NEW YORK and GARDEN CITY,  N.Y.,  Nov. 13  /PRNewswire/  -- Cendant  Corporation
(NYSE:  AVI) and Avis Group Holdings,  Inc. (NYSE: CD) today announced that they
have  entered  into a  definitive  agreement  for  Cendant to acquire all of the
outstanding  shares of Avis Group that are not  currently  owned by Cendant at a
price of $33.00 per share in cash. Approximately 25.6 million outstanding shares
of Avis Group common stock, and options to purchase an additional  approximately
7.9  million  Avis Group  shares,  are not owned by  Cendant.  Accordingly,  the
transaction  has an equity value of  approximately  $935 million,  net of option
proceeds.  The shares  will be acquired at a price of $33.00 per share in a cash
merger pursuant to which Avis Group will be merged with an indirect wholly owned
subsidiary  of Cendant.  Upon  completion  of the  transaction,  Avis Group will
become a subsidiary  of Cendant.  The merger is  conditioned  upon,  among other
things,  approval of a majority of the votes cast by Avis Group stockholders who
are  unaffiliated  with  Cendant  and  customary   regulatory   approvals.   The
transaction  is expected to close in the first quarter of 2001.  "We expect this
transaction to be  immediately  accretive to Cendant's  earnings,"  said Cendant
Chairman,   President  and  Chief   Executive   Officer,   Henry  R.  Silverman.
"Additionally we look forward to the combination with Avis Group to enhance both
our  off-line  and online  travel  strategies."  "We're  very  pleased  that our
successful  business  strategy  has now  resulted in a  substantial  increase in
shareholder  value --  approximately  74% over the past  year,"  said Avis Group
Chairman and Chief Executive Officer A. Barry Rand. "Over the past 12 months, we
have successfully  transformed Avis Group into the leading comprehensive vehicle
management   solutions   provider  with   award-winning   technology.   We  have
substantially strengthened our balance sheet and significantly improved our free
cash flow, while attaining our 13th consecutive quarter of EPS growth above 20%.
Now, we look  forward to combining  with  Cendant,  a company  with  significant
financial strength and broad travel industry assets." About Avis Group Holdings,
Inc.  Avis Group  Holdings,  Inc.  is one of the  world's  leading  service  and
information  providers for comprehensive  automotive  transportation and vehicle
management  solutions.  Avis Group  operates Avis Rent A Car, the world's second
largest  general-use car rental  business,  with locations in the United States,
Canada,  Australia,  New Zealand and the Latin American  Caribbean  region;  PHH
Arval,  one of the world's  leading  vehicle  management  companies;  and Wright
Express, the world's largest fleet card provider. For additional information and
news   concerning   Avis   Group,   please   log  onto  the  Avis  web  site  at
http://www.avis.com.  or call  Company News on Call  (800-758-5804,  access code
#078975).  About Cendant Corporation Cendant Corporation is a global provider of
real estate, travel and direct marketing related consumer and business services.
The Company's core competencies  include building franchise  systems,  providing
outsourcing  solutions and direct marketing.  As a franchiser,  Cendant is among
the world's leading franchisers of real estate brokerage offices, hotels, rental
car  agencies,  and tax  preparation  services.  As a  provider  of  outsourcing
solutions,  Cendant is a major provider of mortgage  services to consumers,  the
global leader in employee relocation,  and the world's largest vacation exchange
service.  In direct  marketing,  Cendant  provides access to insurance,  travel,
shopping,  auto,  and other  services  primarily  to  customers  of its affinity
partners.  Other business  units include NCP, the UK's largest  private car park
operator, and WizCom, an information technology services provider. Headquartered
in New York, NY, the Company has approximately  28,000 employees and operates in
over 100 countries.  More information about Cendant,  its companies,  brands and
current  SEC filings may be  obtained  by  visiting  the  Company's  Web site at
http://www.cendant.com.  or by calling 877-4INFO-CD  (877-446-3623).  Statements
about  future  results  made  in this  release  may  constitute  forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995.  These  statements  are  based on  current  expectations  and the  current
economic environment. These statements are not guarantees of future performance.
Actual results could differ  materially  from those  expressed or implied in the
forward-looking  statements.  Important  assumptions and other important factors
that  could  cause  actual  results  to  differ  materially  from  those  in the
forward-looking  statements  are  specified  in Form  10-K  for the  year  ended
December 31, 1999 for Avis Group and in Form 10-Q for the quarter ended June 30,
2000 for Cendant.