With the purchase of AutoConvert, Auto Trader continues to push for the provision of automated financing for traders.
AutoConvert is a software platform for finance, insurance and compliance with integrated solutions for customer relationship management. The store helps dealers increase financial penetration and reduce costs by automating the entire customer journey for the automotive sector.
AutoConvert's customers include dealers, dealer networks and financial brokers. The acquisition is expected to contribute approximately £ 1m to sales.
Auto Trader launched a financial promotional product in 2018 that delivers over 35,000 financing leads each month as over 1.5 million consumers interact with a financial calculator each month.
Since 2018, the company has focused on creating a technology platform that helps traders make the financial sales and transaction process more efficient.
Auto Trader strives to be the first point of contact for traders.
Nathan Coe, CEO of Auto Trader, said: “AutoConvert is an impressive platform that significantly improves the financial transition and operation of a retailer through automation. We will invest in AutoConvert's technology solutions to drive the growth of their products and give more dealers the opportunity to benefit from them.
This acquisition gives us a skill that is critical when we work with our customers to help them digitize their business and move the car buying process online. We look forward to working with Paul and the team to achieve this. "
Paul Livesey, co-founder of AutoConvert, says: “We started AutoConvert because we recognized in the automotive industry the need for a system that combines finance and insurance with modern automated CRM. We believed that a combined solution would reduce the need to re-enter information and automate tasks, which would result in reduced user errors, time savings, improved conversion and better consumer results.
“Without the continuous feedback from our customers, we would not be in the position we are in today because we were able to develop the platform quickly – an approach that we definitely want to continue. We have an extremely exciting development roadmap and a great team to put it into practice. Only now will we also get the support from Auto Trader, which enables us to implement these plans much faster than planned. "