and Controller for AutoNation, a position she has held since May 1998. In her new position, Wood will be responsible for information technology; payroll and benefits administration; facilities; and claims administration. She also served as AutoNation's Vice President of Internal Audit and as Alamo's CFO and Executive Vice President of Business Services. Prior to joining Alamo, she was a partner with KPMG Peat Marwick LLP, where she worked from 1977 to 1995.

Todd Faver - President, CarTemps USA: Faver is currently President of AutoNation's Canadian Operations, a position he has held since December 1998. In his new position, he will oversee CarTemps USA, the nation's second largest local insurance replacement car rental company. Currently residing in Toronto, Faver will relocate to CarTemps headquarters in Solon, Ohio. Faver joined National Car Rental in 1980 and quickly rose to senior level positions in fleet service, operations, and in 1996, was appointed President of National Car Rental, Canada.

Edward Jones - Senior Vice President, Human Resources: Jones is currently Vice President, Human Performance Organization for AutoNation's North American Rental Group, a position he has held since June 1999. In his new position, he will maintain overall responsibility for ANC's human resources function. Jones joined AutoNation as Corporate Vice President, Human Performance Organization in 1997. He has more than 25 years professional experience with large, high- profile employers such as Express, Inc., and Dress Barn, Inc. He is also expert in the areas of labor relations, organizational development, diversity/affirmative action and strategic planning.

Cheryl Budd - Senior Vice President, Corporate Communications: Budd is currently Director of Corporate Communications at Alamo Rent A Car, a position she has held since May 1999. Her new position will include responsibility for internal and external communications for ANC Rental Corporation and its brands. During her 20-year career in communications, she has been President of her own public relations, advertising and marketing firm with offices in New York and Florida; Vice President of Corporate Communications for a national insurance services company (NCCI); and Public Affairs and Media Relations Director for the country's second largest trade association.

Dennis Custage - President, International: Based in London, England, Dennis is currently President, International, where he directs the activities of Alamo and National outside the United States and Canada, a position he has held since June 1999. At ANC Rental Corporation, Dennis will continue to be responsible for the growth and profitability of both brands for the same area. Before joining AutoNation, Dennis was the founder and President of Global Boardroom Solutions, a consulting company providing strategic support in global markets. Fluent in Portuguese and Spanish, he has served in a variety of senior positions in the United States and around the world with Ryder System, Inc., Xerox, the TI Group and Nortel.

AutoNation, Inc. is the world's largest automotive retailer, with 406 automotive retail franchises in 19 states and 39 AutoNation USA used vehicle megastores in 13 states. AutoNation also operates more than 270 automotive retail Web sites and its Web site offers the largest selection of new and used vehicles at one low no-haggle price on the Internet. The Company also owns and operates Alamo Rent-A-Car, Inc., National Car Rental System, Inc. and CarTemps USA, which operate automotive rental facilities throughout the United States and in more than 65 other countries and will become ANC Rental Corporation in January 2000.

SOURCE ANC Rental Corporation
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