PLAINES, Illinois And TOKYO And MEDFORD, Oregon. And NEW YORK, 27 June 2024 /PRNewswire/ — Wheels, a leading fleet management company in North Americaannounced that it has received a significant minority investment from Marubeni Corporation (“Marubeni”) and Lithia & Driveway (“Lithia”). The strategic investment aligns Wheels with notable players in the mobility space as the Company continues to innovate and build on its best-in-class product offerings for corporate customers. As a pioneer in fleet leasing and services, Wheels recognizes that the automotive industry is constantly evolving and welcomes the extensive industry knowledge that Marubeni and Lithia together bring to our business.
Marubeni has a strong track record of investing in companies across the U.S. automotive value chain since 1958. Current Marubeni portfolio companies in the mobility sector include companies focused on consumer auto financing, refrigerated trailer rental and leasing, and short-term commercial vehicle rental. As an investor in Wheels in partnership with Apollo-managed funds focused on origination platforms and asset-backed finance strategies, Marubeni is aligned with Apollo’s long-term vision for Wheels. In addition to providing automotive sector expertise, Marubeni’s long-standing relationships in Japan. Lithia, one of the largest dealer groups in the U.S., shares Wheels’ commitment to providing valuable offerings across the entire vehicle lifecycle, from vehicle acquisition and financing to maintenance and repair.
Shlomo CrandusWheels CEO, said, “We are delighted to have the support of two highly experienced investors. Our customers are always at the heart of everything we do, and that will continue to be the case as we innovate and grow with Marubeni and Lithia. While Wheels operates as a fleet management company today, the original business began as a car dealership in 1939, so we deeply value the world-class business Lithia has built and its commitment to customer satisfaction. We look forward to the strategic partnership and joint thinking with Marubeni and Lithia.”
The transaction is expected to close in the third quarter of calendar year 2024, subject to customary closing conditions.
About Wheels
As one of the largest providers of fleet management and mobility solutions in North AmericaWheels offers a comprehensive range of products and services that keep businesses and their mobile workforces moving efficiently and safely. Wheels supports end-to-end solutions for more than 1,000 customers representing more than 800,000 vehicles – from battery-powered electric sedans to service vehicles, Class 8 trucks and equipment. In 1939, Wheels invented the fleet industry and we continue to shape the future of mobility by delivering experiences our customers love. Discover how we are driving the future for our customers by visiting www.wheels.com.
Information Marubeni
Marubeni Corporation and its consolidated subsidiaries leverage their broad business networks both within Japan and abroad to conduct imports and exports (including third country trade) as well as domestic business, covering a wide range of business activities in wide-ranging fields including lifestyle, IT solutions, food, agribusiness, forest products, chemicals, metals and mineral resources, energy, power, infrastructure projects, aerospace and shipping, finance, leasing and real estate business, construction, industrial machinery and mobility, next generation business development and next generation corporate development. In addition, the Marubeni Group provides a variety of services, makes internal and external investments, and is involved in resource development in all of the above industries. Please visit Marubeni Corporation.
About Lithia
Lithia & Driveway (NYSE: LAD) is one of the largest global auto retailers, offering a broad range of products and services across the entire vehicle lifecycle. Simple, convenient and transparent experiences are delivered through our extensive network of physical locations, e-commerce platforms, proprietary financial solutions and other synergistic adjacencies. We deliver consistent, low-risk and profitable growth in a vast and unconsolidated industry. Our highly diversified and competitively differentiated design gives us the flexibility and scale to pursue our vision of modernizing personal transportation solutions where, when and how consumers want it. Please visit Lithia & Driveway.
About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to deliver excess returns to our clients at every point on the risk-return spectrum from investment grade to private equity, focusing on three investment strategies: yield, hybrid and equity. For more than three decades, our investment expertise on our fully integrated platform has served our clients’ financial return needs and provided companies with innovative capital solutions for growth. Through Athene, our retirement business, we specialize in helping our clients achieve financial security by offering a range of retirement products and acting as a solution provider for institutions. Our patient, creative and knowledgeable investment approach aligns our clients, the companies we invest in, our people and the communities we impact to expand opportunities and drive positive outcomes. March 31, 2024Apollo had approx. 671 billion US dollars of assets under management. For more information, visit www.apollo.com.
SOURCE: Lithia Motors, Inc.
