The Eclipx Group Ltd (ASX: ECX) share price has been on a downward spiral for over a year and today was no exception — it was down another 12%.

The bad news started for Eclipx back when McMillian Shakespeare Ltd (ASX: MMS) announced its deal with Eclipx was unlikely to proceed.

Eclipx is vehicle financing, fleet management and leasing business in Australia and New Zealand. McMillian operates in a similar space but is larger.

As we wrote last week, even Eclipx recognises a deal is unlikely and has since announced a “transformation plan”.

“Eclipx has not been able to reach agreement with MMS…” it said in an ASX update.

While the cost reduction could bear fruit it may be time for shareholders to look elsewhere.

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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).