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ArcBest sells off FleetNet America division for $100 million

Cox Automotive says buying the fleet maintenance unit will help it deliver better uptime for trucking fleets across North America.

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Ben Ames
By Ben AmesMar 01, 2023
Ben Ames
Ben Ames has spent 20 years as a journalist since starting out as a daily newspaper reporter in Pennsylvania in 1995. From 1999 forward, he has focused on business and technology reporting for a number of trade journals, beginning when he joined Design News and Modern Materials Handling magazines. Ames is author of the trail guide "Hiking Massachusetts" and is a graduate of the Columbia School of Journalism.
See Full Bio

The freight and logistics service provider ArcBest yesterday said it had sold off its FleetNet America division for $100 million to Cox Automotive, the large automotive services and technology provider. 

North Carolina-based FleetNet America provides private and for-hire commercial fleets with comprehensive fleet repair and maintenance services, including brokering emergency mobile assistance, mobile truck repair, towing and recovery, preventative maintenance, and tire repair.

According to Cox, uniting its own automotive services and technologies with FleetNet America’s service offerings will allow the combined companies to maximize uptime for their fleet customers across North America by ensuring that every vehicle and every service is connected.

The deal provides fresh capital for Arkansas-based ArcBest, which also yesterday commenced a $125 million common stock repurchase program following its announcement of a second consecutive year of record-setting annual revenue and net income, based on GAAP-based 2022 net income of $298.2 million.

ArcBest has also been investing in new freight technologies such as remotely operated forklifts powered by technology from mobile warehouse robot vendor Phantom Auto. And today, ArcBest unveiled a truck unloading product called Vaux, which works by inserting a rolling steel sled into trailers, enabling them to be emptied in seconds through a single tug by a forklift.



 

 

ArticleEditorialTransportationTrucking
cox automotivefleetnet americaarcbest
ArticleEditorialTransportationTrucking
cox automotivefleetnet americaarcbest

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