NCR to benefit from parent company's US stock market float

NATIONAL Car Rental is looking for major growth in the UK as its parent company plans to float on the New York Stock Exchange under the name ANC Rental Corporation. The move will separate the global car hire giant from AutoNation, a car dealer in the United States with 406 franchises and 41 used vehicle megastores.

ANC Rental Corporation takes its name from its three hire firms - Alamo Rent-A-Car, National Car Rental, and CarTemps (a US-based operation) - and will be based in Fort Lauderdale, Florida. Its flotation follows an August announcement by AutoNation, formerly known as Republic Industries, that: 'The board is exploring various strategic alternatives regarding the form of separation'.

John Leigh, senior vice-president UK, ANC Rental Corporation, said the changes applied only to the company's holding company and would not affect any of the customer-facing parts of the business that will continue to trade under the National and Alamo brands. But he added that as a publicly-quoted company whose core business was daily rental, ANC Rental Corporation would be focused on expansion and brand development, particularly in continental Europe, but also the UK.