Cox Automotive started 2021 with two relatively big acquisitions cut from very different cloths.
One of the purchases, imaging technology company Fyusion, has obvious and immediate implications for Cox's Manheim auction unit. The other, Dickinson Fleet Services, which does mobile servicing for medium- and heavy-duty trucks, is part of Cox's broader strategy to capitalize on the burgeoning mobility space. The acquisitions closed in late December, and purchase prices were not disclosed.
The Fyusion acquisition is a bid to give remote auction buyers more confidence. Cox had been working with the San Francisco company for at least two years, using its technology for 360-degree exterior imaging on the Manheim Express mobile wholesaling platform.