Manheim, a vehicle remarketing, auction and retails company owned by Cox Automotive, has announced it is acquiring a majority shareholding in online vehicle logistics platform, Movex.
Movex facilitates around 40,000 vehicle movements a year for franchised and independent dealerships, as well as vehicle remarketing organisations. The company formed in 2012 and has grown since then to become the UK’s leading online vehicle logistics platform. There are hopes it can now grow even further as part of Manheim.
The acquisition represents another strategic investment for Manheim. Michael Buxton, CEO of Manheim UK, said: “The majority acquisition of Movex is a further demonstration of our commitment to investing in products and services to deliver greater value to our customers. The Movex platform is complementary to our existing business and we are now in the process of fully exploring the synergies that can be achieved.”
To use the platform, customers upload their vehicle logistics requirements to the platform and networks of approved transport providers can submit quotes. The company chosen is charged a commission by Movex based on the cost of the job. Transport companies are also charged a monthly subscription fee based on their usage.
To help improve efficiency and reduce the number of empty miles, there is also a backhaul function where transport providers can fill empty slots on transporters or return journeys for trade plate drivers. As well as improving the operational efficiency, it allows transporters to deliver more competitive pricing and a faster turnaround.
Daren Jones, Managing Director of Movex, said, “We know that our platform delivers major benefits to our existing customers and transport providers, and has the potential to be scaled up to meet rising demand in vehicle movements across the UK. Manheim clearly recognised this potential and we are incredibly excited to become part of the Manheim and wider Cox Automotive family.”
Movex will continue to operate under its own name, and under the leadership of Daren Jones.