the Board of Directors of Cendant Corporation approved a plan to separate the Company into four separate companies – one for each of the Company’s Real Estate Services, Hospitality Services (including Timeshare Resorts), Travel Distribution Services and Vehicle Rental businesses (the Separation Plan). Cendant is now comprised principally of its vehicle rental operations of Avis Budget Car Rental, LLC, which through its Avis and Budget brands, is the largest general-use vehicle rental operator in each of North America, Australia, New Zealand and certain other regions.

Hertz Global Holdings,Inc. - the operator of the world's largest general use car rental brand and one of the largest equipment rental business in North America - announced that, as part of a comprehensive plan to further decrease costs, the Company is reducing its global workforce by more than 4,000 employees.

The RDA International Coach Tourism Federation e.V. (founded in 1951) represents the complete spectrum of coach tourism business activity. The RDA is the leading federation in Europe for coach and group tourism with ca. 3,000 member companies and several associated federations in more than 40 countries and over 70 branches. These include coach companies, tour operators, tourism federations, destination marketing organisations, visitor attractions, culture and events suppliers, carriers, hotels and restaurants. The primary goal of RDA political engagement is the promotion of modern and environment-friendly coach and group holiday travel.