We are very pleased to present to you our new international newsletter in which you will find what we believe is valuable information to better drive your fleet strategy and budget in these difficult times.

Two subjects are of particular interest:

• Arval Analytics, your new innovative web-based fleet decision making tool, that we are proud to launch officially with you today.
• Specific information on how to refine your international fleet strategy, especially useful in the current difficult economic environment.

Since the beginning of the year we have continued to build on our role as an expert in helping customers further optimise the management of their corporate vehicles. The weakness of the second-hand car market and volatility of oil prices, as well as environmental issues, should all be kept in mind when assessing the total cost of using a vehicle.

Some positive elements need also to be taken into account: the used car market seems to have stabilised at low levels, and at least is no longer falling; the inter-bank market has become a bit more fluid enabling a slight reduction in the liquidity costs; the cost of oil remains so far at lower levels than in the first part of 2008.
These market factors need to be monitored regularly as they increase the complexity of fleet management. This highlights the need for expert advice in order to optimise costs and assume the risks attached to fleet ownership.

This is where Arval seeks to provide you with added value, in a business that is fast changing, requiring solutions that combine both operational efficiency with economic and social reality.

Grégoire Chové Group Sales Director