Cosby Harrison Company of Crossville announced Wednesday four of its digital marketplaces have been acquired by Trader Interactive of Virginia, including NextTruck, Rock & Dirt, Tradequip and Trade-A-Plane.
"The path to purchase today is largely digital, and Trader Interactive has mastered the art as well as the science of supporting both the supply and demand sides of marketplaces more than anyone else in our vertical sectors," said Adam Strachn, CEO of Cosby Harrison, in an article posted to PR Newswire. "This transition will strengthen the offerings we've built, taking advantage of Trader's deep technology expertise, and leave our customers as well as visitors to our marketplaces in good hands."
The four marketplaces complement Trader Interactive’s Commercial Truck Trader, Equipment Trader and Areo Trader brands. The company also operates lifestyle vehicle marketplaces: Cycle Trader, RV Trader, ATV Trader, PWC Trader and Snowmobile Trader.
Lori Stacy, CEO of Trader Interactive, said, “We have made exceptional gains across our entire portfolio over the past few years, including strong increases in site traffic, market share and technology-driven services expansions that have generated more leads and sales for our customers. This transaction will continue to fuel our growth by increasing our penetration in the commercial space, enabling us to deepen our presence in the oil and gas equipment industry, adding a leading brand in the aviation sector, and giving us new ways to provide value to dealers and OEMs.”
NextTruck is a digital listing service for commercial trucks and trailers. Rock & Dirt is a source for construction equipment, trucks, trailers, cranes, auctions, parts and attachments. Tradequip connects oil field equipment buyers and sellers worldwide. Trade-A-Plane has been a leading marketplace for aircraft for sale and aviation products and services since 1937.
In December, the company announced it would move to an all-digital format from the print magazines it had published for 82 years. It also announced expansion of its e-commerce and marketing businesses.
Strachn, great-grandson of company founder Cosby Harrison, said at the time, "We are in the digital media age and this transition allows us to grow into new areas that will better serve our audiences.”
While based in Crossville, the company purchased a digital marketing agency in Tulsa, OK, in 2018, and expanded from its home office location to Nashville.
The acquisition this week includes keeping the independent branding of the four marketplaces.
In addition, the release states Cosby Harrison Company will retain WeatherTAP and WeatherTAP Pro weather forecasting services, marketing services division and commercial printing services.
Jeff Dyer, chief revenue officer for Cosby Harrison Company, will join Trader Interactive as associate vice president in charge of the four new marketplaces.
The majority of the Cosby Harrison employees associated with those marketplaces will also join Trader Interactive, the release says, to provide continuity for customers and familiarity with the new platforms. The company did not respond to calls regarding how the sale impacts local staffing by deadline Thursday.
The transaction closed Feb. 10. Financial details were not disclosed.