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Cox Automotive, one of the leading companies in the US for digital services for the automotive after market has acquired Spiers New Technologies (SNT), the leading company in remanufacturing of EV batteries. The acquisition is a step in Cox Automotive's strategy to establish a comprehensive global offering of EV battery service capabilities for customers across the US, UK and other continental European markets.
Cox Automotive is a subsidiary of Cox Enterprises, an Atlanta based company with annual revenues of nearly $20 billion. The company owns and operate well known brands and services such as Autotrader, Manheim and Kelley Blue Book. Services that cover every stage of a vehicle's life. With the acquisition of SNT the company get a strong foothold in the EV industry, where the battery is one of the most important components.
Spiers New Technologies was founded by Dirk Spiers in Oklahoma City in 2015. The company rapidly became the leader in remanufacturing of battery packs with contracts with most of the leading OEMs such as General Motors, Ford, Volkswagen and Stellantis. The company has so far not had Tesla on the customer list. Besides remanufacturing the company offers both forward and reverse logistics for EV batteries as well as repurposing and recycling of batteries. With access to a large amount of EV batteries that reach end of life in the US SNT can become one of the most important pre-processors of batteries on the continent.
Already before the acquisition Cox and SNT developed a tool for health diagnsotic that can be used workshops and car dismantlers. The tool is using data from several years of testing and diagnostics of in-warranty batteries. The tool is aimed to help drive greater transparency and confidence in EV transactions with consumers, much like the trusted vehicle valuations Kelley Blue Book has provided to the automotive industry.
Read more about the acquisition here.