Central Parking Corporation Announces Purchase of Assets of Sterling Parking, Inc.

NASHVILLE, Tenn.--(BUSINESS WIRE)--June 26, 1998--Central Parking Corporation (NYSE: CPC) today announced the purchase of substantially all of the assets of Sterling Parking, Inc., a privately held parking services company headquartered in Atlanta, Georgia. Terms of the transaction were not disclosed.

Sterling Parking provides parking services at 34 locations encompassing 20,000 spaces in a number of major metropolitan areas including Atlanta, Georgia; Miami, Florida; Norfolk, Virginia; Los Angeles, California; and Louisville, Kentucky.

Commenting on the announcement, Monroe J. Carell, Jr., Chairman and Chief Executive Officer of Central Parking Corporation, stated, "This transaction fits well within our continuing initiative to acquire other parking services firms. Most of the locations we have purchased through this acquisition are in markets where we have an established base. We therefore expect to gain meaningful operating efficiencies as we integrate the management of these new properties into our system."

Central Parking Corporation, headquartered in Nashville, Tennessee, is the leading provider of parking and transportation-related services in the world. The Company operates approximately 2,350 parking facilities containing more than 984,000 spaces throughout the United States, the District of Columbia, Canada, Puerto Rico, the United Kingdom, Mexico, Germany, Malaysia, Chile and Spain. The Company's complete range of services includes facility management, development, advisory services, leasing and on-street enforcement.

    CONTACT:  Central Parking Corporation, Nashville
               Stephen Tisdell, 615/297-4255 EXT.265
               [e-mail]