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.
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.