Cox Automotive has acquired fleet upkeep and restore service supplier FleetNet America for $100 million.
Cox, dealership know-how and wholesale public sale big, stated in a press release Tuesday that the acquisition will add a community of greater than 60,000 unbiased service suppliers all through the U.S., Canada and Puerto Rico to its enterprise. The deal additionally consists of FleetNet America’s cellular app.
Cox stated the acquisition will assist its mission of supporting fleet flexibility, transparency and communication.
Together the businesses will “deliver turnkey solutions backed by fleet experts and an expansive Service Provider network,” the assertion stated.
“Empowered by our combined decadeslong legacy, best-in-class customers and service provider networks and industry expertise, we’re disrupting the status quo and leading the fleet future — but not in the breakdown business — in the problem-solving business,” stated Steve Rowley, president of Cox Automotive.
The acquisition follows Rowley’s reaffirmed dedication in an interview with Automotive News on the National Automobile Dealers Association present in January that the corporate is “always looking” for acquisition targets that improve its present merchandise and fill portfolio gaps.
FleetNet America was beforehand a subsidiary of ArcBest, an built-in logistics firm. Judy R. McReynolds, ArcBest chairman, president and CEO, stated the corporate determined to half with FleetNet America as a result of “it is no longer core to our growth strategy.”
FleetNet America offers brokering emergency cellular help, cellular truck restore, towing and restoration, preventative upkeep and tire restore.
The sale was efficient Tuesday. Cox Automotive is a subsidiary of the privately held conglomerate Cox Enterprises.
Source: www.autonews.com