Here are 1-3 brief analogies for Proficient Auto Logistics (PAL):

• Think of them as the FedEx or UPS for car manufacturers, dealerships, and rental companies, handling the specialized transport of finished vehicles.
• They are essentially the J.B. Hunt or XPO Logistics dedicated to the auto industry's new vehicle deliveries, providing a nationwide network for moving cars.

• Finished Vehicle Transportation: Transporting new, finished vehicles from automotive production facilities, marine ports of entry, or regional rail yards to auto dealerships nationwide.
• Automotive Logistics Services: Providing comprehensive planning, execution, and coordination services for the efficient movement and delivery of vehicles within the automotive supply chain.

Major Customers of Proficient Auto Logistics (PAL)

Proficient Auto Logistics primarily sells its auto transportation and logistics services to other companies (B2B).

Its major customers include leading auto original equipment manufacturing companies (OEMs) such as:

• General Motors (GM)
• BMW
• Stellantis (STLA)
• Mercedes Benz
• Tesla (TSLA)
• Rivian (RIVN)

Additional customer categories include:

• Auto dealers
• Auto auctions
• Rental car companies
• Auto leasing companies

Richard D. O'Dell, Chief Executive Officer

Mr. O'Dell serves as the Chief Executive Officer of Proficient Auto Logistics. Prior to this role, he was the Chief Executive Officer of Saia Inc., a publicly traded trucking company, from December 2006 until his retirement in April 2020. He also served as the Non-Executive Chairman of the Board of Directors of Saia since April 2020. Mr. O'Dell joined Saia in 1997 and held various executive and financial positions before becoming CEO. He also has a background in public accounting as a certified public accountant.

Amy Rice, President and Chief Operating Officer

Ms. Rice is the President and Chief Operating Officer of Proficient Auto Logistics. Her experience includes various leadership roles at CSX, a Class I freight railroad and transportation provider, from 2011 to 2019, including Vice President of Coal and Intermodal Operations, Vice President of Strategic Planning, Vice President of Operations Planning and Performance, and Vice President of Finance. Most recently, from 2019 to 2023, she served as the Chief Executive Officer of Sy-Klone International, a private manufacturer of fine dust filtration systems.

Brad Wright, Chief Financial Officer

Mr. Wright serves as the Chief Financial Officer of Proficient Auto Logistics. Previously, he was the Chief Financial Officer and a board member of PMC Consolidated Holdings, LLC, the parent company of Protect My Car. This company, a Crestview Partners portfolio company, was sold in August 2023. From September 2017 to March 2018, Mr. Wright was the interim Chief Financial Officer of Eurasia Group, a global consultancy firm. From February 2008 to July 2017, he held the positions of Executive Vice President, Chief Financial Officer, and Chief Administrative Officer at FBR & Co., a NASDAQ-listed investment banking and institutional brokerage firm.

The key risks to Proficient Auto Logistics include:

1. Risk of failing to successfully integrate the five Founding Companies: Proficient Auto Logistics has not operated as a combined company prior to its offering and is dependent upon this offering to complete the combinations. The company's pro forma combined financial results, which cover periods when the founding companies were not under common control or management, may not be indicative of its future financial or operating results.
2. Sensitivity to the health and production volumes of the automotive industry: The company's primary business is transporting finished vehicles, making it highly dependent on the automotive manufacturing sector. The background highlights how past "supply chain disruptions and component shortages" led to significant drops in domestic auto sales, from 17.2 million units annually prior to 2020 to 13.8 million units in 2022. While industry production volumes are expected to rebound, any future downturns, disruptions, or reduced new vehicle sales would directly and negatively impact Proficient Auto Logistics' demand for services.
3. Dependence on maintaining non-union status and the continuation of market share shifts: Proficient Auto Logistics operates as a non-union specialized freight company and attributes its historical revenue growth partly to "market share shifting from union to non-union auto transportation and logistics companies." A reversal of this trend, increased unionization efforts within the industry, or a change in the competitive landscape regarding labor relations could adversely affect its operations and market position.

Proficient Auto Logistics (PAL) operates within the North American finished vehicle logistics market.

The addressable market size for Proficient Auto Logistics's main services, primarily the transportation and logistics of finished vehicles, is estimated to be approximately USD 64.5 billion in 2024 for North America. This market is projected to grow to approximately USD 66.5 billion in 2025 and further to USD 99.5 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 4.6% from 2025 to 2034.

Specifically within North America, the U.S. market constituted over 75% of the finished vehicle logistics market, generating an estimated revenue of USD 48.7 billion in 2024.

Here are 3-5 expected drivers of future revenue growth for Proficient Auto Logistics (PAL) over the next 2-3 years:

1. Market Share Gains from Union to Non-Union Carriers: Proficient Auto Logistics, as a non-union specialized freight company, is positioned to benefit from the ongoing industry trend of market share shifting from union to non-union auto transportation and logistics providers.
2. Continued Price Increases: The company's ability to provide industry-leading service levels to OEMs, combined with existing trucking and rail capacity shortages, is expected to enable continued price increases for its auto transportation and logistics services.
3. Rebounding Automotive Production Volumes: Industry production volumes are anticipated to rebound over the next three to five years, serving as a significant tailwind for the auto transportation and logistics sector and, consequently, for Proficient Auto Logistics.
4. Strategic Organic Expansion and Acquisitions: Proficient Auto Logistics plans to leverage its executive management team and the fragmented nature of the auto transportation and logistics market to pursue both organic expansion and effective tuck-in acquisitions.
5. Partnerships with OEMs based on Nationwide Coverage: The company's broad geographic coverage, with 49 strategically located facilities across the United States, positions it to continue securing and expanding partnerships with leading auto OEMs looking for providers with nationwide reach to service their growing dealership networks.

Share Repurchases

• Proficient Auto Logistics announced a board-approved share repurchase program of up to $15 million of its common stock, effective March 2, 2026.
• The program is authorized without a set completion timeline and may be modified, suspended, or discontinued at any time.
• The company plans to fund these repurchases using cash on hand, borrowings from its revolving credit facility, and/or future cash flows.

Share Issuance

• Proficient Auto Logistics priced its initial public offering (IPO) on May 8, 2024, issuing 14,333,333 shares of its common stock.
• The shares were priced at $15.00 per share, resulting in total gross proceeds of approximately $215.0 million.
• The net proceeds from the IPO were primarily used to cover the cash portion of the acquisition consideration for the five Founding Companies, related expenses, and for general corporate purposes, including working capital and future acquisitions.

Inbound Investments

• The company's primary inbound investment was its initial public offering in May 2024, which generated approximately $215.0 million in gross proceeds from public investors.

Outbound Investments

• Proficient Auto Logistics acquired Auto Transport Group (ATG) in August 2024 for $28.9 million, adding 76 tractors and an equivalent number of trailers to its operations.
• In April 2025, the company acquired Brothers Auto Transport LLC, a Pennsylvania-based carrier, which expanded PAL's fleet capacity by 13%. The acquisition price was not disclosed.

Capital Expenditures

• Proficient Auto Logistics projected capital expenditures of $10-15 million for the year 2026.
• The total equipment capital expenditure for 2025 was approximately $10.2 million.
• The company incurred approximately $10 million in equipment capital expenditures during the fourth quarter of 2024.