10:43 am, July 31, 2020
Auto Trader took over finance, insurance and compliance software platform AutoConvert today (Jul 31) after buying its owner Blue Owl Network.
The deal – for an undisclosed sum – has been hailed by the online marketplace as a ‘critical’ step in its strategy to help retailers move more of the car-buying process online
Paul Livesey, co-founder of AutoConvert, said: ‘We started AutoConvert because we recognised the need, in the automotive industry, for one system which would combine finance and insurance with a modern automated CRM.
‘We felt a combined solution would alleviate the need to re-key in information and automate tasks, resulting in a reduction of user errors, time savings, improved conversion, and better consumer outcomes.
‘We wouldn’t be in the position we are today without the continuous feedback from our customers, as this has enabled us to develop the platform quickly – an approach we are committed to continuing.
‘We have an extremely exciting development roadmap ahead and an amazing team to execute it, only now we’ll also have the support of Auto Trader who will enable us to bring these plans to life much quicker than we had planned.’
Auto Trader chief executive Nathan Coe, pictured, said: ‘AutoConvert is an impressive platform that dramatically improves a retailer’s finance conversion and operations through automation.
‘We will invest in AutoConvert’s technology solutions to drive growth of their products to enable more dealers to benefit. This acquisition provides us with a capability that will be critical as we work with our customers to support them to digitise their businesses and to move more of the car buying process online.
‘We look forward to working with Paul and the team to make this happen.’
The acquisition is expected to add about £1m to Auto Trader’s revenue and an operating loss before any amortisation on acquired intangible assets of about £500,000 for the financial year ending March 31, 2021.
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