Avis Budget Group Completes Asset-Backed Conduit Financing Renewal

PARSIPPANY, NJ, Oct 29 (MARKET WIRE) --
Avis Budget Group, Inc. (NYSE: CAR), a leading provider of vehicle rental
services, today announced that it has completed the annual renewal of the
asset-backed bank conduit facilities which provide a portion of the
financing for its car rental fleet in the United States. At the Company's
request, the two existing facilities, which had provided for $1.35
billion and $1.1 billion of financing, respectively, were combined into a
single $1.95 billion facility.

The conduit financing has been extended through October 28, 2010, and now
bears interest of LIBOR plus 2.25%, representing a reduction of 100 basis
points versus the prior rate.

"We are pleased to have renewed this conduit financing ahead of schedule,
at a reduced borrowing spread, and with all lenders affirmatively
continuing to participate," said David B. Wyshner, Avis Budget Group
Executive Vice President and Chief Financial Officer. "With this renewal
and our other recent financing activities, we have not only refinanced all
of our near-term domestic debt maturities but have sufficient capacity to
fund our domestic fleet requirements for the next year."

About Avis Budget Group, Inc.

Avis Budget Group is a leading provider of vehicle rental services, with
operations in more than 70 countries. Through its Avis and Budget brands,
the Company is the largest general-use vehicle rental company in each of
North America, Australia, New Zealand and certain other regions based on
published airport statistics. Avis Budget Group is headquartered in
Parsippany, N.J. and has more than 24,000 employees. For more information
about Avis Budget Group, visit www.avisbudgetgroup.com.

Forward-Looking Statements

Certain statements in this press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from
any future results, performance or achievements expressed or implied by
such forward-looking statements. Statements preceded by, followed by or
that otherwise include the words "believes", "expects", "anticipates",
"intends", "projects", "estimates", "plans", "may increase", "may
fluctuate", "forecast" and similar expressions or future or conditional
verbs such as "will", "should", "would", "may" and "could" are generally
forward-looking in nature and not historical facts. Any statements that
refer to expectations or other characterizations of future events,
circumstances or results are forward-looking statements.

Various risks that could cause future results to differ from those
expressed by the forward-looking statements included in this press release
include, but are not limited to, a weaker-than-anticipated economic
environment, the high level of competition in the vehicle rental industry,
greater-than-expected cost increases for new vehicles, disposition of
vehicles not covered by manufacturer repurchase programs, the financial
condition of the manufacturers of our cars, a greater-than-anticipated
downturn in airline passenger traffic, an occurrence or threat of
terrorism, our ability to obtain financing for our operations, including
the funding of our vehicle fleet via the asset-backed securities market
and the financial condition of financial-guaranty firms that have insured
a portion of our outstanding vehicle-backed debt, higher-than-expected
fuel costs, fluctuations related to the mark-to-market of derivatives
which hedge our exposure to exchange rates, interest rates and fuel
costs, the Company's ability to meet or amend financial covenants
associated with its borrowings and the Company's ability to accurately
estimate its future results and implement its strategy for cost savings
and growth, particularly in the current environment. Other unknown or
unpredictable factors also could have material adverse effects on Avis
Budget Group's performance or achievements. In light of these risks,
uncertainties, assumptions and factors, the forward-looking events
discussed in this press release may not occur. You are cautioned not to
place undue reliance on these forward-looking statements, which speak
only as of the date stated, or if no date is stated, as of the date of
this press release. Important assumptions and other important factors
that could cause actual results to differ materially from those in the
forward-looking statements are specified in Avis Budget Group's Annual
Report on Form 10-K for the year ended December 31, 2008 and our
Quarterly Report on Form 10-Q for the quarter ended June 30, 2009
included under headings such as "Forward-Looking Statements", "Risk
Factors" and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" and in other filings and furnishings made by
the Company with the SEC from time to time. Except for the Company's
ongoing obligations to disclose material information under the federal
securities laws, the Company undertakes no obligation to release publicly
any revisions to any forward-looking statements, to report events or to
report the occurrence of unanticipated events unless required by law.

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