The 14-year partnership between Arval and PHH Arval, which was acquired by Element Financial Corp. last July, has been extended via an enhanced strategic agreement signed by both entities 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 K. Hudson, chairman & CEO 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.”
"We are very pleased that we have extended this agreement thereby strengthening and solidifying our global reach," added Philippe Bismut, chairman & CEO of Arval. "This marks the continuation of a productive and long-term partnership that provides our international clients with superior and innovative services, advice and tools."
Founded in 1989 and fully owned by BNP Paribas, Arval specializes in full-service vehicle leasing. The company operates in 25 countries and fields a global leased fleet of over 700,000 vehicles.
With total assets of $10 billion, Element Financial ranks as one of North America's leading equipment-finance companies. The firm operates across North America in four equipment-finance market verticals: Commercial & Vendor Finance, Aviation Finance, Railcar Finance and Fleet Management.