Auto Trader Group, the UK’s largest automotive marketplace, today announces the acquisition of AutoConvert.
AutoConvert is a finance, insurance and compliance software platform with integrated customer relationship management solutions. The business helps its customers to both increase finance penetration and to reduce costs by automating the full customer journey for the automotive sector. AutoConvert’s customers include automotive dealers, dealer networks and financial brokers. The acquisition is expected to contribute circa £1.0 million to the Group’s total revenue and, prior to any amortisation of acquired intangible assets, is expected to make an Operating loss of circa £0.5 million for the remainder of the year ended 31 March 2021.
Auto Trader launched a finance advertising product in 2018 which delivers over 35,000 finance leads each month as over 1.5 million consumers interact with a finance calculator each month. Since 2018, the business has been focussed on creating a technology platform to support dealers to make the finance sales and transaction process more efficient. Many dealers run finance from multiple systems, with different processes that often require manual intervention, which is time consuming and costly. By consolidating lenders and processes into one technology platform, it’s been proven that dealers not only save costs but also gain significant insights which enable them to improve finance conversions and sales.
Auto Trader recently shared more context on their strategy with investors and outlined that the business is focused on providing technology and data to enable dealers to digitise their businesses. Whilst this would extend Auto Trader’s products into new areas beyond advertising, including finance technology, these are areas where there are significant benefits to dealers from more breadth and choice of providers.
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, says: “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 in 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.“
For dealers interested in hearing more about the AutoConvert proposition, they can arrange an online demo here https://www.autoconvert.co.uk/ or give the sales team a call on 0161 850 7330.
About Auto Trader
Auto Trader Group plc is the UK and Ireland's largest digital automotive marketplace. Auto Trader sits at the heart of the UK's vehicle buying process and its primary activity is to help vehicle retailers compete effectively on the marketplace in order to sell more vehicles, faster. Auto Trader listed on the London Stock Exchange in March 2015 and is now a member of the FTSE 100 Index.
The marketplace brings together the largest and most engaged consumer audience. Auto Trader has over 90% consumer prompted brand awareness and attracts circa 50 million monthly cross platform visits each month, with over 80% of visits coming through mobile devices.
For more information, please visit https://plc.autotrader.co.uk
Founded in 2015, AutoConvert is a finance, insurance and compliance platform with built-in customer relationship management systems, aimed at automating the full customer journey for the automotive sector. Its customers include automotive dealers, dealer networks and financial brokers.
For more information, please visit www.autoconvert.co.uk
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