Proficient Auto Logistics’ latest deal pushes market share to 25%

Proficient Auto Logistics will soon become North America’s largest finished vehicle logistics platform. The car hauler announced Monday after the market closed that it entered an agreement to acquire California-based peer Hansen & Adkins for $130 million.

Jacksonville-based Proficient ( NASDAQ: PAL ) also reported a second-quarter net loss of $3.9 million late Monday. Revenue was down 5% year over year to $109 million and its adjusted operating ratio (inverse of operating margin) deteriorated 280 basis points y/y to 99.5%.

The news sent shares of PAL 10% lower in after-hours trading.

Proficient said the deal will add 725 company-owned tractor-trailer units, more than doubling its current fleet, and a little over $400 million of annual revenue.

The combined entity is expected to haul over four million vehicles annually, roughly one-quarter of the new car market. The combined companies generated roughly $835 million in revenue and $60 million to $65 million in adjusted EBITDA over the last 12 months. The deal price implies a 4.8x last 12 months’ adjusted EBITDA multiple (3.9x after expected cost synergies).

The $130 million price tag includes $75 million of assumed debt, with the remainder of the transaction being funded in cash ($52 million) and common stock ($3 million). There is also the potential for a $22.1 million earnout if future EBITDA targets are met. Proficient will offer $75 million of convertible notes through a private offering, proceeds from which will refinance debt.

The deal is expected to close in “mid-August.”

Proficient is forecasting second-half 2026 revenue of $350 million to $370 million and a 97% adjusted OR.

Table: Proficient Auto Logistics’ key performance indicators

Proficient said total vehicle deliveries on the platform were down 8% y/y to 581,000 units during the second quarter. Revenue per delivery was up slightly at the company-owned fleet and down 5% across its subhauler segment. It said deliveries were down because it couldn’t find enough capacity in the market. After several quarters of unfavorable economics, many haulers have been forced to close.

Margins were compressed as customer payment cycles lagged quickly rising fuel and driver costs in the quarter. However, margins improved throughout the period, with June producing a 95.7% adjusted OR.

“In the second quarter, higher fuel, equipment, and driver-related costs increased expenses, and while our discussions with customers are progressing constructively, pricing actions generally lagged cost inflation,” said Proficient CEO Rick O’Dell. “As rate adjustments began to take effect, margins improved each month, strengthening our margin profile exiting the quarter.”

Deliveries were forecast to see a normal seasonal pullback in July and August before improving in the fall. Revenue per delivery is expected to step higher.

“We believe the auto haul industry is at an inflection point. Regulatory pressures, rising operating costs, and the need to attract and retain drivers are reshaping transportation economics and tightening industry capacity,” O’Dell said.

Why it matters? There is only one publicly traded auto hauler. Proficient’s quarterly results provide a rare look at the transportation side of the industry. The announced acquisition highlights a major consolidation move that reshapes market capacity and competitive dynamics.

More FreightWaves articles by Todd Maiden:

• Forward Air takes step in right direction in Q2

• Transportation capacity falls faster in July, rates remain high

• July’s 55.6% PMI highest in 4 years; LTL carriers getting bullish

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