Exhibit 99.1

Electro Rent Corporation                FOR IMMEDIATE RELEASE


Investor Contact:                       Company Contact:
 Neil Berkman                            Daniel Greenberg
 Berkman Associates                      Chairman & CEO
 (310) 277-5162                          Electro Rent Corporation
 info@BerkmanAssociates.com              (818) 786-2525


   ELECTRO RENT CORPORATION ENTERS BUSINESS CONTINUITY MARKET

         Acquires QuickShip Disaster Recovery From CIT


     VAN NUYS, CALIFORNIA, March 10, 2004 - Electro Rent
Corporation (NASDAQ:ELRC) today announced its entry into the
business continuity/disaster recovery market with its acquisition
from a unit of CIT (NYSE:CIT) of the contracts that comprise the
unit's quick-ship services business.  Terms of the transaction
were not disclosed.
     "QuickShip Disaster Recovery provides organizations that
depend on computers with immediate delivery of replacement
equipment in the event of a disaster.  Our acquisition of this
business gives Electro Rent a toe-hold in this market, which we
see as a natural way for us to leverage the distribution and
logistical capabilities we have developed over thirty years in
the computer rental and leasing business throughout the United
States and Canada," said Chief Executive Officer Daniel
Greenberg.
     "With attention increasingly focused on security, we expect
the market for business continuity services to grow.  While this
transaction will not have a material impact on our financial
results this year, our entry into the market is a positive,
energetic step that will allow us to explore an attractive growth
opportunity in the data processing portion of our business that
has the potential to complement the improving conditions we see
in our test and measurement business," Greenberg added.


About Electro Rent
     Electro Rent Corporation (www.ElectroRent.com) is one of the
largest nationwide organizations devoted to the short-term rental
and leasing of personal computers, servers and general purpose
electronic test equipment.


About CIT
     CIT Group Inc. (NYSE:CIT), a leading commercial and consumer
finance company, provides clients with financing and leasing
products and advisory services.  Founded in 1908, CIT has nearly
$50 billion in assets under management and possesses the


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ELECTRO RENT CORPORATION ENTERS BUSINESS CONTINUITY MARKET
March 10, 2004
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financial resources, industry expertise and product knowledge to
serve the needs of clients across approximately 30 industries.
CIT, a Fortune 500 company, holds leading positions in vendor
financing, U.S. factoring, equipment and transportation
financing, Small Business Administration loans, and asset-based
and credit-secured lending.  CIT, with its principal offices in
Livingston, New Jersey and New York City, has approximately 6,000
employees in locations throughout North America, Europe, Latin
and South America, and the Pacific Rim.  For more information,
visit www.cit.com.


"Safe Harbor" Statement:
     Except for the historical statements and discussions above,
our statements above constitute forward-looking statements within
the meaning of section 21E of the Securities Exchange Act of
1934. These forward-looking statements reflect our management's
currentviews with respect to future events and financial
performance; however, you should not put undue reliance on these
statements. When used, the words "anticipates," "believes,"
"expects," "intends," "future," and other similar expressions
identify forward-looking statements.  These forward-looking
statements are subject to certain risks and uncertainties.  We
believe our management's assumptions are reasonable, nonetheless,
it is likely that at least some of these assumptions will not
come true. Accordingly, our actual results will probably differ
from the outcomes contained in any forward-looking statement, and
those differences could be material.  Factors that could cause or
contribute to these differences include, among others, those
risks and uncertainties discussed in our periodic reports on Form
10-K and 10-Q and our other filings with the Securities and
Exchange Commission.  Should one or more of the risks discussed,
or any other risks, materialize, or should one or more of our
underlying assumptions prove incorrect, our actual results may
vary materially from those anticipated, estimated, expected or
projected.  In light of the risks and uncertainties, there can be
no assurance that any forward-looking statement will in fact
prove to be correct.  We undertake no obligation to update or
revise any forward-looking statements.


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