Exhibit 99.1

FOR IMMEDIATE RELEASE


           CENDANT CORPORATION COMPLETES DIVESTITURE OF FLEET SEGMENT

   Avis Rent A Car, Inc. Acquires the Company's Fleet Segment for $1.8 Billion

            Generates Gain of Approximately $700 Million for Cendant

                      Previously Announced "Dutch Auction"
             Self-Tender Offer Scheduled to Expire on July 15, 1999

         New York,  NY, June 30, 1999 -- Cendant  Corporation  (NYSE:  CD) today
announced that it has completed the divestiture of its fleet segment.  Avis Rent
A Car, Inc. (NYSE: AVI) has acquired the Company's fleet segment, which includes
PHH Vehicle Management Services  Corporation,  Cendant Business Answers (Europe)
PLC; The Harpur Group Ltd.; and Wright Express Corporation, for $1.44 billion in
cash and $360 million in Convertible Preferred Stock.

         The  Company has  recorded  an  after-tax  gain of  approximately  $700
million from the  transaction.  Completion of the Fleet/Avis  transaction  was a
condition to the  previously  announced  "Dutch  Auction"  self-tender  offer to
repurchase  up to 50 million  shares of Cendant  stock.  The  self-tender  offer
commenced  on June 16,  1999 and will  expire at 12:00  midnight,  New York City
time, on July 15, 1999, unless the offer is extended.

         In addition,  Robert D.  Kunisch has retired as a vice  chairman of the
Company  following  today's  completion of the  divestiture  of Cendant's  fleet
segment, but will remain as a director.

         Cendant's  Chairman,  President and CEO Henry R. Silverman stated: "Bob
Kunisch  played a critical role by ensuring the flawless  integration of the PHH
business  units into  Cendant.  His diligent  efforts and  steadfast  commitment
resulted in a seamless  transition of client  relationships and continued profit
growth following the acquisition of PHH by HFS in 1997."

         Cendant  Corporation  is a global  provider  of consumer  and  business
services.  The Company's core competencies  include building  franchise systems,
providing outsourcing solutions and direct marketing.  As a franchisor,  Cendant
is  the  world's  leading  franchisor  of  hotels,  rental  car  agencies,   tax
preparation  services and real estate brokerage offices. The real estate segment
also  includes  Welcome   Wagon/GETKO  and  the  Company's   soon-to-be  created
residential  real  estate  services  portal on the  Internet.  As a provider  of
outsourcing solutions, Cendant is the world's largest vacation exchange service;
a major  provider of mortgage  services to  consumers  and the global  leader in
employee relocation. 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.  Headquartered  in New York, NY, the Company has
more than 30,000 employees and operates in over 100 countries.  More information
about Cendant, its companies and brands may be obtained by visiting our Web site
at www.cendant.com or by calling 877-4INFO-CD (877-446-3623).

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

Sam Levenson
212-413-1834