Merchants Automotive Group

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Merchants Automotive Group
IndustryFleet vehicles
Founded1962
FounderIrving Singer
Headquarters
Hooksett, New Hampshire
Key people
Brendan P. Keegan
(Chairman, CEO & President)
Jerry Pavelich
(Senior Vice President & CFO)
OwnerBain Capital
Abu Dhabi Investment Authority
Merchants Fleet Leadership Team
Website[// ] 

Merchants Automotive Group is an American company that leases fleet vehicles and provides fleet management services.[1][2][3][4][5]

History

Irving Singer founded Merchants Motors in 1962 as a used car dealership in New Hampshire.[6] Over the years, the company expanded its services to include rental cars and fleet leasing. By 1977, Merchants had opened satellite locations in Vermont and Massachusetts.[7]

By 1983, Merchants had become the largest non-affiliated rental car company in the United States and the largest car business in New Hampshire by 1984.[8] In 1992, First New Hampshire Bank facilitated $50 million in financing commitments for Merchants.[9] The company expanded its services nationally, acquiring several businesses, including ALD Automotive's North American arm in 2011, gaining ownership of ALD’s U.S. customer base of about 3,300 vehicles.[10]

In 2017, Brendan P. Keegan was hired as the Chief Executive Officer.[11][12][13] In 2019, the company rebranded as Merchants Fleet and secured significant financing, leading to rapid growth, acknowledged by their placement on the Inc. 5000 list.[14] In October 2022, Bain Capital, Abu Dhabi Investment Authority, and Merchants Fleet Leadership Team acquired the company.[15][16][17][18][19][20] Unfortunately, on November 22, 2022, Gary Singer passed away at the age of 67.[21]

Merchants Fleet has committed to purchase 12,500 units of the Ram ProMaster Electric Van (EV), making it a key commercial customer for Ram Truck's first electric vehicle in North America, as part of Stellantis' electrification journey outlined in the Dare Forward 2030 strategic plan.[22][23][24][25][26] The company has also introduced ClearCharge, a nationwide solution for electric vehicle (EV) charging and infrastructure management designed for fleets of all sizes, enabling remote charging operations.[27][28]

Operations

Merchants Fleet manages 170,000 vehicles throughout the United States.[29][30][31] Merchants Fleet has 40,000 electric vehicles reserved and $2.5 billion committed to fleet electrification and sustainability.[32][33][34][35][36]

References

  1. ↑ Dioro, Stephen (June 6, 2022). "Transforming Merchants Fleet Into A Hyper Growth Business". Forbes.
  2. ↑ Mihalascu, Dan. "Merchants Fleet To Buy 12,500 Ram ProMaster EV Electric Vans". InsideEVs. Retrieved 2023-09-30.
  3. ↑ Cooper, Laura (2020-04-21). "Bain Capital Credit Invests $50 Million With Fleet Management Company". Wall Street Journal. ISSN 0099-9660. Retrieved 2023-09-30.
  4. ↑ "Last-Mile Focuses on Sustainable Shipping". Transport Topics. 2022-12-08. Retrieved 2023-09-30.
  5. ↑ "Merchants Fleet". www.mclaren.com. Retrieved 2023-09-30.
  6. ↑ "Bain Capital, Abu Dhabi Investment Authority acquire NH's Merchants Fleet". NH Business Review. 2022-07-22. Retrieved 2023-09-30.
  7. ↑ Feingold, Jeff (July 21, 2022). "Bain Capital, Abu Dhabi Investment Authority acquire NH's Merchants Fleet". New Hampshire Business Review.
  8. ↑ "New Hampshire's Largest Car Company". Concord Monitor. February 16, 1984.
  9. ↑ "The Singer Family Success Story". First NH Bank. 1992.
  10. ↑ Fletcher, Lauren (March 8, 2016). "Milestones in the Fleet Leasing Industry". Fleet Financials.
  11. ↑ Pelletier, George (May 8, 2021). "CEO, author, speaker Brendan Keegan reflects on success". Nashua Telegraph.
  12. ↑ Daniel (2023-09-18). "Merchants Fleet, Brendan Keegan: Overcoming challenges in today's fleet management". Global Fleet. Retrieved 2023-09-30.
  13. ↑ "Award-Winning CEO Authors Fearless Guide For Achieving The Impossible". Forbes. April 18, 2023. Retrieved 2023-09-30.
  14. ↑ Feingold, Jeff (August 22, 2022). "10 New Hampshire businesses earn places on Inc. 5000 list". New Hampshire Business Review.
  15. ↑ Hayward, Mark (2022-10-19). "Bain Capital, Abu Dhabi investment firm complete purchase of Merchants Automotive Group". Yahoo News. Retrieved 2023-09-30.
  16. ↑ "Bain Capital, Abu Dhabi investment firm to buy Merchants Automotive Group". Yahoo News. 2022-07-21. Retrieved 2023-09-30.
  17. ↑ Dorbian, Iris (2022-10-19). "Bain Capital and ADIA complete Merchants Fleet buyout". PE Hub. Retrieved 2023-09-30.
  18. ↑ Dorbian, Iris (2022-10-19). "Bain Capital and ADIA complete Merchants Fleet buyout". PE Hub. Retrieved 2023-09-30.
  19. ↑ "Bain Capital Finds ADIA as a Partner for Merchants Fleet Acquisition - SWFI". www.swfinstitute.org. Retrieved 2023-09-30.
  20. ↑ "Bain Capital and ADIA agree Merchants Fleet deal". Financier Worldwide. Retrieved 2023-09-30.
  21. ↑ Cousineau, Michael (November 16, 2022). "Gary Singer, of car dealer family, remembered as generous". Yahoo.
  22. ↑ Hanley, Steve (2023-06-17). "FedEx Canada Adds 50 Brightdrop Electric Delivery Vans, Merchants Fleet Orders 12,500 Electric RAM Vans". CleanTechnica. Retrieved 2023-09-30.
  23. ↑ Hinton, Christian (2023-06-29). "Merchants Fleet secures over 12K new commercial EVs". The Buzz - Electric Vehicle News. Retrieved 2023-09-30.
  24. ↑ Noble, Breana (2023-06-13). "Merchants Fleet second buyer for electric Ram ProMaster vans". UnionLeader.com. Retrieved 2023-09-30.
  25. ↑ Roberts, Graeme (2023-06-14). "Fleet operator signs for 12,500 electric Ram vans". Just Auto. Retrieved 2023-09-30.
  26. ↑ "Merchants Fleet second buyer for electric Ram ProMaster vans". The Detroit News. Retrieved 2023-09-30.
  27. ↑ "Remote Electric Vehicle Charging Solutions for Commercial Fleets". Supply & Demand Chain Executive. 2023-07-05. Retrieved 2023-09-30.
  28. ↑ Lovrak, Tess (July 14, 2023). "Merchants Fleet launches ClearCharge EV charging offerings". Fleet Equipment. Retrieved 2023-09-30.
  29. ↑ Feingold, Jeff (October 13, 2021). "Merchants Fleet boosts funding capacity to $2 billion". New Hampshire Business Review.
  30. ↑ "Ares Management Leads $3B in Financing to Support Acquisition of Merchants Fleet - Monitordaily". 2023-05-08. Retrieved 2023-09-30.
  31. ↑ "Vehicle leasing firm Merchants Fleet acquired by private equity investors | CSCMP's Supply Chain Quarterly". www.dcvelocity.com. Retrieved 2023-09-30.
  32. ↑ "Merchants Fleet Doubles Lending Capacity for Commercial Vehicles and Equipment". Monitor Daily. February 10, 2023.
  33. ↑ "Merchants Fleet to purchase 12,500 Ram ProMaster electric vans". FleetOwner. 2023-06-15. Retrieved 2023-09-30.
  34. ↑ Miller, Robert S. (2023-06-16). "Merchants Fleet To Purchase 12,500 All-New Ram ProMaster EVs". MoparInsiders. Retrieved 2023-09-30.
  35. ↑ Clouse, CJ (January 18, 2022). "Merchants Fleet goes fast and furious on electrification | GreenBiz". www.greenbiz.com. Retrieved 2023-09-30.
  36. ↑ "Merchants Fleet to purchase electric step vans from Xos Inc". Reuters. 2021-12-13. Retrieved 2023-09-30.

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