Cox Automotive continues mobility services growth with FleetMaster buy
Cox Automotive has acquired cloud-based fleet software business FleetMaster for an undisclosed sum, advancing its work in mobility services within Europe.
FleetMaster, founded in 2011, is a specialist in workflow technology for rental and leasing firms, dealerships and automotive manufacturers.
Cox said that acquiring a business with such vast expertise was paramount to the growth of its mobility strategy.
FleetMaster, which has offices in Belgium and California, will be integrated into the Cox Automotive Mobility division, which is focused on bringing a one-stop shop approach to maximise the value of a fleet asset from in-fleet to de-fleeting.
The acquisition comes as Cox Automotive looks to expand its capabilities to provide latest mobility services to customers and prospects in Europe. Its research has found that 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.
Martin Forbes, president of Cox Automotive International, commented: “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.”
The co-founders of the FleetMaster business will continue to run day-to-day operations, joining the Cox Automotive Mobility team, reporting into Martin Forbes.
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.”