PHH Arval, Sparks, Md., has entered into a definitive agreement to purchase the privately held First Fleet Corp.

First Fleet is a national provider of asset management, operational support and financial services for companies that maintain private fleets of trucks, trailers and equipment.
First Fleet Corp. will continue to market its brand separately. Together, PHH and First Fleet will be one of the leading providers of leasing and services to truck fleets, managing 58,000 medium and heavy trucks and equipment in North America.
George Kilroy, president and CEO of PHH Arval, said, "Our purchase of First Fleet, a leader in the highly specialized area of truck fleet services, dramatically strengthens our presence in the expanding truck fleet market. It also brings tremendous experience in the truck consulting area, providing PHH's clients with even more opportunities to maximize their truck fleets. First Fleet's unique lease syndication processes, combined with PHH's existing collision management, fuel and maintenance, and used vehicle sale services, continues PHH's growth in the fee-for-services area."