Situation:

Vehicle Security Innovators (VSI) designs, produces, and sells locks and truck security products to all major domestic truck manufacturers and their international affiliates for production and aftermarket. Through its other business units (Pop &Lock, Freight Defense, and Simply Keys) VSI provides aftermarket security systems and accessories for passenger vehicles, truck fleets and manufacturers of construction equipment, toolboxes, handles, and latches.

Ameridan’s Role:

Ameridan was retained by private equity to assess the risk that keyed locksets will be replaced by electronic systems in US Class 8 trucks over the medium term.

On a blind-market basis, Ameridan interviewed a wide variety of Class 8 truck dealers, OEMs, fleet owners, and component suppliers on the current state of the cab entry/ignition used in US-manufactured Class 8 trucks, how fleet owners and drivers view/use physical keys vs. electronic systems, and any associated key buying factors for purchasers of Class 8 trucks.

Secondary research traced the evolution of entry/ignition systems used in the US automotive market and the implications for Class 8 applications and provided intelligence regarding planned/scheduled changes in entry/ignition systems.

The transaction closed in February 2023.