Avis Budget Group, Inc. – ‘3’ for 12/15/97 re: Avis Budget Group, Inc.

As of:  Tuesday, 12/23/97   ·   For:  12/15/97   ·   Accession #:  898822-97-1155   ·   File #:  1-10308

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Initial Statement of Beneficial Ownership of Securities by an Insider   —   Form 3   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 3           Form 3 - 12/97                                         3     16K 

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                                                  ------------------------------
OMB APPROVAL
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                                                  OMB Number           3235-0104
                                                  Expires:        April 30, 1997
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 U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 3

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES 

    Filed  pursuant to Section  16(a) of the  Securities  Exchange  Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
 Section 30(f) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person                                         

Pittman                  Robert                   W.                            
--------------------------------------------------------------------------------
(Last)               (First)                 (Middle)                     

Cendant Corporation                6 Sylvan Way                                 
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(Street)

Parsippany               NJ                      07054                          
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(City)               (State)                 (Zip)                        

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2. Date of Event Requiring Statement (Month/Day/Year)                           

12/15/97                                                                        
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3. IRS or Social Security Number of Reporting Person (Voluntary)                

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4. Issuer Name and Ticker or Trading Symbol                                     

Cendant Corporation (CD)                                                        
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5 Relationship of Reporting Person to Issuer                                    
(Check all applicable)                                                    

[ X ]   Director                             [   ]   10% Owner            
[   ]   Officer (give title below)           [   ]   Other (specify below)

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6. If Amendment, Date of Original (Month/Year)                                  

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 Table I -- Non-Derivative Securities Beneficially Owned
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                                                        [Enlarge/Download Table]


                                                                 3. Ownership Form:                                                 
                                      2. Amount of Securities       Direct (D) or                                                   
1. Title of Security                     Beneficially Owned         Indirect (I)       4. Nature of Indirect Beneficial Ownership   
   (Instr. 4)                            (Instr. 4)                 (Instr. 5)            (Instr.5)                                 
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   No securities owned                                                                                                              
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Reminder: Report on a separate line for each class of securities beneficially   
owned directly or indirectly.                                                   

(Print or Type Responses) 

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FORM 3 (continued)                                                              

              Table II -- Derivative Securities  Beneficially Owned (e.g., puts,
calls, warrants, options, convertible securities)             

================================================================================

                                                        [Enlarge/Download Table]

                                                                                                        5. Owner-                   
                                                    3. Title and Amount of Securities                      ship                     
                                                       Underlying Derivative Security                      Form of                  
                         2. Date Exercisable           (Instr. 4)                                          Derivative               
                            and Expiration Date     ---------------------------------    4. Conver-        Security:                
                            (Month/Day/Year)                               Amount           sion or        Direct      7. Nature of 
                         ----------------------                            or               Exercise       (D) or         Indirect  
                         Date       Expira-                                Number           Price of       Indirect       Beneficial
1. Title of Security     Exer-      tion                                   of               Derivative     (I)            Ownership 
   (Instr. 4)            cisable    Date            Title                  Shares           Security       (Instr.5)      (Instr. 5)
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Option to Purchase       12/17/97  07/27/04         Common Stock           12,827        5.2120         D                           
     Common Stock                                                                                                                   
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Option to Purchase       12/17/97  05/05/05         Common Stock           107,327       6.4760         D                           
     Common Stock                                                                                                                   
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Option to Purchase       12/17/97  10/29/06         Common Stock           480,620       30.3774        D                           
     Common Stock                                                                                                                   
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Option to Purchase       1/1/99    12/17/07         Common Stock           120,000       30.3750        D                           
     Common Stock                                                                                                                   
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Explanation of Responses:                                                       
* Twenty percent of the aggregate  number of shares subject to the option become
exercisable on January 1, 1999 and an additional  twenty percent each succeeding
January 1.                                                                      

/s/ Eric J. Bock                                                12/23/97        
---------------------------------------------            -----------------------
**Signature of Reporting Person                             Date    

**   Intentional misstatements or omissions of facts constitute Federal Criminal
Violations.                                                           

See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).                             

Note:  File three copies of this Form, one of which must be manually signed.    
 If space provided is insufficient. See Instruction 6 for procedure.

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POWER OF ATTORNEY 
For Executing Form 3

     KNOW ALL BY THESE  PRESENTS,  that the undersigned  hereby  constitutes and
appoints each of James E.  Buckman,  Jeanne M. Murphy and Eric J. Bock or any of
them, each acting alone, his true and lawful attorney-in-fact to:               

     (1)  execute for and on behalf of the  undersigned a Form 3 relating to the
          securities of Cendant Corporation, in accordance with Section 16(a) of
 the Securities Exchange Act of 1934 and the rules thereunder;

   (2)  do and perform any and all acts for and on behalf of the undersigned
    which may be necessary or desirable to complete the execution of
  such Form 3 and the timely filing of such form with the United
     States Securities and Exchange Commission and any other authority
    as fully to all intents and purposes as the undersigned might or
       could do if personally present, hereby ratifying and confirming all
    that such attorney-in-fact shall lawfully do or cause to be done
 by virtue of this Power of Attorney and the rights and powers
herein granted.                                             

     The undersigned acknowledges that each of the foregoing  attorneys-in-fact,
in serving in such capacity at the request of the  undersigned,  is not assuming
any of the  undersigned's  responsibilities  to comply  with  Section  16 of the
Securities Exchange Act of 1934.                                                

     IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be
executed as of this 23rd day of December, 1997.                                 

                                    By:  /s/ Robert W. Pittman
                                     Robert W. Pittman

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘3’ Filing		Date		First		Last			Other Filings
		1/1/99		2
Filed on:		12/23/97							3,  SC 14D1/A
For Period end:		12/15/97							10-Q,  3,  3/A
		4/30/97		1					10-Q
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