PHH Arval Endorses Black Book Commercial Index Value Guide
SPARKS, MD – PHH Arval, a subsidiary of PHH Corp. has announced completion of a partnership agreement with Black Book as its chosen benchmark for used-vehicle performance measurement. PHH Arval is the first fleet management company to complete a formal agreement with Black Book, which culminates months of extensive due diligence in finding an unbiased, accurate source of metrics for vehicle resale performance."Noting the frustration among fleet managers tasked with measuring remarketing performance, PHH Arval’s goal was to find an independent source of used-vehicle benchmark values," said William Cieslak, vice president of Vehicle Operations for PHH Arval. "It was important to find an organization that is neutral in the industry, has no sales-related business relationship now or in the future with a leasing company, and which provides data in a finished format that does not require interpretation or analysis of large raw data extracts." According to PHH, Black Book meets all the criteria and also offers flexibility and consistency via a stable technology platform.“The pure data provided by Black Book gets fleet managers and leasing companies out of the confusing business of having to create their own benchmarks. With Black Book Commercial Index Values, we believe we have found the solution to an industry issue that has plagued fleet managers for years, and we endorse Black Book as the new standard by which fleet managers can measure used vehicle sale performance. We encourage others to also use Black Book commercial values and to embrace it as the fleet sales benchmark,” said Cieslak.