National Commerce Bancorp Buys FleetOne
January 3, 2000
National Commerce Bancorporation has purchased FleetOne from Mapco Inc.
NCBC said the acquisition, done through its TransPlatinum Service Corp. subsidiary, will expand its fuel card and merchant processing services from over-the-road vehicles to all commercial vehicle classes, including local fleets.
"TransPlatinum's niche has been the small- to medium-sized fleets in commercial vehicle classes 7 and 8 -- over-the-road trucking companies which traditionally use fuel cards in managing their fleets," said NCBC Vice Chairman and CFO Lewis Holland. "FleetOne's market niche is vehicle classes 1-6, where a real opportunity exists. About 90% of these companies have yet to contract for fuel cards and transaction processing."
FleetOne employees will be merged with the TransPlatinum staff so no personnel changes are expected, the company said.