THE automotive digital marketplace provider, Auto Trader Group, has acquired a finance, insurance and compliance software platform called AutoConvert.
The platform also includes a CRM functionality.
The benefits of AutoConvert are said to be increased finance penetration, and a fully automated customer journey. Customers include automotive dealers, dealer networks and finance brokers.
Auto Trader CEO, Nathan Coe, said:
“AutoConvert is an impressive platform that dramatically improves a retailer’s finance conversion and operations through automation. 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.”
Paul Livesey, co-founder of AutoConvert, added:
“We started AutoConvert because we recognised the need 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.”
Dealers are like to embrace such products as more and more dealers move online, accelerated by the COVID-19 crisis.
Staff cuts at both Pendragon and Inchcape are partially being laid at the door of increasing digitisation. Speaking in the Financial Times, Pendragon CEO Bill Berman said that new digital operations had helped increase efficiency across the business while also noting the automotive dealer franchise group had been ‘overstaffed’ before the pandemic.
Commenting on the story on LinkedIn, James Davis – customer strategy and insight provider (CVs) at Cox Automotive – commented:
Interesting acquisition and addition to the digital business that is AutoTrader. There is no doubt that those dealers who have embraced digital retail and wholesale are ahead of the curve as the world moves to simplify transactions.