EXHIBIT 99.1


                                                           FOR IMMEDIATE RELEASE

                       CENDANT CORPORATION INCREASES SHARE
                       REPURCHASE PROGRAM TO $1.2 BILLION

Cendant Board Authorizes $200 Million Increase in Stock Repurchase Program

         New York,  NY -- February  2, 1999 -- Cendant  Corporation  (NYSE:  CD)
today announced that its Board of Directors  authorized a $200 million  increase
in the Company's share repurchase program to $1.2 billion.

         Under the share  repurchase  program,  which  commenced  in the  fourth
quarter of 1998, the Company has purchased  about $950 million of Cendant common
stock or  approximately  48 million  shares on the open  market.  As  previously
announced,  the Company's excess financial  resources,  net income and potential
proceeds from further asset sales for the foreseeable  future will be devoted to
retiring debt and equity, building shareholder value and maintaining appropriate
credit  protection.  To  date,  the  Company  has  reduced  its  primary  shares
outstanding by about 55 million shares or about 6.5%  (including the 7.1 million
shares acquired as part of the sale of Hebdo Mag International).

         Cendant  Corporation  is one  of  the  world's  foremost  providers  of
consumer  and  business  services.  The  Company  operates  in  three  principal
divisions:  Travel  Services,  Real Estate Services and Alliance  Marketing.  In
Travel  Services,  Cendant is the  leading  franchisor  of hotels and rental car
agencies  worldwide;  the  largest  provider of vacation  exchange  services;  a
leading fleet  management  company;  the UK's largest private car park operator;
and a leading  motorist  assistance  group in the UK. In Real  Estate  Services,
Cendant is the world's largest  franchisor of residential  real estate brokerage
offices,  a major provider of mortgage services to consumers and a global leader
in corporate employee relocation. In Alliance Marketing, Cendant provides access
to insurance,  travel,  shopping,  auto, and other services,  primarily  through
direct  marketing to customers of its affinity  partners.  Headquartered  in New
York,  NY, the Company has more than 35,000  employees  and operates in over 100
countries.

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.  The Company cautions that
these statements are not guarantees of future performance. They involve a number
of risks and uncertainties  that are difficult to predict.  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 the Company's Prospectus Supplement dated November 24, 1998.

Media Contact:                                       Investor Contacts:
Elliot Bloom                                         Denise Gillen
212-413-1832                                         212-413-1833

                                                     Sam Levenson
                                                     212-413-1834