Central Parking Corporation Awarded Five-Year Contract to Manage Parking At Major Florida Retail Complex.

Business Editors

NASHVILLE, Tenn.--(BUSINESS WIRE)--Oct. 7, 2002

Central Parking Corporation (NYSE:CPC) today announced that it has been awarded a five-year contract to manage valet and self-parking services for The Village at Merrick Park, a new $600 million retail/office/residential complex in Coral Gables, Fla. The contract, which became effective last month, includes 3,100 parking spaces plus another 600 to be added upon the completion of 120 luxury residences. Central Parking Corporation will manage the self-parking, and USA Parking, the Company's wholly owned subsidiary, will provide valet services under a multi-year lease.

William J. Vareschi, Jr., chief executive officer, remarked, "This significant new contract highlights the competitive advantage Central Parking Corporation offers due to our wide breadth of services. This agreement also underscores our success in building strong working relationships with major developers. The Rouse Company, which developed The Village at Merrick Park, retained our Parking Resources Group(R) as a consultant to advise project architects about the functional design, equipment, graphics, and layout of the parking for this extraordinary venue. We are using the latest technology including scanning and imaging systems to make it easier for customers to access their vehicles and provide managers with valuable operating data on a real-time basis."

Central Parking Corporation, headquartered in Nashville, Tennessee, is a leading provider of parking and transportation-related services. The Company operates approximately 3,900 parking facilities containing approximately 1.6 million spaces at locations in 39 states, the District of Columbia, Canada, Puerto Rico, the United Kingdom, the Republic of Ireland, Chile, Colombia, Germany, Mexico, Peru, Poland, Spain, Switzerland, Venezuela and Greece.

This press release contains projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the Company's current views with respect to future events and financial performance. No assurance can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company's periodic reports filed with the Securities and Exchange Commission.