EXHIBIT 99.1

               CENDANT DISMISSES ERNST & YOUNG LLP AS INDEPENDENT

             ACCOUNTANTS OF THE COMPANY'S FORMER CUC BUSINESS UNITS

  Deloitte & Touche to Continue as Cendant's Principal Independent Accountants

     Stamford,  CT and  Parsippany,  NJ,  May 18,  1998 --  Cendant  Corporation
(NYSE:CD)  today  announced that it has dismissed  Ernst & Young LLP (E&Y) which
served as the  independent  accountants for the Company's CUC business units for
the year ended  December 31, 1997.  The Company also  announced  that Deloitte &
Touche  LLP  will   continue  to  serve  as  Cendant's   principal   independent
accountants,  and will assume all auditing functions  previously provided by E&Y
for the former CUC  businesses.  Deloitte & Touche will also assume all auditing
functions  which had been  conducted by E&Y in  connection  with the  previously
announced restatement of the Company's financial results. The Audit Committee of
the Company's  Board of Directors  participated  in and approved the decision to
dismiss  E&Y. As  announced,  the  Company  expects to issue  audited  financial
statements  in the  summer of 1998,  and does not  anticipate  any delay in this
schedule due to this change.

     Cendant (NYSE: CD) is the world's premier provider of consumer and business
services.  Cendant  operates in three principal  segments:  Alliance  Marketing,
Travel and Real Estate Services. In Alliance Marketing,  Cendant provides access
to travel,  shopping,  auto,  dining,  and other services  worldwide.  In Travel
Services,  Cendant is the leading  franchisor  of hotels and rental car agencies
worldwide,  the premier provider of vacation exchange services,  a leading fleet
management company through PHH, and the U.K.'s largest private car park operator
through NPC. 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.
Headquartered in Stamford, CT and Parsippany,  NJ, the company has nearly 40,000
employees,  operates  in over 100  countries  and makes  more  than 100  million
customer contacts annually.