Cox Automotive has acquired FleetMaster, a specialist in workflow technology for rental, leasing and dealerships, for an undisclosed sum.
The company, which was founded in 2011, is a cloud-based fleet software business, delivering solutions to rental companies, dealerships and automotive manufacturers.
Following the acquisition, FleetMaster will be integrated into Cox Automotive Mobility, as it looks to grow the business in Europe.
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, says that the addition of Cox Automotive's “expertise and experience” will add more value to its global customers, ensuring they can access the “best tools and knowledge” to support their businesses.
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 says it is committed to driving the future of transportation and focused on developing a fleet services and utilisation marketplace through Cox Automotive Mobility.
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.