Avis Rent A Car Acquires Baker Car & Truck Rental, Inc.

    GARDEN CITY, N.Y., MAY 1 Avis Rent A Car System, Inc.,
a subsidiary of Cendant Corporation , today announced
that it has acquired Baker Car and Truck Rental, Inc., the largest Avis system
franchisee.  Terms of the transaction were not disclosed.
    Baker Car and Truck Rental, headquartered in Little Rock, Arkansas,
generates approximately $18 million in annual revenue at 21 locations
throughout Arkansas, Georgia, South Carolina and Texas. The company's 220
employees manage a fleet of approximately 2,000 vehicles.
    "This acquisition renews our efforts to capitalize on strategic
acquisition opportunities that increase Avis' top and bottom lines," said F.
Robert Salerno, president and chief operating officer of Avis Rent A Car
System, Inc. "Avis is committed to building on the Baker family's long
tradition of service in these markets while ensuring a consistent experience
for travelers throughout the Avis system."
    More than 90 percent of Avis' revenue in the United States is generated by
locations owned and operated by Avis Rent A Car System, Inc.
    Avis Rent A Car System, Inc. and its subsidiaries operate the world's
second largest general-use car rental business, providing business and leisure
customers with a wide range of services at more than 1,650 locations in the
United States, Canada, Australia, New Zealand and the Latin/American Caribbean
region. Avis is recognized as the industry leader in applying new technologies
to grow its business and is one of the world's top brands for customer
loyalty. In April 2001, Avis tied for first place in customer satisfaction for
business travelers in the J. D. Power and Associates survey of car rental
companies. The company is a wholly owned subsidiary of Cendant Corporation
, a diversified global provider of business and consumer services
primarily within the real estate and travel sectors.
    For additional information and news about Avis, please log onto the Avis
Web Site (http://www.avis.com).

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