In a statement, the company said it had taken “a major step forward developing its mobility offering across Europe and its international business” through the acquisition. FleetMaster was founded in Belgium in 2011 and specializes in workflow technology for rental, leasing and dealerships. FleetMaster will be integrated into Cox Automotive.
The company said the acquisition will enable it to expand its capabilities to customers across Europe who want access to the latest mobility services across international markets, including rental, hire, flexible access, subscription and leasing services.
“Mobility is a huge growth area and presents a significant opportunity for us,” said Martin Forbes, Cox Automotive International president.
“Cox Automotive (in the U.S.) has made several strategic acquisitions over the past few years in this sector, and the acquisition of FleetMaster is 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.”
Cox Automotive’s own research found that fleets will own most connected, autonomous, shared and electric (CASE) vehicles in the future and play a larger role in the future of mobility.
FleetMaster’s existing team will continue to run the day-to-day business, joining the Cox Automotive Mobility team.
“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,” said Frederik De Witte, FleetMaster co-founder.