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Avis Group Holdings, Inc. Retains Outside Advisors

5 September 2000

Avis Group Holdings, Inc. Retains Outside Advisors

    GARDEN CITY, N.Y., Sept. 5 Avis Group Holdings, Inc.
announced today that the Special Committee of its Board of
Directors has retained Morgan Stanley Dean Witter as its financial advisor,
and Cahill, Gordon & Reindel, as its legal advisor, in light of the
preliminary proposal by Cendant Corporation to purchase all outstanding shares
of Avis that Cendant does not currently own at a price of $29 per share in
cash.  The advisors will assist the Special Committee in considering the
Cendant proposal, as well as other strategic alternatives available to the
Company.
    Bear, Stearns & Co., Inc. and White & Case LLP have been advising the
Company since the bid was announced on August 15th and will continue in that
capacity.
    "My top priority is to ensure that we maximize value for all of our
shareholders," said A. Barry Rand, Chairman and Chief Executive Officer of
Avis Group Holdings, Inc.  "Although Cendant is our largest shareholder and
the previous owner of Avis, I believe strongly that we need an independent,
professional process to evaluate the current bid and all other possibilities
to create value, including continued implementation of our successful
corporate strategy."
    The Special Committee consists of two outside, independent directors.
Outside directors with affiliations with Cendant have voluntarily recused
themselves from the process.
    "Given the historic relationship between Avis and Cendant, I have asked
the Special Committee of independent directors to conduct a review that is
credible, eliminates all conflicts of interest, and is beyond reproach," Rand
said.  "In addition, we are committed to continuing the highest level of
customer service as this effort proceeds."