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                                                                    Exhibit 10.1


                         EXECUTIVE EMPLOYMENT AGREEMENT

         THIS AGREEMENT is between Michael S. Karsner, an individual
("Executive") and ANC Rental Corporation, a corporation. ("the Company")

         WHEREAS, the Company has offered and Executive has accepted employment
under the terms and conditions set forth below,

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein and intending to be legally bound, the parties agree as follows:

         1. EMPLOYMENT. During the term hereof, the Company will employ
Executive and Executive will provide services as the President and Chief
Executive Officer, reporting to the Chairman and the Board of Directors.
Executive will devote his full time and attention to the faithful and diligent
performance of his office and will comply in all respects with the policies of
the Company and the directives of the Board.

         2. TERM. Subject to the provisions of Section 4 below, this Agreement
shall be effective as of June 30, 2000 and have an initial term of two years.
Thereafter the Agreement will continue in effect until terminated by either
party upon sixty days advance written notice of intent to terminate the
Agreement. The Company may, at its option, pay Executive's base salary for sixty
days in lieu of advance written notice.

         3. COMPENSATION AND BENEFITS.Executive will be entitled to the
following compensation in exchange for his services:

                  a. An annual base salary of $520,000, payable on the Company's
                  normal pay dates, which salary will be reviewed annually by
                  the Compensation Committee and may be increased, but not
                  decreased, during the term;

                  b. Executive will be eligible for an annual performance bonus
                  of between forty-five percent (45%) and sixty percent (60%) of
                  his base salary, with forty-five percent (45%) being earned
                  upon the Company's attainment of agreed upon financial targets
                  and up to sixty percent (60%) based upon incremental
                  achievement in excess of those targets, under guidelines
                  established by the Compensation Committee. The performance
                  bonus will be paid in or around the close of the first quarter
                  of the following year, after receipt of the audited financial
                  statements for the performance year. Executive must be
                  actively employed for the full calendar year to receive an
                  annual performance bonus for that year.

                  c. Executive will be eligible for stock option grants under
                  the terms of the ANC Rental Corporation Stock Option Plan,
                  which grants will be at such times, in such amounts and under
                  such terms as may be determined by the Compensation Committee
                  of the Board, except that Executive will be granted an initial
                  option amount of 750,000 shares of the Company's common stock
                  ("Initial Option"),


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                  which will become exercisable in the same increments as
                  determined by the Compensation Committee with respect to other
                  initial employee grants. The terms of this Agreement as they
                  relate to Executive's stock options will control over any
                  inconsistent terms in the Plan or option agreements.

                  d. At such times as the Company owns a corporate jet,
                  Executive will be entitled to use the Company's corporate jet
                  for personal reasons for up to 50 hours each year at the
                  Company's expense. If the Company does not own a corporate jet
                  but has access to a corporate jet that the Company uses for
                  business purposes, Executive shall be entitled to use such
                  corporate jet for personal reasons for up to 50 hours each
                  year at the Company's expense. Unused hours will not carry
                  over from year to year. The Company will withhold for taxes
                  and report income on a form W-2 based upon a personal-use
                  value determined under a policy to be approved by the
                  Compensation Committee.

                  e. Executive will be entitled to participate in such employee
                  benefit plans, perquisites, paid vacation and other
                  compensation programs as may from time to time be established
                  and offered by the Company to other executives and employees,
                  subject to the terms and provisions of those plans and
                  programs as the same may be occasionally amended and for so
                  long as they are offered generally to employees of the
                  Company, except that Executive's compensation upon termination
                  of employment will be determined solely under the provisions
                  of this Agreement.

         4. TERMINATION. This Agreement may be terminated by the Company with or
without cause or upon Executive's disability, subject to the following
provisions for pay and benefits upon termination.

                  a. TERMINATION FOR CAUSE. If this Agreement is terminated by
                  the Company for cause (defined below), Executive will be
                  entitled to receive his base salary earned up to the date of
                  termination, and shall be entitled to no other compensation
                  thereafter. "Cause" means (i) commission of an act of
                  dishonesty, fraud or embezzlement relating to the Company;
                  (ii) intentional disclosure of trade secrets of the Company,
                  other than in the good faith performance of Executive's
                  duties; (iii) willful commission of a felony; or (iv)
                  intentionally engaging in competition with the Company or in
                  other activities which the Board determines to be actually or
                  potentially injurious to the Company's business or reputation.

                  b. TERMINATION WITHOUT CAUSE. If this Agreement is terminated
                  by the Company without Cause, Executive will be entitled to
                  the payments set forth below, which payments will be in lieu
                  of all other compensation or benefits payable by reason of the
                  termination of Executive's employment or this Agreement,
                  except for payment of any vested benefits under a
                  tax-qualified retirement plan: (1) if the termination occurs
                  before January 1, 2001, Executive will be paid the sum of
                  $780,000 in equal monthly installments over a period of
                  eighteen months; (2) if the termination occurs after January
                  1, 2001, Executive will be paid twice the

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                  sum of his current annual base salary plus his minimum annual
                  bonus for the year in which he was terminated in equal monthly
                  installments over a period of twenty-four months. During the
                  period Executive is receiving severance payments hereunder,
                  all options issued under the Plan will continue to vest as
                  though Executive were actively employed. All options must be
                  exercised by Executive within one year after the last
                  severance payment is made, or if earlier, before the
                  expiration date of the option, or the option will become null
                  and void. Any payments made hereunder will be subject to
                  required withholdings for federal, state and local taxes. Any
                  amounts owed by Executive to the Company for any reason may be
                  deducted from the sums otherwise due hereunder. The severance
                  payments provided for herein will not be subject to reduction
                  by amounts earned by Executive after the termination of
                  employment.

                  c. TERMINATION FOR DEATH OR DISABILITY. If Executive is unable
                  because of physical or mental impairment to discharge his
                  duties hereunder for an aggregate period of six months during
                  any twelve-month period, the Board may, in its discretion,
                  elect to terminate Executive's employment and this Agreement.
                  This Agreement will terminate upon Executive's death. If the
                  Agreement is terminated due to disability or death, Executive
                  or his Estate will be paid the monetary payment provided for
                  in subparagraph b, above, as though his employment had been
                  terminated without cause, and his stock option rights will be
                  governed by the terms of the Plan.

         5. CHANGE OF CONTROL. In the event of a change of control in which
Executive is not offered the position of Chief Executive Officer, Executive
shall be entitled to twice the sum of his current annual base salary, plus his
maximum annual bonus for each of those years, payable immediately.

         6. COVENANT NOT TO COMPETE. Executive agrees that for a period of
one-year, if he voluntarily terminates his employment or is terminated for
cause, or during any period of time he is receiving severance payments under
Section 4 (b) above, if his employment is terminated involuntarily without
cause, he will not, within the United States or any foreign state in which the
Company has done or plans to do business, provide services as an employee,
director, consultant or independent contractor for, or establish an ownership
interest in, any entity which is engaged in the daily or insurance-replacement
car rental business, regardless of whether such entity also engages in other
lines of business. Executive's ownership of less than five percent of a
publicly-traded corporation will not be deemed to be a violation of this
provision. The severance payments provided above are conditioned upon
Executive's compliance with this provision. If Executive violates this
provision, he will, in addition to and not in lieu of any other legal or
equitable remedy, not be entitled to receive any further payments thereafter.

         7.       OTHER PROVISIONS.

         a. This Agreement, and the benefits and compensation plans referenced
         herein, constitute the entire agreement between the Company and
         Executive respecting his employment. This Agreement may not be amended
         or modified orally, but only by a written document,

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         approved by the Compensation Committee of the Board and signed by the
         Executive and the Chairman of the Board.

         b. The validity and interpretation of this Agreement will be governed
         by the laws of the State of Florida, without regard to its choice or
         conflict of law rules.

         c. The failure or refusal of the Company to enforce this Agreement or
         to assert a violation hereof in a particular situation shall not be,
         and shall not be regarded as, a waiver of any other or subsequent
         breach of the same or any other provision.

         d. This Agreement will be enforceable by, and shall inure to the
         benefit of, the Company, its successors and assigns. The Agreement may
         be assigned by the Company to a successor without the consent of
         Executive and without the necessity of a writing. This Agreement may
         not be assigned in whole or in part by Executive.

                  IN WITNESS WHEREOF, the parties have set their hands on this
the 30th day of June, 2000.

                                               EXECUTIVE


/s/ Edward L. Jones                            /s/ Michael S. Karsner
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Witness                                        Michael S. Karsner


                                               ANC RENTAL CORPORATION



/s/ Marie D. Castellon                         By: /s/ Michael S. Egan
--------------------------                         -----------------------------
Attest


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