GT Motive shareholders are excited to announce an extension of the joint venture with Mitchell International to further develop the European market, where the company has doubled in size over the last five years. In this renewed partnership, Ángel Martínez is to take over from Pepe Castelo as General Manager of the company.
The two shareholders of GT Motive have decided to extend their joint venture to continue developing the business together over the coming next years, leveraging the local market knowledge of the founding partner Einsa Group and the cutting-edge technology of the North American leader in the P&C industry Mitchell International. Ángel Martínez, CEO of the company commented, “The passion that has moved GT Motive from the very beginning to provide information in a simple, accurate and extended way, is enhanced by the capabilities offered today by technology, which allows quick and affordable innovation”. During the five years of joint venture they have doubled the size of GT Motive, which today is close to 20 Million Euros in revenue. In this period, Mitchell International has also become a giant of the P&C industry, surpassing the 1 billion $ barrier, after its recent merger with Genex, a best-in-class clinical solutions provider in US. Alex Sun, Mitchell International’s President & CEO noted, “We are excited to extend our five year relationship with GT Motive and we confident that together we can continue to bring innovation to the European market. We look forward to helping our customers and the industry address the current and future challenges”.
In the Spanish insurance business, two companies in the Top 10 already use the Workcenter technology from Mitchell and GT Motive and 8 of the Top 10 are using other GT Motive products. In the leasing, fleet management and mechanical warranty markets, GT Motive is the undisputed leader, and market reference being the main partner for the two leading leasing companies for all the European market. Last but not least, in the aftersales segment, where the company serves dealers, workshops and spare parts distributors, GT Motive continues to grow in Spain and Europe. 30% of their revenues already come from outside Spain.
Furthermore, the leadership team is being restructured. Since September the company is working on a transition plan for its current Managing Director, Pepe Castelo to transfer its duties between the current CEO, Ángel Martínez and the rest of the management team. Pepe Castelo has transformed GT Motive from being a Spanish company to an international player operating in 24 European countries, with a management team of 6 different nationalities, a wide range of clients dealing with the auto insurance, leasing, repairers and parts distributors, “It has been twelve exciting and intense years in which I have given everything, personally and professionally. The GT Motive project has unlimited potential, and I am convinced that Ángel, along with the current team, will continue and even accelerate the accomplishments achieved in these years, it is now the right time for a change”, said Pepe Castelo‘s about his GT Motive experience. Starting on February 1st, it will be Ángel Martínez himself managing the day to day activity of running the company. “We have been working on this transition for months and I want to emphasize that it’s being a remarkable process which Pepe and I feel very proud of. This is only possible because of the excellent relationship we have built over the years”, says Ángel. Pepe Castelo will not leave the company until March 31st to complete the logical transition process, Pepe added: “I will never actually leave GT Motive, this is a project that I feel like being a part of myself and I will remain as another member of this family of entrepreneurs and friends”.
These changes maintain, reinforce and allow us to continue with the GT Motive strategy that continues to bet on technology, connectivity and expertise in the management of claims, fleets and repairs.