---

Avis Rent A Car, Inc. Prices Offering of Common Stock

18 March 1998

Avis Rent A Car, Inc. Prices Offering of Common Stock

    GARDEN CITY, N.Y., March 18 -- Avis Rent A Car, Inc.
today announced the pricing of its offering of 6,000,000 shares of
its common stock of which 5,000,000 shares are being sold by Avis and
1,000,000 shares are being sold by Cendant Corporation at $34.00 per share.
The offering is being managed by Bear, Stearns & Co. Inc. and co-managed by
Lehman Brothers, Merrill Lynch & Co. and NationsBanc Montgomery Securities
LLC.  The Company has granted the underwriters the option to purchase up to
900,000 additional shares solely to cover over-allotments.  The total number
of shares outstanding after the offering will be 35,925,000, excluding shares
subject to the over-allotment option.
    Avis expects to use the net proceeds from the sale of the shares to
finance the acquisition of Hayes Leasing Company, as well as for general
corporate purposes including the repayment of certain indebtedness.
    Avis Rent A Car, Inc. operates the second largest general use car rental
business in the world, based on total revenue and volume of rental
transactions.  The Company rents vehicles to business and leisure travelers
through over 600 locations in the United States, Canada, Puerto Rico, the U.S.
Virgin Islands, Argentina, Australia and New Zealand.  Annually, the Company
completes approximately 15 million rental transactions with a fleet that
averages approximately 200,000 vehicles, generating over $2 billion in
revenue, 88% of which is derived from its operations in the United States.
    Copies of the final prospectus relating to this offering may be obtained
from Bear, Stearns & Co. Inc., Prospectus Department, 516-254-7129.

SOURCE  Avis Rent A Car, Inc.