OTR Solutions Acquires CCT Factoring's Transportation Portfolio
OTR Solutions has acquired the transportation factoring portfolio of CCT Factoring, a subsidiary of Coeur Capital. This acquisition expands OTR’s client base and enhances its offerings for trucking businesses by providing them with advanced financial tools such as instant invoice approvals and funding through mobile apps and portals. The transition ensures that clients retain their existing contracts and rates while gaining access to new services like the OTR Fuel Card and business banking solutions. Coeur Capital will continue offering factoring outside of transportation, allowing it to focus on other areas including general factoring and asset-based lending. OTR completed this acquisition in under three months after signing a letter of intent, marking its second such deal within less than a year following the TruckSmarter acquisition.
Topics: acquisition factoring services logistics transportation