PHH Arval Names George J. Kilroy President and CEO; Replaces Mark Miller, Who Joins Cendant Corporation

    HUNT VALLEY, Md., March 9 Mark E. Miller, President and
Chief Operating Officer of Cendant Corporation's Travel Division, announced
today that George J. Kilroy has been named President and Chief Executive
Officer of PHH Arval, the fleet services subsidiary of Cendant .
Kilroy replaces Miller, who was promoted to his new position at Cendant
Corporation when PHH Arval was acquired on March 1, 2001.
    George J. Kilroy has been a long-time member of PHH Arval's Senior
Leadership Team.  In his previous position as Senior Vice President, Business
Development, he was responsible for new client sales, client relations and
marketing for PHH Arval's domestic U.S.-based operations.  Mr. Kilroy joined
PHH in 1976 as an Account Executive in the Truck and Equipment Division and
was promoted to increasingly responsible management positions, including head
of Diversified Services and Financial Services.  Prior to joining PHH he was a
Regional Manager for Ryder Truck Rental.
    In making the announcement, Mark Miller said, "George Kilroy has the
experience, leadership qualities and proven understanding of business-to-
business marketing that will enable PHH Arval to achieve outstanding new
levels of growth and market leadership.  He has a passion for customer service
and has been a principal architect in PHH's marketplace resurgence and growth
momentum.  George and I will work together to help PHH take full advantage of
the opportunities available to us now as part of Cendant Corporation, and I'm
confident that under George's leadership the company's future is bright."

    Founded in 1946, PHH Arval is one of the world's leading vehicle
management companies.  A subsidiary of Cendant Corporation , PHH
Arval provides integrated leasing, management and card payment solutions to
thousands of corporate, government and service-related fleets, including over
one-third of the Fortune 500 companies.  In conjunction with Arval PHH, its
joint venture partner in Europe, PHH Arval manages over a million vehicles
worldwide.  Through consultative expertise, customized service and award-
winning Internet technology, PHH helps clients reduce costs and increase
productivity.