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Avis Completes Purchase of Fleet Management and Fuel Card Businesses

1 July 1999

Avis Rent A Car, Inc. Completes Purchase of Fleet Management and Fuel Card Businesses of PHH and Wright Express

    GARDEN CITY, N.Y., June 30 -- Avis Rent A Car, Inc.,
today announced it has completed its previously announced purchase
of the vehicle management and fuel card business of PHH and Wright Express
from Cendant Corporation.
    PHH is a leading global vehicle management company that provides services
to over 19,000 companies in North America and Europe, including one-third of
the Fortune 500 companies and 50% of the FTSE.  Wright Express provides fuel
management services to commercial customers and develops and manages private
label and co-branded fleet card programs.
    Kevin M. Sheehan, Avis' Executive Vice President and Chief Financial
Officer said, "With this transaction we have created a multitude of new
opportunities by combining two similar growth businesses that have powerful
client and technological synergies.  The acquisition of PHH and Wright Express
broadens our growth initiatives and provides Avis with strong, annuity-like
revenue and profit growth."
    "This purchase extends our global reach and brings us closer to our vision
of becoming the world's leading provider of full service automotive
transportation and vehicle management services," said F. Robert Salerno, Avis'
President and Chief Operating Officer.  "We can further build brand loyalty by
offering PHH's cutting edge technology to our rental customers."
    "As PHH and Avis join forces, we're excited about the opportunity to
deliver a powerhouse of services to our clients.  Cross-company teams have
identified a number of synergies that will enable us to fulfill the total
automotive needs of our clients, and we're aggressively pursuing those
opportunities," said Mark Miller, Chairman and CEO of PHH.
    Avis Rent A Car, Inc., is one of the world's leading providers of
comprehensive automotive transportation and vehicle management solutions, with
strengths in car rental, vehicle leasing, and vehicle management services.
The Company operates the second largest general-use car rental business in the
world, with locations in the United States, Canada, Australia, New Zealand and
the Latin American Caribbean region.  Avis operates the vehicle management and
fuel card businesses through three separate units: PHH North America, PHH
Europe and Wright Express.  The services of these units consist of vehicle
leasing and a broad range of vehicle related fee based services.  Combined,
the Company has a fleet of over 1 million vehicles and over 3.6 million fuel
and maintenance cards outstanding.  For the twelve months ended March 31,
1999, the newly combined companies would have generated $4.0 billion of total
revenue and EBITDA of $353 million.
    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.