Serial entrepreneurs complete strategic acquisition to drive innovation in mobile-first auto buying
INDIANAPOLIS, Sept. 28, 2023 /PRNewswire/ — Overfuel, an Indianapolis-based digital retail platform designed exclusively for the automotive industry, has acquired 321 Ignition, a mobile-first car-buying website platform. The combined resources will enable rapid innovation and product development, giving dealerships better options when it comes to choosing a technology partner.
Overfuel aims to revolutionize the mobile-first automotive buying experience and put control back into the hands of the dealership. With a focus on speed and user experience, Overfuel provides automotive dealers with a platform to improve their online presence, including AI-enhanced websites, digital retailing and modern SEO practices to calculate ROI on marketing spend.
“In an industry that’s been technologically dormant, companies like Tekion have demonstrated that an appetite for innovation still exists, paving the way for a new wave of software companies,” said Ryan Pfenninger, CEO at Overfuel. “Dealerships don’t need another plugin or website vendor, rather a solution that works out of the box. That’s why Overfuel has set out to consolidate every step of the customer journey into a single-point solution. This acquisition represents a significant step in our mission to revolutionize the way dealerships serve their customers online.”
A benchmark report by Wattspeed revealed that only 39% of automotive websites meet Google’s recommended speed standards on mobile devices, ranking the automotive industry second-worst in terms of underperformance. Over 80% of car shoppers access these websites through mobile devices, presenting an immense opportunity for dealerships to engage with a wider customer base. Sluggish websites not only diminish search engine rankings but also yield lower conversion rates, incur higher pay-per-click advertising costs and potentially tarnish a dealership’s brand image.
“The opportunity in front of our combined teams is tremendous,” said DJ Haddad, Cofounder of 321 Ignition. “The biggest problem in this industry is the tech and the products available to dealerships. Oftentimes, their websites are hosted on antiquated solutions with a dozen plugins cobbled on top, which hinders customer experience and harms overall performance. Combined with Overfuel’s all-in-one platform, we’re tackling the major problems dealerships face while meeting the demands of modern consumers, particularly in the mobile-first era.”
In addition to the acquisition, Overfuel raised a $500,000 pre-seed funding round led by Elevate Ventures. The capital will be used to expand its onboarding and customer success team to support over 100 new customers signed since piloting in March.
“From a technical standpoint, many of the market leaders in this space have been around for over 10 years and haven’t focused on continued innovation,” said Christopher Day, CEO at Elevate Ventures. “We saw an interesting opportunity with Overfuel to solve a massive industry problem. The leadership team has deep SaaS experience with a track record of building great software. We are excited about Overfuel’s growth opportunity.”
To learn more about Overfuel, visit: https://overfuel.com/
About Overfuel Overfuel is the automotive industry’s first no-code, mobile-first website platform with built-in digital retailing, superior user interfaces (UI), localized SEO and secure online payments. Overfuel provides dealerships with state-of-the-art technology to grow their website traffic, connect with more customers and convert more leads — all in one place. To learn more about Overfuel, visit overfuel.com.
About Elevate VenturesElevate Ventures is the #1 most active seed and early-stage investor in the Great Lakes region and #5 in the United States. The firm assists high-growth startups and early-stage companies expand into high-performing companies. Elevate has invested over $150 million in more than 500 companies. To learn more about Elevate Ventures, visit elevateventures.com.
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