SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) November 26, 1996
TEAM RENTAL GROUP, INC.
(Exact name of registrant as specified in charter)
Delaware 0-23962 59-3327576
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
125 Basin Street, Suite 210, Daytona Beach, Florida 32114
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code (904) 238-7035
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(Former name or former address, if changed since last report)
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Item 4. Changes in Registrant's Certifying Accountant
On November 26, 1996, Team Rental Group, Inc. (the "Company") appointed Arthur
Andersen LLP as its independent accountants for the remainder of 1996. The
Company's Audit Committee recommended the appointment which was approved by the
Board of Directors.
The Board of Directors did not renew the engagement of Deloitte & Touche LLP,
("Deloitte & Touche") the Company's former independent accountants. The report
of Deloitte & Touche on the Company's financial statements for the past two
years contained no adverse opinion, and was not qualified or modified as to
uncertainty, audit scope or accounting principles. Since the Company's
inception, Deloitte & Touche's reports on the Company's financial statements did
not contain an adverse opinion or a disclaimer of opinion, nor were the opinions
qualified or modified as to uncertainty, audit scope, or accounting principles,
nor were there any events of the type requiring disclosure under Item 304
(a)(1)(v) of Regulation S-K.
With regard to Item 304 (a)(1)(iv) of Regulation S-K, the Company reports the
following:
On February 2, 1996, the Company announced that it would restate its financial
statements for all periods since its initial public offering in 1994. This
restatement resulted from a change in the accounting treatment of the common
stock warrant issued to Budget Corporation concurrently with the Company's
initial public offering in August 1994. This change in accounting treatment was
the subject of numerous discussions between Company officers and representatives
of Deloitte & Touche, and was approved by the audit committee and announced to
the public on February 2, 1996. The Company believes that this matter was
resolved to the satisfaction of Deloitte & Touche.
In late 1995, the Company received funds from a vehicle manufacturer that it
accounted for in a manner similar to funds it had received from a manufacturer
in 1993. In March 1996, Deloitte & Touche advised the Company that it did not
deem the 1995 transaction analogous to the 1993 transaction. The Company issued
its financial statements in accordance with the recommendation of Deloitte &
Touche, and believes that this matter was resolved to the satisfaction of
Deloitte & Touche.
The Company has provided Deloitte & Touche LLP with a copy of the disclosures
contained in this Report and has requested that Deloitte & Touche furnish it
with a letter addressed to the Securities & Exchange Commission (the "SEC")
stating whether it agrees with the above statements. A copy such letter will be
filed as exhibit 16 in an amendment to this Report.
The Company confirms that neither it nor anyone acting on its behalf has
consulted Arthur Andersen LLP regarding any of the matters referred to in Item
304(a)(2) of Regulation S-K prior to their appointment.
Item 7. Financial Statements and Exhibits
a) Exhibit:
Exhibit 16 Letter Re: Change in certifying accountant will be filed by
amendment.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TEAM RENTAL GROUP, INC.
By: By: /s/ Sanford Miller
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Sanford Miller
Chief Executive Officer
Dated: December 4, 1996
