Inchcape Sells Toyota(GB),etc

Inchcape PLC
31 July 2000


Inchcape, the international automotive services group, announced today that it
had agreed to sell its 49% interest in Toyota (GB) Ltd to Toyota Motor
Corporation (TMC) for £42.1 million in cash.  The sale proceeds will be used
initially to pay down debt, but will also give Inchcape the opportunity to
invest further in new and current businesses that support its customer-focused
strategy.

The agreement, which was signed today, gives TMC full ownership of Toyota
(GB), the exclusive UK distributor of Toyota and Lexus vehicles.  It also
brings to an end by mutual consent an earlier agreement between Inchcape and
TMC, under which Inchcape would retain its 49% interest in Toyota (GB) until
the end of 2007.  The sale is subject to clearance by the European Commission.
 It is expected that completion and receipt of proceeds will take place in
September 2000.  

Inchcape remains TMC's largest independent distributor, representing Toyota
through wholly owned franchises covering 14 markets, including Hong Kong,
Singapore, Greece and Belgium.  In addition, TMC has a long-term strategic
shareholding in Inchcape plc.

During 1999, Toyota (GB) contributed £5.0 million to Inchcape Group profit
before tax and declared a dividend of £1.6 million.  The net assets included
in the sale were valued at £29.6 million in the balance sheet dated 31
December 1999.   With the proceeds from the sale, Inchcape's pro-forma net
debt at 30 June 2000 would have been approximately £50 million.

Peter Johnson, Inchcape Group Chief Executive, said:  'We are delighted to
reach this agreement, which is mutually beneficial to Inchcape and Toyota. 
The sale of Toyota (GB) provides Inchcape with additional funds to progress
our customer-focused strategy, particularly in the UK.  

'We will continue to develop alternative channels-to-market, as well as
investing in more broadly based financial products.  Inchcape's ability to
fulfil these new channels and new products will be key and future investment
is planned within this area.  We will also continue to develop our ongoing
Toyota businesses and explore any suitable expansion opportunities with Toyota
that may come our way.'

Mr Yoshio Ishizaka, Senior Managing Director of TMC, said: 'The agreement for
TMC to buy Inchcape's stake in Toyota (GB) is a strategic decision that
benefits both parties.  Inchcape has been a good and very supportive partner
in Toyota (GB) over the years.  However, with the major investment plans we
have for the company to increase market share in the UK and to further develop
the Lexus brand, we and Inchcape feel the time is now right for TMC to take
full ownership of Toyota (GB).  This is a unique situation that applies only
to the UK market. 

'Inchcape is one of our most successful distributors worldwide and a valued
business partner.  We are pleased with Inchcape's performance in markets where
it represents Toyota, and we look forward to further developing our
relationship in the future.' 

Inchcape is the world's largest independent automotive distribution group,
operating in more than 20 international markets and representing many of the
world's leading car manufacturers.  The Group's activities include import and
distribution, retail of new and used cars, automotive e-commerce, and
financial services, including consumer and dealer finance, insurance and
leasing. 


Inchcape's UK businesses comprise: 
-       Inchcape UK, which includes the Group's extensive UK dealer network,  
        Inchcape Motors Retail, its leasing businesses, MEVC and Kenning      
        Leaseline, and its vehicle logistics operation, Seaking Automotive;
-       Autobytel UK, the internet-based car retailing service;
-       The Ferrari and Maserati import, distribution and retail businesses   
        and
-       A 40% interest in the MCL Group, the Mazda and Kia importer and       
        distributor.


Notes to editors:

Under the agreement between Inchcape and Toyota Motor Corporation (TMC) signed
in March 1990, Toyota (GB) was granted an exclusive contract to distribute
Toyota vehicles in the UK until 31 December 2007, when the position would be
reviewed.  In addition, it was agreed that TMC would purchase a 51% stake in
Toyota (GB) over eight years, beginning with a 5% stake on 30 March 1990, 20%
on 1 July 1995, and a further 26% on 1 January 1998.

Toyota franchises held by Inchcape are:
-       SA Toyota Belgium (Belgium/Luxembourg)
-       Toyota Hellas SA (Greece/The Balkans -                                
        Bulgaria/Rumania/Macedonia/Albania)
-       Borneo Motors (Singapore) Pte. Ltd (Singapore)
-       Crown Motors Ltd (Hong Kong/Macau)
-       NBT (Brunei) Sdn Bhd (Brunei)
-       Microl Corporation (Saipan)
-       Atkins Kroll Inc (Guam)
-       The Motor Engineering Company of Ethiopia Ltd (Ethiopia)

Inchcape's interim results will be announced on 7 August 2000.


Issued by and enquiries to:                     
Inchcape plc
Chief Executive
Peter Johnson                     020 7546 8410       
Group Communications Director
Stephen Clark                     020 7546 8250 
Group Communications Manager
Helen Cartmell                    020 7546 8328