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Fort Lauderdale, Fla.-Based Rental-Car Giant Foresees More Devastating Losses.
Byline: Patrick Danner
Sep. 25--Already pummeled by a weak economy, Fort Lauderdale rental-car giant ANC Rental Corp. warned Monday its operations will take another big hit from this month's terrorist attacks.
The parent of Alamo Rent A Car and National Car Rental expects its business will plunge 30 percent through January, Michael S. Egan, ANC's chairman and chief executive, told financial news network CNBC. And he forecast a 20 percent fall-off from February through early next summer.
Like the airlines, ANC may seek aid from the federal government as a way to improve its financial condition.
ANC, which last month hired investment banking firm Lehman Bros. to explore options that included a possible sale of the company, now has put those plans on hold.
With the downturn in business, ANC will implement cost-cutting measures, including slashing its rental fleet by as much as 35 percent.
"We are leaving no stone unturned when it comes to lowering costs," said ANC spokeswoman Cheryl Budd. "We are determined to make this a profitable company, and we will do what we need to do in order to accomplish that goal."
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