Image: F&I Express
Consolidation in the digital retailing sector has been seen this week with the announcement of two acquisitions. Cox Automotive has bought F&I Express of Grapevine, Texas, a provider of technology solutions for the automotive aftermarket sector and developer of a connected network of service providers, including dealers, agents and lenders. Its products include Express Recoveries, an ‘eCancellation’ solution connecting financial lenders and providers with dealerships to streamline cancellation and recoveries (vehicle repossession); and Express Digital Media, for online publishing [pictured] by digital retailers of aftermarket rates and informational content such as estimated monthly payments.
F&I Express will become a wholly-owned subsidiary of Cox Automotive Inc. (CAI), joining well-known auto-trade brands including Autotrader, Dealer.com, Clutch Technologies, Kelley Blue Book, Manheim and VinSolutions within CAI’s Retail Solutions Group. Mike Barrington, senior VP, Retail Solutions Group Sales, Digital Retailing and F&I Solutions, remarked of F&I Express in a statement: “They’ve done an outstanding job of giving lenders and dealers who use multiple providers one place to go, rate, contract and register F&I products.”
MSXI buys British consultancy Impetus Automotive
MSX International (MSXI) of Detroit, meanwhile, has acquired Impetus Automotive, a consultancy based in Warwick, UK. MSXI is a global business outsourcing company providing services including data analytics and custom software; its CEO of Retail Network Solutions, Patrick Katenkamp, said in a statement that this buy-out “strongly supports our strategy to gain scale in core training, sales and service offerings, as well as strengthen client relationships with major automotive manufacturers."
Impetus, previously owned by Volvere plc, works with vehicle manufacturers worldwide across the car, motorbike, agricultural, construction and heavy goods sectors, to enhance and grow performance and business within retail dealerships. It promises customer insight alongside its technology services and products for aftersales and sales channels.