Inchcape/Avis Joint Venture

Inchcape PLC
6 September 2001


INCHCAPE/AVIS JOINT VENTURE

AVIS EUROPE PLC AND INCHCAPE PLC LAUNCH 'AUTOCASCADE' - A PAN-EUROPEAN JOINT
VENTURE IN VEHICLE REMARKETING

Avis Europe plc and Inchcape plc are delighted to announce the formation of a
Pan-European vehicle remarketing joint venture - AutoCascade - which will be
owned equally by the shareholders, Avis and Inchcape.  It will provide vehicle
manufacturers, rental and leasing companies with a significantly improved
method of selling pre-owned vehicles.

Operating initially in the UK market, AutoCascade will pre-sell vehicles
nearing the end of their rental or leasing life through a variety of channels,
including the original manufacturer's own franchised dealer network,
independent dealers using Inchcape's Vehicle Sourcing division and directly to
private customers via Autobytel UK.

AutoCascade will focus on nearly new vehicles where the total UK market is
around 450,000 vehicles a year and the continental European market is
estimated at 2,000,000.  On average, a nearly new vehicle returned to the
manufacturer can spend three months in storage once its rental life is over
which results in lower residual values and higher costs.  AutoCascade will
reduce the time and costs involved in remarketing for vehicle providers and
offer more effective nearly new car sourcing for dealers and end customers.

The new venture will draw on the strengths of both its shareholders; Avis has
well established and strong manufacturer relationships, and is Europe's
largest fleet operator; Inchcape brings an in-depth knowledge of the vehicle
supply chain from its dealer operations as well as fleet management and
logistics capabilities.

In addition to the new joint venture between the parties, the Avis-owned
yourautochoice.com sales channel will be amalgamated into Inchcape-owned
Autobytel UK in return for a 10% shareholding in Autobytel UK.  The benefits
of this consolidation include IT, marketing, call centre and back office
synergies and a more comprehensive car service offering to customers through
the combination of Autobytel UK's new and used car products with
yourautochoice's nearly-new car product.

Mark McCafferty, CEO Avis Europe said, 'We are delighted to be partnering
Inchcape in this initiative.  This new joint venture will further improve the
way nearly new vehicles are sold within the trade and into the market and we
believe that there can be residual value improvement for car manufacturers
exploiting these opportunities.  The amalgamation of yourautochoice.com and
Autobytel UK is an appropriate consolidation in the online car retailing
sector'

Peter Johnson, Group Chief Executive of Inchcape said: 'This joint venture
enables Inchcape to broaden its vehicle remarketing activities in the UK and
provides a strong platform for entry into Europe.  AutoCascade, in combination
with Inchcape Vehicle Sourcing, Autobytel UK and Eurofleet, will significantly
reduce remarketing timescales, lower storage costs and ultimately maximise
residual values for fleet owners.'

Notes to editors

For further information, please contact:

Inchcape plc 

Group Communications                 John Olsen, Hogarth Partnership Limited  
020 7546 0022                        020 7357 9477

Avis Europe plc

Mark McCafferty, Chief Executive     Ben Foster, Financial Dynamics
Chris Cowan, Group Finance Director  020 7831 3113
01344 426644                            

Inchcape plc provides a broad choice of motoring solutions for customers and
quality representation for its manufacturer partners. Our core markets are UK,
Greece, Belgium, Australia, Hong Kong and Singapore. The Group's activities
include Import, Distribution and Retail, UK Retail of new and used cars,
automotive E-commerce and Financial Services, including consumer and dealer
finance, insurance and leasing.

Avis Europe plc is the leading car rental company across Europe, Africa,
Middle East and Asia.  It serves almost 8 million customers a year through a
network of over 2,700 locations in 112 countries. For further information,
please visit Avis' web site at http://www.avis.co.uk

yourautochoice.com, www.yourautochoice.com, is a unique on-line nearly new car
sales service launched by Avis Europe plc in July 2000.  Saad Hammad,
currently CEO at yourautochoice.com, will head up AutoCascade.

Autobytel UK, www.autobytel.co.uk, launched its on 30 April 1999, offering
consumers the ability to research, and compare all makes and models - free of
charge. The consumer can place a purchase request for a new, nearly new, or
used car online. Autobytel UK has attracted more than 6 million unique
visitors generating over 110 million page impressions since launch. Autobytel
UK is a wholly owned subsidiary of Inchcape Plc and is not a broker or
reseller of new vehicles.