New CEO, New Moniker in Store for ANC

WILMINGTON, Delaware -- Cerberus Capital Management LP said it has plans to change ANC Rental Corp.'s name to "Vanguard" and to appoint William Lobeck as the CEO.

Lobeck previously headed ANC when AutoNation was the parent company. He will replace William Plamondon, ANC's current CEO.

ANC operates the National and Alamo car rental brands.

Bankruptcy Court Judge Mary Walrath this month approved the sale of substantially all of ANC's assets to Cerberus. The sale is expected to close by Sept. 30.

Cerberus will pay $230 million for the assets and assume $2.06 billion in liabilities. Cerberus will also provide a line of credit of up to $150 million.

Most of the sale proceeds will be distributed to secured creditors, including Lehman Brothers and Liberty Mutual Insurance Co.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Five Business Model Trends for 2017

As new forms of mobility take flight, the borders with traditional car rental are starting to erode.

Are Commercial Drone Deliveries Eminent in the U.S.?

Amazon just delivered its first package by drone in England. Will U.S. delivery fleets be able to take advantage soon?

Autonomous Vehicles and the Changing Role of the Fleet Manager

With fewer drivers and substantially longer fleet lifecycles, fleet managers will pivot to new job functions.

Job Finder: Access Top Talent. Fill Key Positions.