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EXHIBIT 99.1

FOR IMMEDIATE RELEASE

                                                          
Contacts:    William J. Vareschi, Jr. (investor contact)     Richard Jonardi (media contact)
             Vice Chairman and Chief Executive Officer       Communications Manager
             (615) 297-4255                                  (615) 297-4255
             bvareschi@parking.com                           rjonardi@parking.com




                       CENTRAL PARKING CORPORATION EXPECTS
                  LOWER THIRD QUARTER AND FISCAL 2001 EARNINGS

NASHVILLE, TENN. (JULY 17, 2001) -- Central Parking Corporation (NYSE: CPC)
today said that it expects earnings before property-related activities to be
approximately $0.23 to $0.25 per diluted share for the third fiscal quarter
ended June 30, 2001. This compares with year-earlier earnings before
property-related activities of $0.34 per diluted share. The Company said that
complete financial results for the quarter would be released as scheduled on
August 9, 2001.

         William J. Vareschi, Jr., Vice Chairman and Chief Executive Officer,
said "At the time we announced second quarter results, we said that attaining
the Company's previously expressed goal of year over year earnings growth of
approximately 10% would be a challenging target, requiring flawless execution in
three important areas: achieving our cost reduction target, continuation of the
positive trend in our new/lost business ratio, and maintaining same store sales
growth of 5%. I am pleased to report that we are achieving our cost reduction
plan and our new/lost business ratio has moved significantly upward, turning
positive for the first time in more than two years. However, the slowdown in the
economy has had a sudden and substantially negative impact on same store sales.
During the third quarter, same store sales growth dropped to less than two
percent year over year versus growth rates of 5% during the first half.
Discretionary revenues, which consist of our weekend and night activities, were
especially hard hit by the economic slowdown with third quarter volume levels
down by approximately 10% as compared with the prior year. If current economic
conditions continue through the fourth fiscal quarter, we estimate that earnings
before property-related activities and extraordinary items for the full year
will likely be in the range of $0.93 to $0.98 per fully diluted share, compared
with $1.10 for fiscal 2000."

         Vareschi added, "Despite the negative effect of the economy on third
quarter and current fiscal year results, we are encouraged by the success of our
recent marketing activities, which has produced a positive trend in our new to
lost business ratio. We are also pleased with the approximate 10% reduction in
structural costs that has been achieved through our efforts to streamline
operations. In addition, we are continuing to implement actions to drive
productivity through process improvement programs as well as reallocate and
focus more resources on promising growth initiatives. We believe that these
actions will position the Company for accelerated earnings growth as economic
conditions improve."

         Central Parking Corporation, headquartered in Nashville, Tennessee, is
a leading provider of parking and transportation management services. The
Company operates approximately 4,100 parking facilities containing approximately
1.5 million spaces at locations in 40 states, the District of Columbia, Canada,
Puerto Rico, the United Kingdom, the Republic of Ireland, Chile, Germany,
Mexico, Poland, Spain, Venezuela and Greece.




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         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.



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