50,000 New Cars for Alamo and National's US Fleet

As travel to the United States steadily picks up following the events of last year, ANC, owner of the Alamo Rent A Car and National Car Rental brands, is set to acquire 50,000 new vehicles for its US fleet.

The new fleet will be in place by the early March 2002, ready for the Spring and Summer when car rental demand is at its peak. The fleet will be sourced from several major motor manufacturers, including GM, Chrysler, Mitsubishi, and Toyota.

This important development in the group's restructuring programme follows an agreement with MBIA Insurance Corporation to use up to $1 billion of financing capacity by ARG Funding Corporation, a wholly-owned subsidiary of ANC, to purchase new vehicles.

"This is a critical step in the restructuring efforts of the US operations of ANC" said Sally Hinds, Marketing Director for Alamo. "It keeps us competitive and allows the group to buy up to 50,000 vehicles now, as people are becoming more comfortable with travelling to the United States for their holidays. This is great news for our customers and agents in Europe who can be assured of the choice and quality of vehicle booked from Alamo and our commitment to the US leisure market."