Cox Automotive has completed the acquisition of FleetMaster, a specialist in workflow technology for rental, leasing and dealerships.
Cox hopes the acquisition will enable the company to further expand its capabilities to customers in Europe. The business said it has seen an accelerated shift towards mobility services and ownership and usership models evolve, and this acquisition will help to offer a more extensive offering to customers.
Founded in 2011, FleetMaster is a cloud-based fleet software business, providing services to rental companies, dealerships and manufacturers. Following the acquisition, FleetMaster will be integrated into Cox Automotive Mobility.
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.
“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, added: “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.”
Last month, Sam Watkins was named as the new sales director for Cox Automotive Europe, leaving her role as commercial director for Manheim Vehicle Services.