EXHIBIT 99.1

NEWS RELEASE


                  CENDANT CORPORATION COMPLETES ACQUISITION OF
                  JACKSON HEWITT INC. FOR $480 MILLION IN CASH


         Stamford, CT and Parsippany,  NJ, January 8, 1998 - Cendant Corporation
(NYSE:  CD) announced today that it has acquired all remaining shares of Jackson
Hewitt Inc. by means of a cash merger effective January 7, 1998,  completing its
previously  disclosed  acquisition  of  Jackson  Hewitt for  approximately  $480
million in cash.  Jackson Hewitt is the second largest tax  preparation  service
system in the United States with locations in 41 states.  The company franchises
a  system  of  approximately  2,050  offices  that  specialize  in  computerized
preparation of federal and state individual income tax returns.

         Cendant  Corporation  is a global  provider  of consumer  and  business
services, and operates in three principal segments:  Membership, Travel and Real
Estate  Services.  In Membership  Services,  Cendant  provides access to travel,
shopping,  auto,  dining  and  other  services  through  more  than  73  million
memberships worldwide. In Travel Services,  Cendant is the leading franchisor of
hotels and rental car  agencies  worldwide,  the  premier  provider  of vacation
exchange  services and the second  largest  fleet  management  company.  In Real
Estate Services,  Cendant is the world's premier  franchisor of residential real
estate brokerage offices, a major provider of mortgage services to consumers and
a global  leader in  corporate  employee  relocation.  A pioneer in  interactive
shopping,  Cendant is a major  online  commerce  facilitator,  with more than $1
billion yearly sales through its netMarket(R) and other interactive services.