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PHH Arval Completes Acquisition of FS

February 8, 2002

PHH Arval announced on Feb. 7, 2002 it has completed its previously announced acquisition of FS Corp., a subsidiary of DriverShield Corp. FS Corp. provides collision management services to corporate fleets through-out the United States. With the acquisition, PHH now has more than 260,000 vehicles under accident management.As part of the transaction, PHH has also made an equity investment in DriverShield Corp.’s on-going business, which primarily provides claims management and collision repair services to insurance companies, and auto discounts and services membership programs to financial institutions and consumers. In addition, PHH and DriverShield Corp. are close to completing a strategic alliance in which PHH will provide services that include information technology development and hosting, operations support, and supplier network management.
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