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PHH Arval Announces Acquisition of First Fleet Corporation

February 17, 2004

PHH Arval announced on Feb. 12, 2004 that it has entered into a definitive agreement to purchase the privately-held First Fleet Corporation, a national provider of asset management, operational support and financial services for companies that maintain private fleets of trucks, trailers and equipment. First Fleet Corporation will continue to market its brand separately.Together, PHH and First Fleet will be one of the leading providers of leasing and services to truck fleets, managing approximately 58,000 medium and heavy trucks and equipment in North America; PHH also manages an additional 527,000 cars and light trucks. George Kilroy, president and CEO of PHH Arval, commented: “PHH continues to aggressively pursue growth through strategic alliances and ‘tuck-in’ acquisitions of businesses that are complementary or adjacent to our core business. Two years ago, we made a key acquisition in the collision management arena that made us one of the leading providers of accident services. Now, our purchase of First Fleet, a leader in truck fleet services, strengthens our presence in the expanding truck fleet market. It also brings tremendous experience in the truck consulting area, providing PHH’s clients with even more opportunities to maximize their truck fleets. First Fleet’s unique lease syndication processes, combined with PHH’s existing collision management, fuel and maintenance, and used vehicle sale services, continues PHH’s growth in the fee-for-services area.”The transaction is not material to Cendant Corporation’s financial condition or results of operations. As such, financial terms of the transaction were not disclosed.Fort Lauderdale-based First Fleet Corporation is a provider of asset management, financial and operational support to the trucking and transportation industry. The company currently owns or manages more than 12,000 trucks, tractors and trailers.
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