PRESS RELEASE
Contact:
Kate Donahue
AmeriQuest® Transportation and Logistics Resources Corp.
856.773.0600
kdonahue@ameriquestcorp.com
AMERIQUEST ANNOUNCES THE ACQUISITION OF COMPLETE FLEET MANAGEMENT, INC.
Company adds enterprise-wide asset services, customer finance and used vehicle remarketing capabilities to partners and participants
CHERRY HILL, NJ -- AmeriQuest® Transportation and Logistics Resources Corp., a leading provider of services to the fleet management industry and business system pioneer, announced today that it has signed a letter of intent to acquire the assets and management talent of Complete Fleet Management, Inc. The acquisition will provide AmeriQuest with company-wide asset services, customer finance and national used truck, tractor and trailer remarketing capabilities, and is another step towards transforming the firm into a complete highway transportation solutions and life cycle management provider.
"Acquiring an enterprise-wide asset services capability has been a priority for us for some time. In addition to asset services, this acquisition will provide the AmeriQuest network with additional customer finance programs and the ability to remarket used equipment on a national level. These are critical components in the evolving ability of AmeriQuest to position itself as the only company that has the technologies, services and solutions to bring highway transportation life cycle management to its partners and participants on a menu driven basis," said Doug Clark, President & CEO, AmeriQuest.
"We are very pleased at the opportunity to become a part of what AmeriQuest and its FleetXchange division offer its vast network of companies - from independent leasing and rental companies, to food industry distributors, wholesalers and retailers," said Jim Guice, President, Complete Fleet Management.
As part of the acquisition, Guice will be joining AmeriQuest as Vice President, Asset Services. Guice brings a wealth of experience including four years as President and CEO of TEAM Vehicle Sales and 28 years in senior management with Ryder System. Jim Sweeney will also be joining AmeriQuest as Vice President, AmeriQuest Remarketing Services. Sweeney brings with him nearly 30 years of transportation experience, most recently with Budget Truck Rental.
Jim Guice will be presenting this new product offering at our upcoming AmeriQuest Transportation Industry Symposium, being held in Las Vegas, February 29 - March 3, 2004.
About Complete Fleet Management, Inc.
Complete Fleet Management provides customized highway transportation asset services solutions to customers of all sizes, which will now be offered under the AmeriQuest Asset Services umbrella. The basis of the AmeriQuest Asset Services approach will be the development of customer profiles, which lower overall transportation costs by optimizing fleet age and mix, purchasing, finance and disposal strategies. AmeriQuest Asset Services will also provide leadership in developing innovative customer finance programs for fleets of all sizes. The independence from any single manufacturer, leasing company or financial product is unique in the industry, allowing customers to implement the optimal transportation solution based solely on operational requirements. In addition to asset services and customer finance, AmeriQuest will offer customers a nationwide used truck, tractor and trailer disposal network, focusing on the right disposal solution for each individual asset.
About AmeriQuest Transportation and Logistics Resources
AmeriQuest Transportation and Logistics Resources provides procurement services, outsourced transportation management services, asset services, and logistics consulting to the commercial trucking industry. AmeriQuest dramatically cuts costs and optimizes operations for their powerful network of more than 525,000 transportation vehicles. AmeriQuest offers significant discounts with commercial trucking suppliers' fleet-related products, and provides technology driven back office process efficiencies. AmeriQuest enables customers to realize immediate bottom-line savings while adding economic and performance value to industry supply chains.
