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Press Release

Successful Move to Wizard® Highlights Second Anniversary of Budget Joining Cendant
Parsippany, NJ Dec 2, 2004 -

On November 22, 2004 Budget Rent A Car System, Inc. celebrated its second anniversary as part of Cendant Corporation. In the two years since the Cendant acquisition, Budget has made significant enhancements to better serve its car rental customers, most notably the completion of the company's conversion to the Wizard reservation and counter management system.

Wizard allows for more efficient fleet management, more customized and rapid information at the rental counter, more thorough customer data for corporate accounts, more comprehensive adoption of national consumer promotions and overall reduced operating costs. Other Budget highlights during its first two years under Cendant ownership include:

Facility capital improvements: The company has undergone major capital improvements at numerous locations since November 2002. These include: a new airport location in Detroit; a cutting edge presence at new consolidated airport facilities opened in Baltimore, Houston and Oakland; enhanced lobby and service areas in Denver and a new service facility in Minneapolis. Several other facilities currently undergoing construction include: Ft. Lauderdale and John F. Kennedy and La Guardia airports in New York.

Enhanced quality assurance: Budget has a new, fully implemented and upgraded Quality Assurance Program that shows steady year over year improvements in terms of both internal inspections and customer service volume. New employee uniforms also help bring a consistently clean and fresh look to locations throughout the United States.

Expansion of corporate locations: Cendant Car Rental Group, Inc., parent of Budget, has acquired 25 licensee companies since 2002, while also solidifying relations with the remaining licensees. The result is broader system-wide adoption of Budget programs than at anytime in the company's history.

Ample and diverse fleet: The Budget fleet under Cendant Car Rental Group has been expanded over the course of the two years and features many makes and models at all car classes. Today it stands at approximately 105,000, more than 10% higher than it stood at the time of the Cendant acquisition.

Significant number of new employment opportunities: With the formation of the Cendant Car Rental Group, nearly 250 new jobs were created at the company's Morris County, New Jersey headquarters.

"We are tremendously proud of the progress we have made at Budget the past two years," stated Robert Salerno, president and chief executive officer of Cendant Car Rental Group. "We are committed to delivering a quality product, friendly service and overall great value to our customers - and both leisure and commercial customers are liking what they see."

About Budget

Budget Rent A Car System, Inc. is the owner and franchiser of one of the world's best-known car rental brands with more than 1,900 car rental locations in the U.S., Canada, Latin America, Caribbean, Australia and New Zealand. The company is a wholly owned subsidiary of Cendant Corporation (NYSE: CD), a diversified global provider of business and consumer services primarily within the travel and real estate sectors. For further information visit budget.com or cendant.com/media.

Alice Pereira
Senior Associate, Public Relations
Cendant Car Rental Group
6 Sylvan Way
Parsippany, NJ 07054

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