
<PAGE>   1
                                                                    EXHIBIT 99.2

                         NOTICE OF GUARANTEED DELIVERY
                                   TO TENDER
              UNREGISTERED 11 1/2% SERIES A SENIOR NOTES DUE 2007
                      (INCLUDING THOSE IN BOOK-ENTRY FORM)
                                       OF
                             GREYHOUND LINES, INC.
     PURSUANT TO THE EXCHANGE OFFER AND PROSPECTUS DATED            , 1997


         As set forth in the Exchange Offer (as defined in the Prospectus (as
defined below)), this form or one substantially equivalent hereto must be used
to accept the Exchange Offer if certificates for unregistered 11 1/2% Series A
Senior Notes due 2007 (the "Old Notes"), of Greyhound Lines, Inc., are not
immediately available or time will not permit a holder's Old Notes or other
required documents to reach the Exchange Agent on or prior to the Expiration
Date (as defined below), or the procedure for book-entry transfer cannot be
completed on a timely basis.  This form may be delivered by facsimile
transmission, by registered or certified mail, by hand, or by overnight
delivery service to the Exchange Agent.  See "The Exchange Offer -- Procedures
for Tendering" in the Prospectus.


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  THE EXCHANGE  OFFER AND WITHDRAWAL RIGHTS  WILL EXPIRE AT 5:00 P.M.,  NEW
  YORK CITY TIME, ON              , 1997 (THE "EXPIRATION DATE"), UNLESS THE
  EXCHANGE OFFER IS EXTENDED BY THE COMPANY.
================================================================================


                 THE EXCHANGE AGENT FOR THE EXCHANGE OFFER IS:

                        PNC BANK, National Association

                            For Information by Telephone:
 
                                   (215) 585-6938
 
  By Registered or Certified Mail:        By Hand or Overnight Delivery Service:

   PNC Bank, National Association             PNC Bank, National Association
       Corporate Trust Dept.                      Corporate Trust Dept.
     1600 Market St., 30th FLR                  1600 Market St., 30th FLR
       Philadelphia, PA 19103                     Philadelphia, PA 19103
 
             By Facsimile Transmission (for Eligible Institutions only):
 
                                 Fax (215) 585-8872
 
                              (Facsimile Confirmation)
 
                                   (215) 585-6938
 
    (Originals of all documents sent by facsimile should be sent promptly by
   registered or certified mail, by hand, or by overnight delivery service.)

         DELIVERY OF THIS NOTICE TO AN ADDRESS OR TRANSMISSION OF INSTRUCTIONS
VIA FACSIMILE OTHER THAN AS SET FORTH ABOVE WILL NOT CONSTITUTE A VALID
DELIVERY.
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Ladies and Gentlemen:

         The undersigned hereby tenders to Greyhound Lines, Inc., a Delaware
corporation (the "Company"), in accordance with the Company's offer, upon the
terms and subject to the conditions set forth in the Prospectus dated
, 1997 (the "Prospectus"), and in the accompanying Letter of Transmittal,
receipt of which is hereby acknowledged, $_______ __________________ in
aggregate principal amount of Old Notes pursuant to the guaranteed delivery
procedures described in the Prospectus.


================================================================================
                                                                              
  Name(s) of Registered Holder(s):                                            
                                   -------------------------------------------
                                            (Please Type or Print)            
                                                                              
                                                                              
  Address:                                                                    
           -------------------------------------------------------------------
                                                                              
                                                                              
  ----------------------------------------------------------------------------
                                                                              
                                                                              
  Area Code & Telephone No.:                                                  
                             -------------------------------------------------
                                                                              
                                                                              
  Certificate Number(s) for                                                   
  Old Notes (if available):                                                   
                            --------------------------------------------------
                                                                              
                                                                              
  Total Principal Amount                                                      
  Tendered and Represented                                                    
  by Certificate(s): $                                                        
                      --------------------------------------------------------
                                                                              
                                                                              
                                                                              
  Signature of Registered Holder(s):                                          
                                     -----------------------------------------
                                                                              
                                                                              
  Dated:                                                                      
         ---------------------------------------------------------------------
                                                                              
                                                                              
  [ ]      The Depository Trust Company                                       
           (Check if Old Notes will be tendered                               
           by book-entry transfer)                                            
                                                                              
                                                                              
  Account Number:                                                             
                  ------------------------------------------------------------
================================================================================


                     THE GUARANTEE BELOW MUST BE COMPLETED





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                                   GUARANTEE
                    (Not to be used for signature guarantee)


         The undersigned, being a member firm of a registered national
securities exchange, a member of the National Association of Securities
Dealers, Inc., or a commercial bank or trust company having an office in the
United States, hereby guarantees (a) that the above named person(s) "own(s)"
the Old Notes tendered hereby within the meaning of Rule 14e-4 ("Rule 14e-4")
under the Securities Exchange Act of 1934, as amended, (b) that such tender of
such Old Notes complies with Rule 14e-4, and (c) to deliver to the Exchange
Agent the certificates representing the Old Notes tendered hereby or
confirmation of book-entry transfer of such Old Notes into the Exchange Agent's
account at The Depository Trust Company, in proper form for transfer, together
with the Letter of Transmittal (or facsimile thereof), properly completed and
duly executed, with any required signature guarantees and any other required
documents, within three New York Stock Exchange trading days after the
Expiration Date.



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  Name of Firm:                                                               
                --------------------------------------------------------------
  Address:                                                                    
           -------------------------------------------------------------------
                                                                              
  ----------------------------------------------------------------------------
  Area Code and Telephone No.:                                                
                               -----------------------------------------------
                                                                              
                                                                              
  Authorized Signature:                                                       
                        ------------------------------------------------------
  Name:                                                                       
        ----------------------------------------------------------------------
  Title:                                                                      
         ---------------------------------------------------------------------
  Dated:                                                                      
         ---------------------------------------------------------------------

================================================================================




 NOTE: DO NOT SEND CERTIFICATES OF OLD NOTES WITH THIS FORM. CERTIFICATES OF
         OLD NOTES SHOULD BE SENT ONLY WITH A LETTER OF TRANSMITTAL.





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