ONTARIO, Calif. -

Vero Products — a provider of in vehicle after-market solutions and services and a division of CU Direct — acquired Fidelis PPM this week to form a new company focused on pre-paid maintenance (PPM).

As a result of the acquisition, officials highlighted that Vero and Fidelis PPM formed DRIV Technologies to provide the dealers with what they described as a dynamic pre-paid maintenance (PPM) technology platform to advance customer retention and boost loyalty.

DRIV Technologies’ PPM solution is being used by 1,000 dealers and is the private label solution for multiple F&I administration and insurance companies nationwide.

Vero is a provider of finance, insurance, anti-theft and customer and loyalty retention products and services to franchise and independent dealerships throughout the U.S.  Vero’s parent company, CU Direct, serves 12,000 dealerships, providing automotive solutions, including the CUDL auto lending network of more than 1,000 credit unions.

“DRIV is set up to scale on a national level and become a tremendous complement to existing offerings, including Vero’s full suite of F&I products, and CU Direct’s CUDL products,” said Ryan Williams, president of DRIV Technologies.

“With our existing TPA, retail and OEM relationships we look forward to extending our reach, while continuing to help our dealers achieve world class customer retention results through a sound pre-paid maintenance strategy,” Williams continued.

With certified integration partners such as CDK, Reynolds and Reynolds RCI, F&I Express, ODE/PEN and e-menu providers, officials also pointed out DRIV is able offer up a unique and seamless retention solution with its private label partners, achieving better than a 65 percent service retention rate for its dealer clients.

“Service drive revenue is set to reach a record $215 billion in 2015, and it is important for dealerships to incorporate programs that help capture that market, while building customer loyalty and retention,” Vero chief executive officer Joe Annoreno said.

“Leveraging DRIV Technologies’ solutions and expertise gives Vero an extensive, unmatched line-up of aftermarket solutions to help dealers advance customer relationships and grow their bottom lines,” Annoreno added.

To learn more about DRIV Technologies and Vero’s suite of aftermarket solutions, visit www.getfidelis.com and www.veroproducts.com.