Meritor to create online aftermarket parts exchange

TROY, Mich. (March 22, 2000) — Meritor Automotive announced plans to create an online exchange where customers and suppliers can buy and sell aftermarket parts and services for the commercial trucking industry.

The Web-based market, called FleetWorks.com, is scheduled to start by late summer. It will function as a comprehensive open electronic marketplace, Meritor said, and will be available to all industry participants.

FleetWorks.com will operate as an independent company located in Boston. Minority partners are Palo Alto, Calif.-based venture capital firm Accel Partners, and Boston tech firm Gen3 Partners.

“Our decision to invest in FleetWorks.com is driven by Meritor’s vision to offer complete solutions to meet our customers’ broader business needs,” said Meritor CEO Larry Yost. “With the combination of Meritor’s years of experience in and knowledge of the commercial truck industry, Accel’s history of developing world-class technology companies and Gen3 Partners’ expertise in architecting Internet-enabled strategic solutions, we are confident that FleetWorks.com will create great value and be exceptionally effective.”

The U. S. commercial truck aftermarket business currently generates about $25 billion in parts transactions annually, the company said.

Susan P. Kampe will be chief executive officer of the new company. Kampe, who championed the development of FleetWorks.com, has been senior vice president and chief information officer of Meritor Automotive since 1997.