Auto Trader acquires software specialist
Auto Trader Group has acquired AutoConvert, a finance, insurance and compliance software platform intended to reduce costs by automating the customer journey. Its customers include automotive dealers, dealer networks and financial brokers.
The acquisition is expected to contribute circa £1m to the Group’s total revenue.
Auto Trader CEO Nathan Coe 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.”
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 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.”
