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SALES DEAL MAY SOON RELIEVE GM OF OWNING RENTAL-CAR COMPANY

SHARE SALES DEAL MAY SOON RELIEVE GM OF OWNING RENTAL-CAR COMPANY

General Motors Corp. is closing in on a deal to sell its National Car Rental System Inc.

National's president, Lawrence J. Ramaekers, said Wednesday that a sale might be announced in the next two months, but he refused to reveal details.GM acquired a majority interest in the Edina, Minn.-based company in 1992, and last year hired the turnaround consulting firm Jay Alix & Associates to run it. National had been losing money since 1986 and GM took a $744 million charge against its 1992 earnings to cover National losses and restructuring.

GM does not release separate reports on National's financial performance, but Ramaekers said the company showed a profit in 1993 and has been in the black this year.

Industry experts estimate National's revenues last year were more than $700 million.