Looping is a relatively slow process. See if this does what you want.
<font face=Courier New><br><SPAN style="color:#00007F">Sub</SPAN> Replace_Text()<br> <SPAN style="color:#00007F">Dim</SPAN> Cars<br> <SPAN style="color:#00007F">Dim</SPAN> i <SPAN style="color:#00007F">As</SPAN> <SPAN style="color:#00007F">Long</SPAN><br> <br> Application.ScreenUpdating = <SPAN style="color:#00007F">False</SPAN><br> Cars = Array("car1", "Toyota", "car2", "Ford", "car3", "Opel", "car4", "Nissan")<br> <SPAN style="color:#00007F">With</SPAN> Columns("B")<br> <SPAN style="color:#00007F">For</SPAN> i = 0 <SPAN style="color:#00007F">To</SPAN> <SPAN style="color:#00007F">UBound</SPAN>(Cars) - 1 <SPAN style="color:#00007F">Step</SPAN> 2<br> .Replace What:=Cars(i), Replacement:=Cars(i + 1), LookAt:=xlWhole, _<br> MatchCase:=False, SearchFormat:=<SPAN style="color:#00007F">False</SPAN>, ReplaceFormat:=False<br> <SPAN style="color:#00007F">Next</SPAN> i<br> <SPAN style="color:#00007F">End</SPAN> <SPAN style="color:#00007F">With</SPAN><br> Application.ScreenUpdating = <SPAN style="color:#00007F">True</SPAN><br><SPAN style="color:#00007F">End</SPAN> <SPAN style="color:#00007F">Sub</SPAN><br></FONT>