o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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1.	2018 MY Daily Rental VN9 Purchase Program (“The Repurchase Program”).

(a)	Quantity, Mix and Minimum Equipment. GM will make 2018 Model Year vehicles available to ABG, and ABG agrees to purchase such vehicles from authorized GM dealers as follows:

i.

Repurchase Unit Volume: ABG agrees to purchase and, upon tendering vehicles for repurchase, GM is obliged to repurchase the models and quantities shown in Attachment 3 (Volume Commitments and Incentives by Program) in the first column of the 2018 MY Total Volume Summary table titled “VN9 Repurchase Units” (the “Repurchase Unit Volume”). Provided, however, that GM’s obligation to repurchase is subject to the terms of Attachment 1B (Turn In Standards and Procedures). Vehicles purchased under the VN9 Purchase Program may hereafter be referred to as “Repurchase Units”.

ii.

Purchase Orders: Purchase orders for Repurchase Units must be entered into VOMS by an authorized GM dealer no later than February 2, 2018. Once GM schedules the units for production, GM shall be obliged to produce and deliver the ordered vehicles in accordance with such purchase orders. Any vehicle not produced and delivered by GM in accordance with such purchase orders shall, for purposes of meeting the Repurchase Unit Volume indicated in Attachment 3, be considered a vehicle purchased by ABG despite GM’s failure to produce or deliver the vehicle. Such exception to the Repurchase Unit Volume shall not be

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iii.

Dealer: ABG further agrees that ABG’s purchase of the Repurchase Unit Volume shall be facilitated by authorized GM dealers (“Dealer”). Such Dealer will submit purchase orders on ABG’s behalf. ABG shall make payment for any vehicles purchased hereunder to Dealer at the price negotiated between ABG and the Dealer. Upon payment by ABG to Dealer, ABG shall have fulfilled its payment obligations under this Agreement.

iv.	Minimum Equipment: All Repurchase Units will be delivered with the minimum equipment detailed in Attachment 1A (2018MY Vehicle Minimum Equipment Guide).

v.	Depreciation Rates: ABG’s depreciation rates for purchasing Repurchase Units are the guaranteed depreciation rates described in Attachment 1D and the opportunity to reclassify Repurchase Units to Risk Units is subject to the terms and conditions of Attachment 1R and the applicable portions of Attachment 1D.

vi.	Delivery: Vehicles shall be delivered in accordance with the schedule in Attachment 3A. Vehicles will be delivered to the dropship locations indicated in each purchase order. Dealer shall perform PDI upon delivery to such dropship locations.

vii.

Holding Period: The In Service Date shall be the later of the following: the Expiration In Transit Date as shown on the vehicle invoice plus five (5) days, or the date on which ABG received the physical vehicle at the drop ship location if the vehicle is delivered more than 10 days past the Expiration In Transit Date plus five (5) days (the “In Service Date”) indicated on the delivery receipt. The In Service Period and depreciation accruals shall begin on the In Service Date. Repurchase Units shall depreciate in accordance with the rates indicated in Attachment 1D. The In Service Period and depreciation accruals shall end on the Out Of Service Date which shall be the date on which the vehicle is returned to an approved turn back location, a list of which is identified in Attachment 1B. The period occurring between the In Service Date and the Out Of Service Date shall be considered the Holding Period. ABG is required to hold each Repurchase Unit for a minimum of 180 days (the “Minimum Holding Period”) and a maximum of the earlier of 365 days (the “Maximum Holding Period”). After the Maximum Holding Period, ABG shall be unable to return the vehicle to a turnback location for repurchase without the express consent of GM.

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viii.

Repurchase: ABG is entitled to offer each Repurchase Unit to GM for repurchase. GM is obliged to repurchase, subject to the terms of Attachment 1B (Turn In Standards and Procedures), any such offered vehicle that is eligible for repurchase. To offer vehicles for repurchase, ABG must return eligible vehicles to any turnback location. ABG shall have a maximum of three (3) business days from the date the vehicle arrives at the turnback location to send title to GM at an address as indicated by GM. In consideration of any Repurchase Unit offered for repurchase, GM shall pay to ABG the Repurchase Price to be calculated as follows:

•	[(Monthly Depreciation X 12) / 365] X the number of days in the Holding Period

•	Mileage penalties as defined in Attachment 1D

•	Damage deductions as indicated on the condition report

(b)	GM Purchase Obligations. GM has two purchase programs available for vehicles sold to daily rental companies under the Daily Repurchase Program.

i.

The first is a tiered system described in the 2018 MY Daily Rental VN9 Repurchase Program. See Attachment 1P2 (2018 MY Daily Rental VN9 Purchase Program Guidelines) for additional details. As of the commencement of this Agreement, ABG has elected not to take advantage of the tiered system in the 2018 MY Daily Rental VN9 Purchase Program. Note: This fact is reflected in Attachment 3 (Volume Commitments by Program), as there are no quantities listed in the VN9 Tier Units column under the heading “Repurchase VN9 Volume by Program.”

ii.

The second GM purchase program is the 2018 MY YT1 Flat Rate Program. ABG has elected to participate in this program. Of the vehicles that ABG is obligated to purchase under the VN9 Daily Rental Purchase Program, GM will purchase the quantities and models set forth in Attachment 3 in the YT1 Flat Units column under the heading "Repurchase VN9 Volume by Program." GM or a GM subsidiary/affiliate will purchase eligible 2018 Model Year

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2.	2018 MY National Fleet VX7 Risk Purchase Program.

(a)	Quantity, Mix and Minimum Equipment. GM will make 2018 Model Year vehicles available to ABG, and ABG agrees to purchase such vehicles from authorized GM dealers as follows:

i.

Risk Unit Volume: ABG agrees to purchase under the National Fleet VX7 Risk Purchase Program the models and quantities shown in Attachment 2A, 2018 MY National Fleet VX7 Risk Purchase Program (the “Risk Program”). See also the “VX7 Risk Units” in the second column of the 2018 MY Total Volume Summary table in Attachment 3 (Volume Commitments by Program) (the “Risk Unit Volume”). Vehicles purchased under the VX7 Risk Purchase Program may hereinafter be referred to as “Risk Units”.

ii.	Dealer: ABG further agrees to purchase the Risk Units from authorized GM dealers who shall act in the same capacity and subject to the same procedure as indicated in Section 1 (a) (iii) above.

iii.	Minimum Equipment: All Risk Units will be ordered and delivered with the minimum equipment as detailed in Attachment 2A (2018 MY National Fleet VX7 Risk Purchase Program).

iv.	Holding Period: The In Service Date shall have the same definition for Risk Units as it does for Repurchase Units as defined in Section 1(a)(vii) above. Risk Units must be held for at least 180 days from the In Service Date.

(b)	GM Purchase Obligations. GM has no repurchase obligations with respect to any vehicle purchased by ABG pursuant to the 2018 MY National Fleet VX7 Risk

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(c)

GM Obligation to Pay Risk Incentive. So long as ABG (i) purchases from authorized GM dealers the requisite number of vehicles in a mix and with equipment levels as detailed in Attachment 2A, and (ii) is in compliance with all other provisions of this Agreement and has held the vehicle for the at least 180 days, GM will pay the Risk Incentive(s) on the National Fleet VX7 Risk Purchase Program vehicles as listed in Attachment 2A (the “Risk Incentives”). These Risk Incentive(s) will be in addition to any other incentives under the 2018 MY National Fleet VX7 Risk Purchase Program, but will be in lieu of any and all other available retail sales and fleet incentives.

(d)	Payment Terms. See Attachment 4 (2018 Model Year GM Rental Incentive Payment Terms and Calculator) for applicable terms and conditions regarding GM’s payment of the Risk Incentives to ABG.

3.	2018 MY YT3 Demo Program.

(a)

Minimum Purchase for Eligibility. If ABG purchases at least [REDACTED] 2018 Model Year vehicles from authorized GM dealers within the model year regardless of whether they are Risk or Repurchase Units, ABG will be eligible for [REDACTED] 2018 MY YT3 Demo Program vehicles. These vehicles shall be in the mix specified in Attachment 3 (Volume Commitments and Incentives by Program) in the YT3 Program Units column under the heading “Repurchase VN9 Volume by Program.” ABG must enter these units in VOMS no later than February 2, 2018. If the [REDACTED] MY 2018 vehicles are not purchased, then the [REDACTED] demo units will not be awarded. For the avoidance of any doubt, this paragraph and the benefits or incentives granted herein are in addition to any other benefits described in this Agreement. Nothing in this section shall be construed to amend or modify the terms and conditions of any other section of this Agreement.

(b)	Specific Units. The specific 2018 MY YT3 Demo Program vehicles will be mutually agreed to by the parties.

(c)	Additional YT3 Demo Program Terms. Vehicles invoiced with an option code YT3 [REDACTED], but will be subject to the 2018 MY YT3 Flat Rate Program return guidelines, mileage charges and damage charges as stated in Attachment 1D (2018

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4.	2018 Model Year [REDACTED] Program.

(a)	General Terms and Conditions. GM will offer ABG a 2018 MY [REDACTED] Program under the terms and conditions as set forth in Attachment 1R (2018 MY Daily Rental [REDACTED] Program).

(b)

GM Payments. GM agrees to pay the [REDACTED] detailed in Attachment 1D (2018 MY YT1 Short Term Flat Rate Program) for each vehicle that ABG decides to [REDACTED]. ABG shall be entitled to [REDACTED] any Repurchase Unit upon or any point after 180 days following the In Service Date. The [REDACTED] results in GM being relieved of its obligation to repurchase the vehicle and in exchange, ABG shall receive such incentives listed in Attachment 1D. The payments for the incentives listed in Attachment 1D will be made on a quarterly basis and in accordance with the terms and conditions set forth in Attachment 4 (2018 Model Year GM Rental Incentive Payment Terms and Calculator).

5.

Production Timing. The agreed upon production timing, vehicle volumes and mix are set forth in Attachment 3A (2018 MY Production Timing), and are subject to reasonable minor adjustments based upon agreement of the Parties. However, with GM’s consent, ABG may make product substitutions, provided that such substitutions will not reduce the total Repurchase Unit Volume or Risk Unit Volume to be purchased from authorized GM dealers by ABG.

6.

ABG and its Subsidiaries. ABG and its Subsidiaries AESOP Leasing L.P. (“AESOP Leasing”), Avis Rent A Car System, LLC. (“Avis”) and Budget Rent A Car System, Inc. (“Budget”) have engaged AESOP Exchange Corporation as a qualified intermediary (“QI”) for the purpose of facilitating a like kind exchange program under Section 1031 of the Internal Revenue Code of 1986, as amended. As such, ABG, AESOP Leasing, Avis and Budget have assigned to AESOP Exchange Corporation, acting in its capacity as QI, all of their rights, but not their obligations, in any existing manufacturer purchase agreements they may have with GM either for the purchase of replacement vehicles or after a qualifier term of use for the purchase of relinquished vehicles. This applies to all future purchases of replacement vehicles or relinquished vehicles unless specifically excluded in writing.

7.

Force Majeure. If either Party cannot fulfill any terms of this Agreement due to events beyond its control, such as, but not limited to, acts of God, labor disputes, or severe economic downturns, the Party affected by the event shall promptly notify the other Party and the Parties will enter negotiations with the intent of minimizing the impact of the event on the business contemplated under this Agreement.

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8.

Order Cancellation. Should ABG elect to cancel any vehicle orders placed with authorized GM dealers that are at Event Code 3000 or later, ABG will be assessed a fee of [REDACTED] per vehicle, payable to GM upon demand. However, the fee will not be assessed if the current production has been delayed more than 3 weeks from the originally scheduled production week. Further, this fee will not apply if ABG chooses only to redirect the shipment of any vehicles that are at Event Code 3000 or later.

9.

Document Retention and Audit. ABG agrees to retain any documents or records relevant to vehicles purchased from authorized GM dealers under this Agreement or any other GM program, and/or claims submitted for payment under this Agreement or any other GM program, for two years after the close of the program. ABG will permit any designated representative of GM to examine, audit and take copies of any accounts and records ABG is required to maintain under this Agreement. ABG will make such accounts and records readily available at its facilities during regular business hours upon reasonable advance notice. GM will furnish ABG with a list of any reproduced records.

10.	Sirius XM. SiriusXM Satellite Radio Service is not included with the vehicles covered by this Agreement. To determine the availability of SiriusXM Satellite Radio Service, please contact SiriusXM directly.

11.	Advertising. ABG agrees that it will obtain approval from GM prior to using the GM vehicles and/or products in advertising and promotional materials or activities.

12.

Confidentiality. This Agreement and its terms are confidential and are intended for the sole use of ABG and GM. Neither this Agreement nor its terms may be disclosed to any third party, other than a Party’s parent, subsidiaries, AESOP Leasing, or their respective outside counsel and accountants and interested financial institutions, or except as may be required by legal processes or applicable securities laws. Except as permitted above, in the event of any intended disclosure, the Party intending to disclose will notify the other Party sufficiently in advance so that the Parties may consult with each other and/or interpose legal objections to the disclosure.

13.

Requirement to Make Necessary Repairs. Upon receipt from GM of a VIN-specific recall notice and list of potentially affected VINs (a “Recall Notice”), ABG shall identify those GM vehicles which are subject to such Recall Notice within 24 business hours of receipt. ABG will place a “Do Not Rent” hold on all such vehicles and prohibit the lease or rental of such vehicles from ABG locations until the recall repairs have been completed or actions specified by GM to eliminate the safety risk have been performed. ABG will not sell or otherwise dispose of any GM vehicles that are the subject of a Recall Notice unless or until the necessary repairs have been made. GM and ABG represent and warrant that each will comply with the provisions of the Federal Motor Vehicle Safety Act, 49 U.S. Code §§ 30101, et seq.

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14.

Entire Agreement. This Agreement and its attachments represent the entire agreement regarding the subjects herein between ABG and GM and may be modified only in a writing executed by an authorized representative of each of the Parties. This Agreement governs the purchase of, and incentives provided for, 2018 Model Year vehicles. This Agreement places no obligations on either party regarding 2019 Model Year vehicles; ABG is under no obligation to submit orders for 2019 Model Year vehicles and GM is under no obligation to pay incentives on 2019 Model Year vehicles (even if ABG places early orders for such vehicles prior to the execution of a 2019 Model Year agreement). The purchase of, and incentives provided for, 2019 Model Year vehicles will be governed by a separate 2019 Model Year agreement mutually agreed upon by the parties.

15.	Choice of Law. This Agreement will in all respects be interpreted, enforced and governed under the laws of the State of Michigan, without regard to the conflicts of law principles thereof.

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1)	Vehicle Return Requirements

a)	Vehicles must be maintained as described in the Vehicle Owner’s Manual. All body and mechanical repairs must utilize General Motors parts. Failure to comply may result in permanent rejection of the vehicle.

i)	The repair/replacement of an engine or transmission that is due to non-compliance of vehicle maintenance will render the vehicle “Permanently Ineligible”.

b)	Each vehicle shall be in sound mechanical and electrical operating condition. All lights and lamps must be operational. Any visible warning lights, i.e., check engine, change oil, SIR, TPS, etc., on the instrument panel must be corrected prior to turn-in or the vehicle will be “Currently Ineligible”.

c)	Rental Account (RAC) must place identification markings or RAC sticker on the driver’s side rear or back glass noting the RAC name, type of return (GM Rental Repurchase), and date.

d)	A vehicle must comply with all aspects of the applicable program parameters or it is not eligible for return.

e)	Vehicle(s) must be returned washed and vacuumed. General Motors’ expectation of a vehicle’s condition, when returned by the rental company, is that it will be in the same condition as it is when provided to a rental customer.

i)	A dirty interior MET charge of $35 will be assessed when the interior of the vehicle is littered with trash. Excessive or offensive trash in the vehicle, such as cups, bottles, newspapers, food, bags, roadmaps, etc., that would hinder interior inspection would generate the dirty interior MET charge.

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ii)	Vehicles with an exterior that is too dirty to inspect will be gate released to the rental account for washing. When the vehicle is returned and inspected, a $75 re-inspection fee will be charged unless special arrangements have been made.

f)

Vehicles must have a minimum of ¼ tank of fuel with the exception of Hawaii vehicles, which cannot exceed ¼ tank of fuel. Vehicles with less than ¼ tank of fuel but more than 1/8 will be assessed a MET charge of $15. Vehicles below 1/8 tank of fuel will be deemed “Currently Ineligible” and released to the rental account for low fuel. When the vehicle is returned, a $75 re-inspection fee will be charged.

g)	Emissions labels must be in place and legible on all vehicles returned to General Motors. Vehicles without an emission label are considered “Currently Ineligible” and will be gate released to the rental account. A $75 re-inspection fee will be charged when the vehicle is corrected and returned.

h)	Vehicles must have two (2) sets of keys, programmed keyless remotes, owner manuals, floor mats, and all other remotes and headphones, included as original equipment.

i)	Vehicles must display actual mileage. General Motors approved procedures must be followed when repairing or replacing instrument clusters/odometers. Consult a General Motors dealer for proper replacement.

j)

All warranty and campaign claims should be completed prior to returning the vehicle to General Motors. Failure to complete warranty and/or campaign claims may render the vehicle “Currently Ineligible”. Parts availability concerns for warranty and campaign repairs will be addressed on a case by case basis. A $75 re-inspection fee will be charged when the vehicle is returned. Repair of existing body damage is not required for vehicles released for warranty, mechanical or campaign repairs.

k)	Any vehicle equipped with supplemental inflatable restraints (S.I.R.) including driver, passenger or side airbags that have been deployed, missing or otherwise disconnected, must be replaced

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l)	Vehicles with prior theft reports with agencies such as Carfax, Autocheck, etc., must have the reports cleared prior to returning the vehicle. If discovered after acceptance, vehicle may be rejected from the auction, if resolution is not timely.

2)	Title, Registration, Tax, and VIN Plate

a)	A vehicle submitted with a Certificate of Origin (C.O.V.) or a branded title is not eligible for return.

b)	All vehicles must have a valid and current registration, at the time of acceptance. State and local taxes must be paid prior to turn-back. The Daily Rental Company must comply with state regulations pertaining to proof of payment for state and local taxes.

c)	Titles for all turn-in vehicles must be received by a General Motors approved Title Center within three (3) business days of vehicle turn-in. The vehicle turn-in date is considered the first day. General Motors approved title centers are:

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d)	All title shipments to the title center must contain a packing list and include the following information:

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e)	The Daily Rental Company must remove each vehicle at an auction or turn-in site, if the title for such vehicle is not received within 30 days of the turn-in date. The vehicle will be “Currently Ineligible” and will be assessed a re-inspection fee, if it is returned.

f)	The plate containing the Vehicle Identification Number (VIN):

i)	Must be completely readable and properly attached to the dash panel. Any obstruction causing a portion of the plate to be covered is not acceptable.

ii)	Cannot be damaged in any manner and must be flush and secure with rivets intact.

iii)	Must meet these criteria otherwise the vehicle will be “Permanently Ineligible” and returned to the rental account.

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3)	Vehicle Damage and Disclosure Requirements

a)	The General Motors Disclosure Policy mandates that all prior damage and repairs are electronically disclosed prior to turn back, excluding warranty repairs performed by the Daily Rental Company or a General Motors dealer.

i)	Completion of the electronic disclosure requires a User ID and password to access the Remarketing Inventory Management System (RIMS). Contact the Remarketing Account Manager assigned to your account shown on page three. The User ID, password, web address and instructions will be sent via e-mail within 24 hours of request.

ii)	The electronic disclosure box must be checked (Yes or No) confirming or denying previous damage. Failure to disclose previous damage at turn-in will be grounds for rejecting the vehicle.

iii)	Collision damage must be disclosed and supported by repair orders. Repair orders must accurately reflect all work performed and include all associated repair costs. The inspection provider, on General Motors behalf, will request a repair order when:

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4)	Damage Allowance, Existing Damage and Previous Repairs

a)	General Motors will absorb the cost of repairs on vehicles returned with $450 or less existing damage.

i)	General Motors will charge the Daily Rental Company for current damage in excess of the $450 damage allowance plus a service fee.

ii)	Missing equipment will not be included as part of the chargeable damage allowance, but will be charged per the Missing Equipment Program (refer to Section 4 for MET).

iii)	The service fee will be applied as follows:

b)	Vehicles with existing damage exceeding $2,000 are “Currently Ineligible” for return.

c)

Prior repairs cannot exceed $2,500 for Category 1 vehicles, $3,000 for Category 2 vehicles, $3,500 for Category 3 vehicles, and $4,500 for Category 4 vehicles. These amounts exclude costs related to vehicle glass, tires, wheels, wheel covers, SIR system components, “Loss of Use”, sales tax and towing charges. Vehicles exceeding these maximums are not eligible for turn-in. See Exhibit A – Vehicle Categories/Prior Repair Limits.

d)	Vehicles with “Poor Prior Repairs” of $700 or less will be accepted. The estimated poor prior repair cost will be charged to the Daily Rental Company under the MET program. Vehicles with poor prior

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e)	Vehicles identified as “Currently Ineligible” due to mechanical, warranty/campaign, unacceptable glass, or un-matched tires, etc., will be gate released for repairs to these conditions only, and can be returned for acceptance consideration.

f)	When returned, if the vehicle has had partial repairs on any chargeable damage identified when it was originally inspected, including poor prior repairs, the entire vehicle must be repaired to no more than $100 in chargeable damage. A $75 re-inspection fee will apply.

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5)

a)	Abrasion – A lightly scratched or worn area of the finish either paint, clear coat, or chrome that does not penetrate to the base material of the part or panel.

b)	Chip – Confined area where paint has been removed from the surface usually not larger than 1/4 inch for purposes of these return guidelines.

c)	Dent – a depression of any size in the panel material whether metal, composite, or other, with or without paint damage.

d)	Ding – A small dent, an inch or less in diameter, with or without paint damage.

e)	Gouge – An area where the damage has penetrated the finish and removed a portion of the base material of the part or panel.

f)	Scratch – A cut in the surface of any material that may or may not penetrate the finish.

g)	Scuff – A worn or rough spot that is deep enough to disturb the base material of the part or panel but does not remove any base material.

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a)	Maximum of two dents per panel that are individually no larger than one inch in diameter, does not break the paint, and qualifies for Paintless Dent Removal (PDR) are non-chargeable.

b)	Scratches in the clear coat that do not penetrate the color coat and do not catch a finger nail are non-chargeable.

c)	Chips to door, hood or deck lid edges that do not reach flat panel surfaces are non-chargeable.

d)	An appearance fee and PDR may be used on the same panel.

e)	One dent that qualifies for PDR that contains one chip inside the dent would be charged $50 for the PDR and a $20 appearance fee for the chip, totaling $70. The chip must be no larger than one-quarter (1/4) inch in diameter and cannot exhibit any spider cracks around the chip.

f)	Chipped and scratched panels:

i)	All panels except hoods:

(1)	One to three chips individually no larger than one-quarter (1/4) inch in diameter are non-chargeable.

(2)	Four to six chips per panel will be charged a $20 appearance fee.

(3)	Over six chips per panel will require a minimum of a panel refinish.

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ii)	Hood panels:

(1)	The chart below shows acceptable return conditions and applicable charges for hood damage. Scratches that individually do not exceed ¼ inch in length may be used in any combination with chips but not to exceed the quantities shown in the chart.

g)	Vehicles with damage confined to either the upper or lower half of a panel may qualify for a partial panel repair.

i)	A partial panel repair can only be considered when there is a clean break between the upper and lower portion of the panel.

ii)	A clean break is defined as a body side molding, cladding, etc., that runs from one end of the panel to the other with no gaps at either end.

iii)	Body lines are not a clean break and partial panel repair does not apply.

h)	The floor of a pick-up truck box is considered one panel. Two dents in the truck box no larger than one inch that do not break the paint are non-chargeable. One dent to the wheelhouse no larger than one inch that does not break the paint is non-chargeable. PDR cannot be used on the floor or wheelhouse of a pick-up truck.

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i)	Paintless Dent Repair - General Motors’ inspection providers will utilize industry standards to determine panel accessibility by vehicle. Below are PDR conditions, limitations, and applicable charges:

i)	Conditions

(1)	Rounded dents up to four inches in diameter

(2)	Minor creases, shallow palm prints and protrusions are allowed

(3)	Dents across body feature lines are allowed

(4)	PDR may be used to repair existing qualifying damage to a previously repaired panel that meets GM and industry repair standards

ii)	Limitations

(1)	No PDR on poor previous repairs.

(2)	No PDR utilizing hole drilling.

(3)	No PDR where the paint is broken unless chip/PDR applies.

(4)	No PDR to sharp creases or creases over six inches.

iii)	Applicable Charges

(1)	Up to seven dings per panel will be charged $50 per panel.

(2)	Eight to 12 dings per panel will be charged $75 per panel.

(3)	Thirteen to 15 dings per panel will be charged $100 per panel.

(4)	One single dent up to six inches in diameter or one large shallow dent up to 18 inches in the hood, roof or deck lid will be charged $100.

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1)	Vehicles with less than $2,000 in repaired or unrepaired hail damage *.

2)	Hail damage must be repaired using PDR as defined by the Dent Wizard PDR Guide.

3)	Vehicles with over $2,000 in repaired or unrepaired hail damage

4)	Vehicles showing evidence of Paintless Dent Repair that used hole-drilling techniques

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a)	Stains that can be removed by normal reconditioning

b)	Abrasions that are not visually offensive

c)	Top structure must be operational and not damaged

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a)	Bumpers will be inspected from a standing position. The chart below shows acceptable return conditions and applicable charges for painted and textured bumpers. Scratches that individually do not exceed ¼ inch in length may be used in any combination with chips but not to exceed the quantities shown in the chart.

b)	Partial bumper repairs to painted or textured surfaces are charged based upon the following criteria:

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(1)	Crack must be less than four inches in total. Puncture must not exceed the diameter of a U.S. quarter.

(2)	A maximum of two dents, individually not exceeding two inches in diameter and confined to 1/3 of the bumper area.

v)	Bumpers that are both painted and textured or two toned will be treated as separate bumpers and charged for each panel using the guidelines above.

c)	Mis-aligned front and/or rear bumper fascia from low impact collision is acceptable for $50 per bumper re-attachment fee. This charge covers the cost of re-attaching fasteners, aligning the bumper, and applies when no other damage is present. This charge cannot be used for poor previous bumper repair.

d)	Damage on the underside of the bumper observed during the undercarriage inspection, other than breakage, will not be chargeable. Cracked or broken bumpers, regardless of location will remain a chargeable repair or replacement.

e)	License plate screw holes in the front bumper cover used to attach the license plate to the bumper, without the proper bracket, will be charged a minimum $125 partial bumper repair.

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f)	Metal Bumpers - Painted or Chrome:

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a)	All tires must have 4/32 inch or better original tread across all primary tread grooves without any exposed belts. All tires must match by size, brand, tire line and load and speed rating.

b)	Only GM approved replacement tires are acceptable. GM Approved 2017 Replacement Tire Table is sent as a separate document. If the replacement tire cannot be located, a replacement from an approved manufacturer may be used, however, all tires must match by size, brand, tire line and load and speed rating.

c)	Tires with mushroom-type plugs, installed from the inside out, in the tread only, are acceptable. All other plugs and/or patches are unacceptable.

d)	The space saver spare tire used on most General Motors’ vehicles does not utilize the same criteria as the road tires. The space saver spare must be in the vehicle, inflated, and undamaged. The minimum 4/32 inch tread depth requirement does not apply.

e)	General Motors reserves the right to charge the Daily Rental Company via the MET Tire Program for an unacceptable repaired tire, with no right to review. Any flat, un-matched or incorrect tires will not be considered for the MET Tire Program.

f)	General Motors will allow for the replacement of two unmatched tires under the M.E.T. program.

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i)	Minor pinpoint chips or vertical scratches in the side door glass is acceptable and will be noted as non-chargeable.

ii)	Minor pinpoint chips to any stationary or rear glass is acceptable and will be noted as non-chargeable.

iii)	Any damage in excess of the above will render the vehicle “Currently Ineligible” and the vehicle will be gate-released to the rental account for correction.

iv)	Side, rear, or stationery glass is not eligible for replacement under the MET Program.

a)	Windshields

i)	Pinpoint chips are non-chargeable providing the glass is not sandblasted. Sandblasted glass is defined as a series of pinpoint chips in a concentrated area.

ii)	Four chips, without legs, from 1/8 inch to 3/16 inch are non-chargeable providing no more than two chips reside in the driver’s side wiper area.

iii)	Chips without legs 1/8 inch or less located within one inch inbound from the frit band (windshield outer perimeter darkened area) are non-chargeable.

iv)	General Motors will not accept glass that has been repaired. Only OEM glass is acceptable (See table below for GM Windshield Glass Manufacturers).

v)	Damaged windshields may be replaced under the MET program.

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1)	All original equipment and accessories noted on the factory invoice must be on the vehicle. All missing parts (such as body side moldings, wheel covers, trunk mat, spare tire, rear van seats, jack and wheel wrench) are to be replaced prior to return with original GM equipment. All OEM options and accessories must be installed on the vehicle prior to being placed in daily rental service.

2)

Any after-market parts or accessories such as navigational systems, pick-up truck bed liners, running boards, etc., installed by the rental account or their agent must have GM Remarketing approval prior to installation. Drilling, electrical modifications, etc., without prior approval will render the vehicle “Permanently Ineligible”. Pick-up truck bed liners, running boards, etc., must be left on the vehicle at turn back.

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1)

The Missing Equipment Program (MET) is designed to expedite turn-in by allowing the Daily Rental Company to pay for select missing parts or accessories as determined by GM Remarketing (refer to Exhibit C), as opposed to replacing the parts or accessories. Missing MET items will be deducted from the repurchase payment to the Daily Rental Company. Missing MET items will not be included as part of the $450 chargeable damage allowance (Refer to General Condition Standards – Section 4).

2)	A MET charge will be assessed for vehicles turned in with one or more missing floor mats, on vehicles so equipped. The Rental Account will be charged for a front or rear set of floor mats if one is missing. Floor mats are required per the Minimum Equipment Requirements.

3)	Keyless remotes, key fobs, and combo keys must be operational. A $30 re-programming fee will be charged for key fobs that do not operate the vehicle. The re-programming fee is included in the MET charge for missing key fobs and combo keys.

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1)

Damage which compromises the integrity of the vehicle, repaired or not, will be grounds for permanently rejecting the vehicle. Any undercarriage damage resulting from improper tie-down of the vehicle will result in permanent rejection. Damage or repairs to roof bows will result in permanent rejection. Minor damage that has not been repaired (i.e., small dents, scrapes, or scratches) which does not compromise the structural integrity of the vehicle is acceptable on the following components:

a)	Floor Panel and Trunk Floor

b)	Mid-rail Assembly – no bulging or deformity of side rails; enlarged (not torn) stamped holes and surface scratches less than 12 inches are acceptable

c)	Outer Rocker Panels and Pinch Welds

d)	Frame Rails and Rail Extensions

e)	Sub-Frame Assemblies (Engine Cradles

f)	Torque Box Cover – non-collision related

2)	Total time for frame set-up and measure of 2.0 hours or less and 1.5 hours or less for any cosmetic repair is acceptable on the following components, provided there is no structural damage and the repairs meet GM standards:

a)	Frame rail and rail extensions

b)	Apron and upper reinforcements

c)	Cowl panel

d)	Hinge and Windshield “A” pillar

e)	Center “B” pillar

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3)	Pulling or sectioning frame rails, door frames, and pillars are not acceptable. Repairs that utilize body filler or Bondo will, in most cases, cause the vehicle to be permanently rejected.

4)	Repaired damage or replacement of the following components is acceptable:

a)	Radiator core support

b)	Frame rail extensions

c)	Engine sub-frame (replacements only)

d)	Outer rocker panel

e)	Rear body panel

f)	Quarter panel (proper sectioning is acceptable)

g)	Roof (repair only, no repair to roof rails)

5)	Vehicles with misaligned doors are considered “Currently Ineligible” due to the difficulty in determining the cause of the misalignment.

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1)	At General Motors’ discretion, the Daily Rental Company may be named in any litigation brought against General Motors as a result of the rental company’s failure to disclose damages or use of non-GM OEM parts. If a Daily Rental Company attempts to return vehicles with non-disclosed damage or purposely conceals prior repairs, it will result in loss of turn-back privileges.

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1)	Forecast

a)	Daily Rental Company must notify GM in writing at least 30 days prior to vehicle turn-in, of the turn-in location and the return volumes.

b)	Daily Rental Company must provide the turn-in location with a two week forecast of daily return volumes every week.

c)	GM on occasion may limit daily return volumes based upon yard capacities.

d)	Forecast should be sent via e-mail to the respective General Motors account representative. Contact information including E-mail addresses can be found on page three. Failure to provide forecast, may result in delayed acceptance of vehicles.

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2)	Delivery

a)

Vehicles returned for repurchase shall be delivered to a General Motors approved turn-in location and parked in the designated return area at no expense to General Motors. A list of GM approved locations is attached and is subject to change at General Motors’ discretion (Exhibit B). Normal operating hours for delivery is 8 am to 5 pm, Monday through Friday. The Daily Rental Company should allow sufficient time to prepare the vehicle for turn-in including:

i)	Inspect and prep vehicle according to GM Return Guidelines, i.e., clean, vacuum, repair or replace items, as needed

ii)	Miscellaneous M.E.T. items should be visible on the front seat

iii)	Mark vehicle as a rental repurchase unit

iv)	Provide electronic damage/repair disclosure

v)	Submit a clear title to an approved Title Center (prior to returning vehicle recommended)

vi)	Transport vehicle to nearest GM approved turn-back location

vii)	Upon arrival at turn-back location, obtain directions to the inspection area

viii)	Park vehicle and leave unlocked

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3)	Inspection at Turn-In

a)	Vehicles will be inspected by an authorized representative of GM, using an electronic Condition Report. The initial vehicle inspection will be provided to the Daily Rental Company at General Motors’ expense.

b)	The Daily Rental Company will be charged $75 for each inspection or verification required after the initial inspection. The $75 re-inspection fee will be charged when a vehicle has been previously inspected and removed by the Daily Rental Company prior to acceptance, or when the Daily Rental Company replaces MET items.

c)	Hawaii vehicles will be charged $115 for each inspection required after the initial inspection.

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4)	Vehicle Reports and Reviews

a)	Vehicle Condition Reports, Missing Title Reports, Met/non-Met Reports, and Gate-Release reports are available daily through the General Motors Vehicle Inspection Website (GMIW). Rental Accounts can access this data using an assigned I.D. and password that can be obtained by contacting the GM Rental Support Representative.

b)	Vehicle worksheets are printed and available at the turn-back location for rental accounts throughout the day or on the General Motors vehicle inspection website.

c)	Reviews are conducted throughout the day. Reviews must be completed prior to 3:00 pm the day following printing of the worksheet. If the review is not completed prior to 3:00 pm, the vehicle will be processed as shown on the original inspection.

d)	Vehicles with current damage under $450 and MET charges under $100 will be processed as written, with no right to review. Programming of key fobs is not included in the $100 total and is not a reviewable MET charge.

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5)	Acceptance / Stop Depreciation

a)	Depreciation stops and the vehicle will be accepted once it has passed inspection, a lien-free title has been provided, and all program requirements have been satisfied.

b)	A copy of the condition report or an electronic file will serve as the acceptance receipt for the Daily Rental Company. The date used to stop depreciation will be identified on the acceptance line of the condition report or the electronic file.

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6)	Rejects

a)	Rejected or ineligible vehicles must be removed from return locations within three business days of notification. Failure to remove these vehicles may delay the processing of any additional returns until the rejects have been resolved.

b)	Vehicles that are classified as permanent rejects by the inspection provider will be assessed a $100 service charge. General Motors Remarketing will provide a quarterly invoice which will include the VIN, turn back location, and turn-in date. Payment is expected within 14 days.

c)

It is General Motors’ practice to ship vehicles once they pass the inspection process, with or without acceptance. On rare occasions, the title arrives late and the vehicle exceeds the maximum allowable in-service time. When this occurs, these vehicles will be rejected and all charges incurred by the auction, including shipping cost, will be charged to the Daily Rental Account and must be paid prior to release of the vehicle.

d)	If disqualifying damage is noted after vehicle acceptance, General Motors will invoice the Daily Rental Company for the vehicle purchase price, an administrative fee of $250, plus any additional costs incurred following vehicle acceptance (i.e., freight, cleanup, repairs), by a debit to current funds, or if no funds are available, a check forwarded to:

f)	Vehicles removed from the program are the responsibility of the Daily Rental Company. The Daily Rental Company must arrange vehicle pick-up at the location designated by General Motors.

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7)	Miscellaneous

a)	Rental Account request for return of vehicle:

i)	Prior to acceptance

(1)	Vehicle will be temporarily rejected by General Motors and the vehicle will be returned to the rental account. If the vehicle is returned at a later date, a $75 re-inspection fee will be charged.

(2)	Rental account will be charged a $100 administrative fee plus any additional cost incurred, i.e., shipping and auction charges.

ii)	After acceptance

(1)	Payment can be stopped – The vehicle will be released to the rental account from its current location. A $250 administrative fee will be charged to the rental account in addition to any expenses incurred by GM including inspection cost, shipping, marshaling yard fee, and auction expenses.

(2)	Payment cannot be stopped or funds have already been disbursed – The vehicle will not be returned to the rental account.

b)	Mechanical and body shop labor rates used to calculate chargeable damage are shown below and are subject to change:

i)	$40.00 Paint and Metal Repair

ii)	$40.00 Part Replacement or Mechanical

c)	Auction and Marshaling Yard Property

i)	Any abuse of personnel or property at a GM approved return facility by a Daily Rental Company representative will result in the immediate expulsion of said person from the property.

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i)	All General Motors approved turn-in locations will be closed on the following dates:

(1)	January 2

(2)	May 29

(3)	July 4

(4)	September 4

(5)	November 23

(6)	November 24

(7)	December 25, 2017 - January 1, 2018

ii)	The last day for rental returns is December 20, 2017. Vehicle reviews must be completed by December 22, 2017.

iii)	General Motors reserves the right to amend this list of dates at its discretion.

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a.	Valid GM FAN (Fleet Account Number)

b.	Option Codes: VN9 and DRFC code

c.	Order Type: FDR

d.	Delivery Type: 020 – Daily Rental

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A.	GM defines a rental vehicle as:

a.	"The bona fide rental of a vehicle involving use and payment by a customer on an hourly, daily, weekly, or monthly basis. Usage of any such vehicle(s) by a customer for a period of four (4) consecutive months or longer shall be deemed to constitute leasing, and not rental, and will make the vehicle ineligible for incentives."

b.

If a Vehicle enrolled in the Daily Rental VN9 Purchase Program is found to be on rent (lease) to a customer in excess of the above guideline, or if the customer consecutively rents multiple enrolled vehicles for an aggregate term of four (4) or more months, all vehicles involved in such transactions will not be considered rental vehicles and will be ineligible for incentives. GM may audit the DRFC to ensure compliance with this guideline.

B.	All eligible vehicles must be delivered to the DRFC through a GM dealership or a qualified drop-ship location. Purchases or deliveries made through any other entity or at any other location(s) are ineligible for incentive payment(s).

C.	GM reserves the right to audit dealer records and disqualify any sales allowance in the event such sales do not meet the program requirements. All monies improperly paid will be charged back. Failure to comply with the program requirements may result in the dealer being disqualified for future participation in fleet programs and termination(s) of dealer sales and service agreement(s).

D.

Optional equipment and, in special circumstances, certain standard equipment can be added to or deleted from GM vehicles during the ordering and manufacturing process by DRFCs. It is the DRFC’s responsibility to ensure that actual vehicle content is properly disclosed to a buyer or transferee when disposing of a vehicle. DRFCs that use third party build specifications to promote the sale of their vehicles should be especially careful to ensure the accuracy of that data.

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E.	GM reserves the right to cancel, amend, revise, or revoke any program, at any time, based on its sole business judgment(s). Final decisions in all matters relative to the interpretation of any rule or phase of this activity rest solely with GM.

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1.	PROGRAM NAME AND NUMBER:

2.	PROGRAM DESCRIPTION/RULES:

3.	OTHER PROGRAM GUIDELINES:

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1.	PROGRAM NAME AND NUMBER:

2.	PROGRAM DESCRIPTION:

3.	PROGRAM START DATE/PROGRAM END DATE/IN SERVICE PERIOD:

4.	ELIGIBLE MODELS/REQUIRED OPTIONS FOR ORDER AND DELIVERY:

a.	The vehicle was purchased directly from GM or from another dealer in the United States

b.	Title to the vehicle was retained by the franchised dealer through the point of sale

c.	Delivery to the ultimate fleet customer can be proven

a.	Valid GM FAN (Fleet Account Number)

b.	Option Codes: VX7 and DRFC code

c.	Order Type: FDR

d.	Delivery Type: 020 – Daily Rental (vehicle will be auto delivered if using a qualified FAN)

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5.	COMPATIBLE INCENTIVES & ALLOWANCE PROGRAMS:

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6.	GENERAL PROGRAM GUIDELINES:

a.	"The bona fide rental of a vehicle involving use and payment by a customer on an hourly, daily, weekly, or monthly basis. Usage of any such vehicle(s) by a customer for a period of four (4) consecutive months or longer shall be deemed to constitute leasing, and not rental, and will make the vehicle ineligible for purchase or other incentives."

b.

If a vehicle enrolled in the Daily Rental Purchase Program is found to be on-rent (lease) to a customer in excess of the above guideline, or if the customer consecutively rents multiple enrolled vehicles for an aggregate term of four (4) or more months, all vehicles involved in such transactions will not be considered rental vehicles and will be ineligible for purchase or incentives. GM may audit the DRFC to ensure compliance with this guideline.

C.	All eligible vehicles must be delivered to the DRFC through a GM dealership or a qualified drop-ship location. Purchases or deliveries made through any other entity or any other location(s) are ineligible for incentive payment(s).

D.	GM reserves the right to audit dealer records and disqualify any sales allowance in the event such sales do not meet the program requirements. All monies improperly paid will be charged back. Failure to comply with the program requirements may result in the dealer being disqualified for future participation in fleet programs and termination of dealer sales and service agreement(s).

E.

Optional equipment and, in special circumstances, certain standard equipment can be added to or deleted from GM vehicles during the ordering and manufacturing process by DRFCs. It is the DRFC’s responsibility to ensure that actual vehicle content is properly disclosed to a buyer or transferee when disposing of a vehicle. DRFCs that use third party build specifications to promote the sale of their vehicles should be especially careful to ensure the accuracy of that data.

F.	GM reserves the right to cancel, amend, revise or revoke any program, at any time, based on its sole business judgment(s). Final decisions in all matters relative to interpretation of any rule or phase of this activity rest solely with GM.

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1.

GM will pay to the Daily Rental Fleet Customer (hereinafter “DRFC”) a pro rata portion of the matrix money on the fourth Thursday of the month following Vehicle delivery and receipt of an electronic media transmission to GM’s Remarketing Information System (RIMS) by the second Friday of the month. An electronic media transmission received after the second Friday of the month will be paid by the fourth Thursday of the following month. If the fourth Thursday is a banking holiday, funds will be received the next banking day. Application for this incentive must be made no later than December 31, 2018. A complete schedule of due dates and payment dates is detailed in this Attachment 4, Page 2.

2.

The agreed upon volume and mix requirements set forth in Attachment 3 and/or 2A are subject to adjustment upon receiving GM’s prior approval. Should GM agree to an adjustment, the changes will be reflected on a quarterly basis and a revision to Attachment 3 and/or 2A will be issued and signed by both parties. Actual approved volumes and contractually stated volumes can vary based on the timing of contractual updates. Any payments received prior to attaining the required volume will be returnable to GM at the close of the model year should the volume not be attained. At GM’s discretion, any pro rata monthly payment processed in error on volume not approved by GM will be charged back through the DRFC’s open account during the following month.

3.

It is understood that the payment of the per unit amount due to the DRFC is based upon achieving the agreed upon volume and mix requirements set forth in Attachment 3 and/or 2A. In the event that the required number of vehicles at the agreed upon mix is not achieved, all payments made by GM will be reimbursed by the DRFC to GM on demand. Such reimbursement will be GM’s sole remedy for the DRFC’s failure to purchase or lease the agreed upon number of vehicles. The DRFC shall be liable for such reimbursement.

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