PHH Arval, a subsidiary of PHH Corporation, has announced the integration of Black Book Value Guide data within PHH InterActive, the company’s secure, clients-only information management system. Earlier this year, PHH Arval selected the Black Book Value Guide as its source for used vehicle benchmark data. The reason: Black Book’s independent, consistent, and reliable methodology for assessing the value of used commercial vehicles. Black Book is the only external benchmark that does not require users to create summaries, which can expose results to manipulation or interpretation. Now, PHH has integrated Black Book data retroactive to January 2006 within PHH InterActive, providing these user benefits:

• Fair market value (FMV) calculations for virtually all makes and models, derived from nationwide auction data and Black Book representatives’ personal validation of vehicle quality.

• All FMV calculations incorporate client policies where applicable.

• PHH’s Black Book approach provides accurate and defendable FMVs to satisfy the intent of Sarbanes-Oxley compliance criteria and help clients meet financial and regulatory requirements.

• All used vehicle reports have been updated to reflect Black Book data. In addition, PHH Arval is developing a Dashboard for Black Book performance metrics, to be released in the first quarter of 2007. William Cieslak, Vice President of Vehicle Operations for PHH Arval, says, “The Black Book Value Guide provides the solution to an industry issue that has plagued fleet managers for years. Now, our clients can easily access Black Book data and objectively measure their used vehicle performance online.” About PHH Arval
  PHH Arval is the second-largest fleet management services provider in the United States and Canada combined. 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. 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 States, and its subsidiary PHH Arval is the second-largest fleet management services provider in the United States and Canada combined. For additional information on the company and its subsidiaries, please visit www.phh.com.