Element Financial Corp. has extended the 14-year partnership between Arval and PHH Arval, following the July merger when representatives from both companies signed an enhanced strategic agreement to form the Element-Arval Global Alliance.
"The Element-Arval Global Alliance continues the longest North American-European global alliance in the fleet industry," said Steven Hudson, chairman and chief executive officer of Element Financial. "More importantly, it gives Element exclusive access to a cost efficient platform from which we can seamlessly serve the fleet management needs of clients that have fleet assets outside of North America."
The Toronto-based Element finalized its acquisition of PHH Arval in July for $1.4 billion. The value of the number of vehicles under Element management now stands at $6 billion.
"We are very pleased that we have extended this agreement thereby strengthening and solidifying our global reach," said Philippe Bismut, Arval's chairman and chief executive officer. "This marks the continuation of a productive and long-term partnership that provides our international clients with superior and innovative services, advice and tools."