FORT LAUDERDALE, Fla. -- ANC Rental Corp. completed the sale of its Alamo and National car rental units to Cerberus Capital Management, which will operate the brands under the name Vanguard Car Rental USA.

Cerberus, a New York-based private investment group, paid $230 million in cash and assumed $2.06 billion in liabilities.

Other affiliates of Vanguard also completed the acquisition of ANC's European and Canadian operations.

Vanguard will be headed by William Lobeck, who was named president and CEO.

Lobeck previously oversaw Alamo and National when they were part of AutoNation.

In a statement, Lobeck said Vanguard will focus on recreating brand distinction between Alamo and National.

Vanguard "will concentrate on restoring National and Alamo to their former prominence," with National focusing on the business traveler and Alamo focusing on the leisure traveler, Lobeck said. ANC filed for Chapter 11 bankruptcy protection in November 2001.

To contact reporter Jorge Sidron, send e-mail to [email protected].

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