Cox Automotive has taken a major step forward developing its mobility offering across Europe and its international business following the acquisition of FleetMaster, a specialist in workflow technology for rental, leasing and dealerships for an undisclosed sum.
FleetMaster, founded in 2011, is a cloud-based fleet software business, delivering innovative solutions to rental companies, dealerships and automotive manufacturers. Following the acquisition, FleetMaster will be integrated into Cox Automotive Mobility which is driving the future of transportation by helping fleets.
This acquisition by Cox Automotive will enable it to further expand its capabilities to customers and prospects in Europe looking to access the latest mobility services across international markets which includes rental, hire, flexible access / subscription as well as lease.
Martin Forbes, President of Cox Automotive International said: “Mobility is a huge growth area and presents a significant opportunity for us. Cox Automotive (in the US) has made several strategic acquisitions over the past few years in this sector, and the acquisition of FleetMaster is both an integral part of our future and a clear indication of our intent to significantly extend our mobility capabilities in Europe. We are seeing an accelerated shift towards mobility services as both the ownership and usership model across the automotive ecosystem evolves. It is therefore vital that we can offer a more extensive offering to our customers and prospects internationally.
He added: “Acquiring a business like FleetMaster with such a vast knowledge and expertise in this area is paramount to the growth of our mobility strategy. It’s a sector that will grow immensely in the coming years. I’m delighted to welcome the FleetMaster team into the Cox Automotive family, as we continue to strive towards our goal to be one of the global leaders in mobility.”
Frederik De Witte, Co-Founder of FleetMaster said: “Through getting to know this company and its leaders, it’s clear that Cox Automotive is a business that stands by its mission to empower people today to build a better future for the next generation. The team we will be working with knows that this is the most exciting time in the history of transportation, and they are determined to lead the way forward. The addition of Cox Automotive's expertise and experience will truly add more value to our global customers, ensuring they can access the best tools and knowledge to support their businesses. As a family-owned company, Cox Automotive shares similar values to ours which was an important part in our decision to join them.”
The co-founders of the FleetMaster business will continue to run day-to-day operations, joining the Cox Automotive Mobility team, reporting into Forbes as President of Cox Automotive International. FleetMaster has offices in Ghent, Belgium and Long Beach, California.
Cox Automotive is committed to driving the future of transportation and focused on developing a fleet services and utilisation marketplace through Cox Automotive Mobility, which enables it to become a one-stop shop that maximises the value of a fleet asset from in-fleet to de-fleet Services, Fleet Management Platforms, flexible access / subscription facilitation, to R&D in areas such as battery health & recycling, sensor diagnostics and calibration.
Based on Cox Automotive research, fleets will own the majority of connected, autonomous, shared and electric (CASE) vehicles in the future and play a larger role in the future of mobility, with shared vehicles covering greater mileages and requiring more servicing and maintenance.