Acquisition

Inchcape PLC
19 December 2000


Logistics and Fulfilment Joint Venture created through acquisition of 49%
holding in Eurofleet

Key Strategic Partnership in Growth Sector

Inchcape plc, the international automotive services group, today announced
that it has acquired a 49% stake in Eurofleet Limited, one of the leading
private UK providers of automotive logistics and fulfilment services.

The investment will significantly enhance Inchcape's logistics and fulfilment
ability. It represents  an important element of the group's UK investment
strategy. It is expected to be earnings enhancing from year one.

The consideration of c £12.3m is to be satisfied by the issue of loan notes
which are expected to be redeemed from 2003 onwards. For the year to 31
December 1999, Eurofleet achieved sales of £35 million and net operating
profit of £3.9m. Net liabilities were £11m. 

As part of the agreement, Inchcape has been granted pre-emption rights over
the remaining shares currently held by the management team. 

Eurofleet refurbishes, prepares and provides transportation services to both
vehicle manufacturers and rental and fleet operators. It operates from
centrally located facilities in Kettering, Corby and Scotland, and employs
approximately 650 people. 

Inchcape, through its wholly owned subsidiary company Seaking Automotive
Limited, already provides business services to the automotive industry. This
business is expected to benefit significantly from the strategic partnership
with Eurofleet. 

Inchcape's investment in Eurofleet will ensure Seaking Automotive has access
to industry leading systems, processes and transportation enabling both
businesses to expand in the rapidly growing refurbishment and remarketing
segments.

Peter Johnson, Group Chief Executive of Inchcape plc, said:

'Eurofleet has an impressive track record and a highly experienced management
team.  This investment will open up growth opportunities for both companies
enabling them to develop a comprehensive logistics and fulfilment business. 
In addition, the combination of the UK's best known automotive e-commerce
business, Autobytel, alongside Eurofleet's impressive logistics and fulfilment
abilities will offer both retail and business consumers an exciting new
channel.' 

Robert Wilkinson, Chief Executive of Eurofleet Limited, said:

'We are delighted to be working in partnership with as strong a company as
Inchcape.  We will be able to work with them in taking their logistics and
fulfilment offering to a new level, and they will be able to offer sales
channels for the vehicles we process.  They are also in a strong position to
support Eurofleet's longer term strategic aim of building a presence in
mainland Europe.'


Notes to editors
Inchcape plc is a leading international automotive services group, providing a
broad choice of motoring solutions for customers and quality representation
for its manufacturer partners. Inchcape's core markets are UK, Hong Kong,
Singapore, Australia, Belgium and Greece. 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. 
 
Issued by and enquiries to:

Helen Cartmell                        0207-546-8328
Group Communications Manager

John Olsen/Andrew Jaques              0207-357-9477
Hogarth Partnership