PRESS RELEASE

American and European Car-Rental Groups Form Giant New Venture in the U.S.

    HARRISON, N.Y., Nov. 11 -- The Kemwel Group in the
United States and Europe's Holiday Autos International today announced
the formation of a new joint venture company that will be known as
Kemwel Holiday Autos to sell car rental services around the world for
travel originating in the U.S. and throughout the Americas.  This
includes the sale of car rental services in the U.S. for travel in the
U.S.
    The new company, which will go into operation on January 1, 1997,
will take over all of the existing car-rental business generated by
Holiday Autos' American company, Holiday Autos US Inc.  This will be
combined with the existing Kemwel car rental, car leasing and
fly/drive tour programs (operated with several major airlines) to form
a new, powerful and exciting force in U.S. and international car
rental.
    Kemwel Holiday Autos, which is owned equally by The Kemwel Group
and Holiday Autos International, brings together one of America's
oldest established car rental companies with the U.S. arm of the
world's largest car rental broker, which has sales offices in 42
countries around the world.
    Kemwel was founded in New York City in 1908 by the Wellner family
and provides car rental, car lease and other diverse travel services.
It offers cars in more than 1,500 destinations in 50 countries,
primarily in the United States, Europe, the Caribbean, Central
America, Africa and the Middle East.  Holiday Autos International,
headquartered in Surrey, England, was founded in 1987 and has risen to
become a major force in the European car rental industry.  It
currently sells car rental services at more than 4,000 locations in 60
countries.
    Today's announcement was made by Kemwel's chairman, Kenneth
Wellner, and Holiday Autos' chairman and chief executive, Clive
Jacobs, both of whom will be co-chairman of the new company.
    Michael H. Wellner, president of The Kemwel Group, also assumes
the presidency of Kemwel Holiday Autos, while Heinz Niederhoff, the
former president of Los Angeles-based DER Travel Services, who was
recently retained as a special consultant by the British company,
becomes executive vice president of marketing and sales at the new
entity.  Niederhoff also will be a minority shareholder of the new
venture.  Steven Galluccio, Kemwel's vice president of finance and
operations, also assumes the same role at Kemwel Holiday Autos.
    "By combining the name recognition of both companies in their
respective geographical areas and by pooling their marketing and
operational strengths, as well as their buying power, Kemwel Holiday
Autos will be positioned to significantly increase sales in all
markets and, more importantly, to compete globally, which is essential
as we enter the 21st century," Wellner and Jacobs said in a joint
statement.
    "Both the consumer and the travel agency industry will be the true
beneficiaries of this global alliance, as Kemwel Holiday Autos intends
to develop new and innovative programs for the marketplace," they
added.
    Kemwel Holiday Autos will be headquartered at Kemwel's head office
in Harrison, New York.  Holiday Autos US will close its offices in
Upland, California by the end of the year.
    Until the new company starts operations on January 1, reservations
should continue to be made with the existing companies: Kemwel
1-800-678-0678, Holiday Autos 1-800-422-7737.
    The Kemwel Group will continue to operate its Premier Selections'
luxury barge cruises in Europe and its Swisspak tour program with
Swissair separately from Kemwel Holiday Autos.

CONTACT: Patrick Arton of Keating Communications, 212-760-2400