AUTOS

HFS Plans to Buy Avis: Avis Inc. has agreed to be purchased by the owner of Days Inn, Howard Johnson and Century 21 in an $800-million deal that concentrates on the company’s franchise value. Parsippany, N.J.-based HFS Inc., in keeping with its strategy of owning brand names rather than actual operations, intends to spin off Avis Rent A Car to its shareholders. The car rental company would pay HFS a fee to use the Avis name. “As we’ve seen in lodging and, more recently, residential real estate, HFS can leverage its franchise service skills for the benefit of Avis Rent A Car and its customers,” HFS Chairman and Chief Executive Henry R. Silverman said. Employees hold 71% of Garden City, N.Y.-based Avis through an Employee Stock Ownership Plan, which is overseen by a trustee. It is that trustee, as well as General Motors Corp., which owns 29% of Avis, that must approve the deal. Both are expected to back the deal.