Serves the Commercial Small Fleet Market of 10 – 50 Vehicles

PHH Arval and First Fleet Corporation Create Truck Group

May 24, 2006

PHH Arval and First Fleet Corporation, subsidiaries of PHH Corporation, have announced the formation of a new dedicated truck group to serve the comprehensive needs of companies with private fleets of light, medium, and heavy trucks and equipment. The new organization, called PHH FirstFleet, brings together the resources of PHH Arval and First Fleet Corporation, a leading truck asset management company acquired by PHH in 2004. PHH FirstFleet provides a complete solution for truck fleets, including:
· Consulting expertise to help maximize truck and equipment investments
· Innovative financing options, including Logic Lease, a flexible type of lease available only through PHH FirstFleet
· Expert engineering and specifications, ordering, upfitting, and delivery
· Truck services, including fuel, maintenance, and accident management
· PHH InterActive, an award-winning online information management system
PHH FirstFleet will be expanding its current services in the coming months in several key areas, such as fuel and maintenance. PHH Arval clients whose fleets include trucks will continue to be serviced by their existing account teams, and will be able to utilize the combined resources of PHH Arval and PHH FirstFleet to enhance the capabilities available to their truck fleets. PHH FirstFleet is headed by Michael C. Lewis, president and general manager of First Fleet Corporation. Based in Ft. Lauderdale, Florida, PHH FirstFleet has additional operations in Sparks, Maryland, and Mississauga, Canada. The new group will operate a dedicated sales force and combine the operational and technology infrastructure of PHH Arval and First Fleet Corporation.According to George J. Kilroy, president and CEO of PHH Arval, “PHH FirstFleet brings something new to the commercial truck marketplace: a one-stop North American solution that includes unique capabilities, 60 years of fleet management and truck experience, and an outstanding reputation for customer service.” For more information about PHH FirstFleet, please visit www.phhfirstfleet.com.
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