Element's PHH Arval Acquisition Boosts Quarterly Revenue
Element Financial boosted revenue in the quarter ending Sept. 30 by 120 percent largely due to its acquisition of PHH Arval from PHH Corp. in July, the company has announced.
For the three-month period ending Sept. 30, the company boosted total earning assets to $8.9 billion versus $4.1 billion as of June 30.
Element Fleet Management, a new entity formed from several prior fleet management businesses, reported originations of $482.5 million in the third quarter, which included $409 million of new volume from the operations of PHH Arval. Element's fleet management originations came in at $138.2 million for the preceding quarter.
The company's U.S. Commercial and Vendor Finance unit, which provides equipment financing, reported new originations of $224.5 million for the three-month period ending Sept. 30 compared with $213.3 million originating in the previous quarter. Originations from Element's Canadian Commercial and Vendor business fell to $147.9 million compared with $158.4 million for the quarter ending June 30.
Inside Element Financial's Acquisition of PHH Arval