PHH Arval Acquires First Fleet Corp.
PHH Arval has entered into an agreement to purchase First Fleet Corp, a national provider of asset management, operational support and financial services for companies that maintain private fleets of trucks, trailers and equipment, according to www.AutoRemarketing.com.
Although the companies are combining, First Fleet will continue to market its brand separately. Together, PHH and First Fleet will be a provider of leasing and services to truck fleets, managing roughly 58,000 medium and heavy trucks and equipment in the United States. PHH also manages an additional 527,000 cars and trucks.
George Kilroy, president and chief executive officer of PHH Arval, said the purchase has made the company stronger.