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Full list of Acquisitions & Mergers here
Cinch and Cazoo in £10bn race to reshape industry (Sky News).
Britain's two fastest-growing online used-car marketplaces are racing to raise staggering sums of capital as they seek to reshape an industry boasting €400bn (£343bn) in annual sales across Europe. Cinch, owned by Constellation Group, has raised £1bn in private capital to pump into Cinch, as it seeks to capture a larger slice of the international used car market and boasts the biggest supply of cars of any of the UK's online marketplaces, and has seen sales rise by 200% so far this year. The firm says it will use the investment to ‘accelerate this expansion’ and continue its ‘extensive investments in people, technology, data science, infrastructure and brand building’
Cazoo has raised roughly $800m (£580m) through a merger with Ajax 1 (Valuation of $7B), via a so-called PIPE, referring to guaranteed commitments from institutions for private investments in public equity. Cazoo claims to have built a market-leading position in the UK, with more than 20,000 vehicles sold to date.
"The pandemic has made consumers more comfortable buying everything online for home delivery, so the growth potential for fully digital players in the used-car sector is enormous." Learn more.
Cazoo purchase Cazana for £25M (Car pricing & car classifieds digital platform).
Codeweavers Acquired by Cox Automotive
Codeweaers is an e-commerce and financial software provider with software solutions for the automotive industry. They offer new car stock locators, finance calculators, finance application, checkout and e-signing to support online digital sales for vehicle manufacturers, dealers and lenders. Cox Automotive, the leading supplier of automotive digital services aims to double the size of its business by 2034 Read more.
CitNOW Acquires Dealerweb
Dealerweb specialises in cloud-based enquiry management systems for car dealers and manufacturers across Europe. Dealerweb has developed a suite of tools that can help dealers manage the process of looking after enquiries from the moment they first arrive to the point a deal is closed.
CitNOW is backed by investment firm Tenzing, pioneered customer-facing video sharing 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’.
Keyloop Acquires RapidRTC / Enquiry Max & Launches Digital Documents product.
RAPID RTC, Canada (HQ) is a provider of digital communication and lead management solutions (LMS) to over 4,200 dealer sites and partners with many leading OEMs.
enquiryMAX is enquiryMAX, Leeds (HQ) provides showroom / enterprise management solutions to over 970 dealerships in the UK and Ireland.
CDK Global (Keyloop) has launched Digital Documents, a paperless Enterprise Management System to help dealerships digitise post-sale processes and reduce paperwork.
ASE Acquired by Valsoft
ASE offer Accountancy & Enterprise Management Software with accountancy consultancy services for the automotive industry: Valsoft specialise in booking and enterprise management systems. Article here
CITNow
Dealer enquiry management software company acquires a CRM company: Citnow, purchases Dealerweb and a Used Car Valuations service: Citnow purchases Tootle.
CarWow
Est. 1m Monthly website visits. Total investment: £48m 140 Employees.
Launched in 2013, Carwow’s online offering allows customers to research, select and configure new cars before receiving up-front, no-haggle offers from UK franchised dealers. Series C funding led by Virtuvian Partners, while previous investors Accel Partners and Balderton Capital (Facebook and Citymapper), also participated.
In 2016 Carwow had a turnover of £8,980,817. Staffing costs in 2016 were 4.2 million for an average of 82 employees per month. 12 admin employees. 47 product/account management. 25 Sales roles.
