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GE announced that it has reached an agreement to sell its GE Capital, Transportation Finance business in the U.S. and Canada to BMO Financial Group (BMO).
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Element Financial Corp. has closed its acquisition of GE Capital's U.S. fleet business and will now turn its attention toward integrating the two entities, the Toronto-based company announced Aug. 31.
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Element Financial Corp. has tapped the leader of the recently acquired GE Capital fleet unit as president and chief executive for its U.S. fleet management company and will shift the existing president to its Toronto-based operation.
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The U.S. Federal Trade Commission has granted early termination to the waiting period under an anti-trust law for Element Financial Corp. to acquire GE Capital's fleet management unit.
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The president of Element Financial Corp. provides the strategic thinking and explains the impact on the fleet industry of the company's acquisition of GE Capital Fleet Services in an exclusive interview with Automotive Fleet.
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Through a partnership with J.J. Keller & Associates Inc. and Verizon Networkfleet, the new telematics offering will provide companies, including those with medium-duty fleets, with enhancements including electronic hours of service and driver vehicle inspection reports.
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Toronto-based Element Financial Corp. has entered an agreement with General Electric to acquire GE Capital's fleet business in the U.S., Mexico, Australia and New Zealand for $6.9 billion.
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Although GE Capital Fleet Services has had strong annual revenue growth and a significant product development agenda, its upcoming sale is part of a larger strategic plan by its parent company to focus on its core industrial businesses.
Read More →GE Capital Fleet Services today introduced BrightWorks Insights, a fleet analytics platform that brings together data from drivers, vehicles, fleet services, and third parties to enable companies to make smarter fleet management decisions.
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General Electric will sell off its fleet management and automotive financing business units by 2018 under a strategic plan to focus on its core businesses and shed most of its finance and banking businesses, the company has announced.
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