Sterling Heights, MI-based NEXIQ Technologies has been selected by Penske Truck Leasing to manage the complete integration and support of a service bay PC-based diagnostic system. The system will be used at 500 of Penske's service maintenance locations throughout North America.
Reading, PA-based Penske Truck Leasing, a user of NEXIQ's Pro-Link system, is expanding its use of the NEXIQ Technologies product family with its purchase of the Magikey Parallel Data Module (PDM) and Powerline Carrier Converter (PLC).
Both products are vehicle-to-PC connectivity devices. The PDM captures and communicates vital truck data gathered by software from OEM manufacturers as well as vehicle diagnostic software developed by NEXIQ. The information is then viewed by a Penske technician using a NEXIQ PC.
Penske has also purchased a new PC integration service offered by NEXIQ that integrates diagnostic software products from different heavy-duty component manufacturers onto a single platform. Software produced by Detroit Diesel, Cummins, Caterpillar, International, Meritor-Wabco and others will be available to Penske technicians as a tool for assisting the prompt diagnosis of vehicle system information. NEXIQ Technologies' PC integration service uses the Magikey PDM to reduce the time technicians must spend interchanging with vehicle connection devices.
The deal comes at a critical financial juncture for NEXIQ. For the fourth quarter of 2001, NEXIQ reported revenue of $3 million but a net loss of $5.4 million. For the full 2001 fiscal year, revenue was $12.9 million, a decrease of 3.7% from 2000, and net losses totaled $18.5 million.
NEXIQ said full fiscal year 2001 results were negatively impacted by increased research and product development costs as well as the costs associated with the acquisition of Diversified Software Industries.