CitNOW has completed the acquisition of Dealerweb for an undisclosed sum, it has been revealed.
The two companies will continue to operate ‘autonomously’ as they find ways to ‘drive innovation’ working together.
Dealerweb founder Martin Hill – who set up the business in 2003 – will support the company as strategy director with managing director James Hill assuming day-to-day management of the company.
The deal was advised by KPMG, who acted on behalf of Dealerweb.
Geoffrey Page-Morris, executive chairman of the CitNOW Group, said: ‘We are bringing together two leading automotive technology companies to leverage innovation and help retailers and manufacturers deliver an outstanding customer experience.
‘The pandemic has shown that the automotive industry can adapt at pace with technology playing a key role in the future success of the industry. We are delighted that Martin Hill has agreed to be part of our growth, in the role of founder and strategy director of Dealerweb to assist us in bringing new technology to the market.’
Dealerweb specialises in cloud-based enquiry management systems for car dealers and manufacturers across Europe.
It works with the likes of dealer groups Sytner, Sinclair, John Clark Motor Group, JCT600 and Jardine.
The firm has developed a suite of tools that can dealers manage the process of looking after enquires from the moment they first arrive to the point a deal is closed.
Founder Martin Hill said: ‘There are big opportunities to grow both Dealerweb and CitNOW by sharing insight and experience across both businesses.
‘It will accelerate the pace of innovation to help retailers work more efficiently. The age of digital disruption is here, and it’s our mission to help retailers benefit from the changes.’
CitNOW, backed by investment firm Tenzing, pioneered video in the automotive industry and has grown rapidly to become a global market leader and is used in 10,000 dealers across 62 countries.
The firms said they are joining forces at a time ‘when demand for seamless customer journey is unprecedented’.
- Register as a Car Dealer member and get more out of the website here
- Car Dealer Mag issue 153 is out now – Read it here
- Join our breaking news WhatsApp group – Click here to join now