Mobility Global, CarFax parent company, separates from S&P Global
Mobility Global Inc. has completed its separation from S&P Global and is now an independent public company traded on the New York Stock Exchange.
The company’s brands include CarFax, automotiveMastermind, Polk Automotive Solutions, and Market Scan.
“For over 100 years, we have had the honor of serving the automotive industry. As Mobility Global, we continue our mission of providing trusted information that fuels better decisions in this fast-moving sector,” said Bill Eager, Mobility Global chief executive officer, in a press release.
He added, “As the many changes across the automotive industry continue, our data, our AI capabilities and, most importantly, our people will meet the growing demand for must-have information that helps automotive manufacturers, suppliers, dealers, and consumers.”
One hundred percent of Mobility Global shares were distributed to holders of S&P Global common stock effective 12:01 a.m. on July 1. S&P stockholders received one share of Mobility Global common stock for every share of S&P Global common stock held at the close of business on June 15, the record date, according to a press release.
“Mobility Global begins from a position of financial strength, built on our powerful brands, trusted data, and deep, long-standing customer relationships,” said Matt Calderone, Mobility Global chief financial officer. “This foundation is what allows us to keep innovating in market-leading products, technology, and talent. As an independent, publicly traded company, we can further tailor our growth strategy, financial profile, and investments to the specific needs of the Mobility business and its customers.”
S&P Global announced in February the new name for Mobility Global, which it said would take effect the day of separation.
“What matters most, however, is continuity: Our data, our expertise, our people, and our commitment to helping customers make confident decisions are all unchanged,” the February release states.
The release states that operating as a standalone public company strengthens the company’s ability and allows Mobility Global to invest with focus, to deepen coverage, and advance analytics and modeling.
Mobility Global announced in May that Joseph (Joe) Hinrichs, former CSX CEO, would lead the eight-member board. Bill Eager, Mobility Global CEO, is also on the board.
“I am thrilled that we were able to assemble such a talented group of directors to serve on the Mobility Global Board,” said Hinrichs in the release. “This Board brings together a highly complementary set of skills and experiences, spanning global automotive leadership, data, and technology innovation, consumer and product strategy, and deep financial and operational expertise, which will be instrumental in positioning the company for value creation. Together, with my fellow directors and the leadership team, we will be focused on generating long-term growth and shareholder value.”
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Photo courtesy of Mobility Global.