Manheim acquires majority shareholding in Movex online vehicle logistics platform
Formed in 2012, Movex facilitates around 40,000 vehicle movements each year for a wide range of customers and, according to Manheim, “now has significant potential for further growth in an immature market”.
Movex, which is based just outside London, will continue to operate as a standalone business under the leadership of Daren Jones.
Michael Buxton, CEO of Manheim UK, said: “The majority acquisition of Movex is a further demonstration of our commitment to investing in products and services to deliver greater value to our customers. The Movex platform is complementary to our existing business and we are now in the process of fully exploring the synergies that can be achieved.”
Movex customers who need a vehicle moved simply upload their requirements to the platform, where networks of approved transport providers are then able to submit quotes for the job. The successful transport company is charged a commission by Movex based on the revenue they generate from each job. In addition transport companies are charged a monthly subscription fee based on usage of the platform.
The platform’s backload functionality allows transport providers to fill empty slots on transporters or return journeys for trade plate drivers. This not only improves the efficiency of the provider’s operations, but also allows them to deliver more competitive pricing and faster turnaround times to customers.
Daren Jones, managing director of Movex, added: “We know that our platform delivers major benefits to our existing customers and transport providers, and has the potential to be scaled up to meet rising demand in vehicle movements across the UK. Manheim clearly recognised this potential and we are incredibly excited to become part of the Manheim and wider Cox Automotive family.”