Arval's global fleet of leased vehicles went over the one million mark at the end of 2016, and managed to surpass the company's initial target of 6% growth for the year, instead achieving 8.4%.

The European leasing company operated 1,028,142 leased vehicles by the end of last year with France, Italy, Spain, and the UK accounting for approximately 60% of growth and nearly 70% of the total leased fleet, according to Fleet Europe.

Arval’s worldwide leased fleet growth of 8.4% was an improvement over what it leased in 2015, which was also bolstered by growth in a number of other markets including Austria (15%), Brazil (14%), Hungary (10%), Luxembourg (13%), Poland (15%), and Denmark (58%), according to Fleet News.

The growth in leased vehicles last year was also the result of Arval’s cooperation with BNP Paribas Group's banking network, the roll-out of Arval’s International Business Office, which is dedicated to major international clients, and SME Solutions, aimed at small and medium enterprises, according to Fleet Europe.

Arval's acquisition of GE Fleet Services at the end of 2015 also contributed to the growth, as the firm delivered a Europe-wide integration program in 2016 that covered more than 160,000 vehicles in 12 countries, according to Business Car.

Arval is now present in 28 countries, following its acquisition of Relsa in Brazil and its alliance with the same group in Peru and Chile, according to Fleet News.