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Avis Rent A Car, Inc. Agrees to Buy Richmond's Rent-A-Car Company, Inc.

26 January 1999

Avis Rent A Car, Inc. Agrees to Buy Richmond's Rent-A-Car Company, Inc.

    GARDEN CITY, N.Y., Jan. 26 -- Avis Rent A Car, Inc.
today announced it has signed a definitive agreement to purchase
Rent-A-Car Company, Inc. of Richmond, VA.
    Rent-A-Car Company, Inc., with annual revenue of approximately
$15 million, is one of the oldest Avis franchises in the United States.  The
company is headquartered in Richmond, VA, and has 19 locations across
Virginia, Maryland and Delaware, including the Richmond International Airport.
It operates a fleet of approximately 1,750 cars and employs 85 people.
    The transaction is expected to close in March 1999 and will be immediately
accretive to Avis' earnings.
    "The purchase of Rent-A-Car Company, Inc. in Richmond is another step in
our acquisition program," said Kevin M. Sheehan, Avis Executive Vice President
and Chief Financial Officer.  "To date, through strategic acquisitions, we
have succeeded in growing our revenue by almost $300 million.  The acquisition
of Rent-A-Car Company, Inc. gives us another valuable asset in a high growth
market."
    Avis Rent A Car, Inc., with locations in the United States, Canada,
Australia, New Zealand and the Latin American Caribbean region is one of the
leading rental car companies in the world.  Annually, the company completes
approximately 15 million rental transactions with a fleet averaging
approximately 200,000 vehicles, generating over $2.2 billion in total revenue.
    For corporate background information and recent news releases, please log
onto the Avis Web site at http://www.avis.com or call Company News at
800-758-5804, access code #078975.