Manheim completes majority acquisition of Movex online vehicle logistics platform
Manheim has made a significant strategic investment in acquiring a majority shareholding in online vehicle logistics platform, Movex.
Movex is the UK’s leading online vehicle logistics platform, facilitating around 40,000 vehicle collections and deliveries each year for a wide range of customers, including franchised and independent dealerships as well as vehicle remarketing organisations.
Since its formation in 2012, Movex has enjoyed impressive success and business growth, and with the support of Manheim, now has significant potential for further growth in an immature market.
The acquisition represents yet another major strategic investment for Manheim, which is part of family-owned Cox Automotive, the world’s largest automotive services business.
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.”
Daren Jones, Managing Director of Movex, added: “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 customers who need a vehicle moved simply upload their requirements to the platform, where networks of approved transport providers are then able to submit quotes for the job. The successful transport company is charged a commission by Movex based on the revenue they generate from each job. In addition transport companies are charged a monthly subscription fee based on usage of the platform.
To reduce the number of transporters moving around the country empty, which is inefficient as well as environmentally costly, the Movex platform’s backload functionality allows transport providers to fill empty slots on transporters or return journeys for trade plate drivers. This not only improves the efficiency of the provider’s operations, but also allows them to deliver more competitive pricing and faster turnaround times to customers.
Movex, which is based just outside London, will continue to operate as a standalone business under the leadership of Daren Jones.