Cendant Car Rental Group Names Gerald Riordan to Lead Budget Truck Rental

PARSIPPANY, N.J., April 1 -- Cendant Car Rental Group, Inc., a unit of Cendant Corporation , announced today that it has named Gerald Riordan as President of Budget Truck Rental, the second largest consumer truck rental operation in the world. The company acquired the business as part of the November 22, 2002 acquisition of certain assets of the former Budget Group, Inc.

Riordan brings over 25 years of in-depth experience in the truck rental business, having risen through the ranks of Ryder System from 1972 through 1997. He held various marketing, pricing and operations positions before serving as president of Ryder Consumer Truck Rental from 1993-1996 with the added responsibility of President Ryder Public Transportation Services from 1995-1996 and president and COO of Ryder TRS from 1996 to 1997. Budget Group purchased Ryder TRS in 1998. Since 1999, Riordan has served as CEO of United Road Services, a towing and transport service company.

"When we acquired Budget, we recognized that its truck business is very different from the rental car business and set out to bring in a top notch truck executive to evaluate and lead Budget Truck Rental," said Robert Salerno, president and COO of the Cendant Car Rental Group. "In Jerry Riordan we have found the ideal leader. He is steeped in knowledge and success in the truck rental business and will help us manage the business profitably."

More than 2,750 Budget locations and dealers either rent trucks exclusively or rent both cars and trucks. The Budget fleet currently includes about 32,000 trucks.

Riordan holds a BS in Commerce from Niagra University and an MBA from University of Miami. He will continue to reside in Denver, CO, the current location of the Budget Truck Rental operating headquarters.

He will continue to reside in Denver, CO, the current location of the Budget Truck Rental operating headquarters.

Cendant Car Rental Group, Inc. is the largest general use car and truck rental company in the Americas, Caribbean, Australia and New Zealand. Through its subsidiaries and franchisees, the company operates the Avis Rent A Car system, the industry leader in customer loyalty, Budget Rent A Car system, a leading value-oriented rental car brand and Budget Truck Rental, the second largest consumer truck rental brand. The Avis and Budget brands today operated by Cendant Car Rental Group handled about 23 million car rental and 2.4 million truck rental transactions in 2002. For more information about Avis and Budget, visit www.avis.com and www.budget.com.