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Exhibit 99.1
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 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN news)
announced today that it has completed the tax-free spin-off of ANC Rental
Corporation (Nasdaq: ANCX - news) 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.
SOURCE: AUTONATION, INC.
