Auto Trader is pushing further into providing automated finance for dealers with the purchase of AutoConvert.
AutoConvert is a finance, insurance and compliance software platform with integrated customer relationship management solutions. The business helps dealers increase finance penetration and to reduce costs by automating the full customer journey for the automotive sector.
AutoConvert’s customers include dealers, dealer networks and financial brokers. The acquisition is expected to contribute circa £1m to its revenues.
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.
Auto Trader is aiming to be the tirst point of call for dealers.
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.“