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Gene Arbaugh, a retired long-time executive with PHH, passed away on November 18, 2022. He was 84. Arbaugh retired from PHH, a Fortune 500 company, in 1997. He was inducted in Automotive Fleet’s Fleet Hall of Fame in 2008.
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Brian Hunt, a former president of PHH Canada, passed away on Feb. 9, 2021, from cancer. He was 69. Hunt joined Peterson, Howell & Heather (PHH) in 1982, a fleet management company headquartered in Hunt Valley, Md., which is now part of Element Fleet Management.
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As we all know, General Electric (GE) has exited the fleet management industry after a three-decade presence, which started in 1984 when GE Credit Corp. purchased Kerr Leasing, a small family-owned leasing company in Englewood, Colo. What is not well known is why GE entered the fleet management industry in the first place. Here is the prologue or “back story” that was the catalyst to GE’s entry into the fleet business.
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Sam Penn, a retired PHH executive, died of complications from cancer April 18. He was 81.
Read More →“Total fleet management” is a generic, shorthand term used to refer to programs offered by FMCs that administer all aspects of a client company’s fleet operations. Have you ever wondered about the origin of this concept? You might be surprised to learn that IBM was one of the initial catalysts leading to the development of today’s total fleet management programs. This might surprise some in the fleet industry, because for the longest time, IBM has been the poster child of driver reimbursement.
Read More →Merger mania is hitting the fleet market once again. We’re hearing about potential OEM consolidations and we now have Element Financial Corp. expanding its foothold in the U.S., with the acquisition of GE Capital Fleet Services on the heels of its recent purchase of PHH.
Read More →PHH Corp. announced its financial results for the first quarter of 2013. The company’s fleet management services division showed a profit of $21 million, which is up $1 million from the fourth quarter of 2012 but down $3 million when compared with the first quarter of 2012.
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Automotive Fleet chronicles the acquisitions and mergers of the major fleet leasing and management companies over the years.
Read More →This is the third year in a row that the company’s Fleet Management Services segment seen earned double-digit growth in profits, according to the company.
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Open-end (or finance) leasing was developed in 1951. Fleets wanted to lease units with off-balance sheet reporting. In 1981, the landmark Swift Dodge vs. IRS court decision legitimized the use of open-end TRAC leases.
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