FIRST FLEET CORPORATION TAPS ALEXANDER POPOV AS

VICE PRESIDENT, FLEET SERVICES

FORT LAUDERDALE, FL – January 24, 2006 – First Fleet Corporation, a national provider of asset management, financial and operational support to the nation’s private truck fleets, today announced the appointment of international transportation and logistics industry veteran Alexander Popov as vice president, Fleet Services. During his career, which spans the transportation, solid waste disposal and fleet management industries, Popov has worked with the largest fleets in their fields.

In his new position, he will oversee the fleet services and purchasing operations for the corporation, while expanding on the functions of the company’s growing business platform. His mandate is to provide market intelligence and insight on technical and equipment issues to First Fleet’s senior management.  Popov is also charged with developing an ongoing system to track customer fleet usage and utilization statistics. In addition, he will oversee First Fleet’s 18-month fuel study, currently in progress.

“Alex brings a multifaceted, international background in transportation, engineering, fleet operations and a sharp financial acumen to First Fleet.  He will have a positive impact on all aspects of our business, providing valuable information and strategic counsel to our management and sales teams,” said John Flynn, president and CEO, First Fleet Corporation.

Prior to joining First Fleet, Popov was vice president, Logistics for Waste Management, Inc. in Houston, where he directed rebuilding the company’s fleet services and logistics operations. Previously, in Miami, he was corporate director, Field Maintenance Processes for Ryder Transportation Systems. Before that, he served as industrial engineering manager for the Americas Division of United Parcel Service, where he directed a strategic corporate service initiative to penetrate Latin America.

He received an M.B.A. in finance from Tulane University and a Bachelor of Science degree in industrial engineering from Roosevelt University, Chicago. Popov’s work was published and recognized for the 2004 MIT-Edelman Award. He is a member of the Industrial Engineering Society, Technology & Maintenance Council, Council of Logistics Management and INFORMS.

About First Fleet Corporation

Fort Lauderdale-based First Fleet Corporation, a subsidiary of PHH Arval, is a national provider of asset management, financial services and high technology operational support to the trucking and transportation industry throughout North America. The company currently owns or manages more than 15,000 trucks, tractors and trailers for a number of Fortune 500-level companies, including BP Amoco, DaimlerChrysler, Ford, Kraft, Maytag, Hormel, and Tropicana. First Fleet is located at 350 East Las Olas Boulevard, Fort Lauderdale, FL 33301. For more information, contact First Fleet Corporation at (954) 761-9700 or visit the company’s Web site, www.firstfleet.com.                                                                                                                               

 About PHH Arval

PHH Arval is the second largest commercial fleet management company¹ in North America. PHH Arval provides outsourced fleet management solutions to corporate clients, including nearly one-third of the Fortune 500 companies, and government agencies. Through consultative expertise, flexible customer service, and award-winning Internet technology, PHH Arval helps clients reduce costs and increase productivity. For more information, visit www.phharval.com, or call 800 ONLY PHH.

¹Automotive Fleet Fact Book, June 2005

 About PHH Corporation

Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading outsource provider of mortgage and vehicle fleet management services. Its subsidiary, PHH Mortgage, is one of the top ten retail originators of residential mortgages in the United States¹, and its subsidiary PHH Arval is the second-largest fleet management services provider in the United States and Canada². For additional information about the company and its subsidiaries, please visit our Web site at www.phh.com. 

¹ Inside Mortgage Finance, November 2005

²Automotive Fleet Fact Book, June 2005