Dealerware acquired by investors who see it as poised for growth
Image courtesy of Dealerware.
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Automotive software platform Dealerware has been acquired by a group of growth investors with a goal of speeding product development and expanding the company’s range of offerings for its customer base of OEMs, retailers and fleet operators.
The investors were led by Wavecrest Growth Partners and Radian Capital, with participation from Automotive Ventures, auto industry executives David Metter and Devin Daly, and others.
“This investment marks the beginning of an accelerated growth phase for Dealerware as we continue on our mission to empower today’s automotive retailers to evolve into the full-service mobility centers of the future,” Dealerware CEO Matt Carpenter said.
“Our platform makes fleet management seamless for retailers and loaner and rental contracting digital for retail consumers. We’re beyond excited to work with our new partners to expand what Dealerware does for the automotive industry.”
Dealerware is designed to enable automotive retailers to operate as modern mobility centers by connecting customers, vehicles and contracts through a single fleet management platform, supporting courtesy vehicles, paid rentals and test drive management, among other use cases.
In a news release, the company, launched in 2016, said it works with more than 3,000 retailers and connects more than 100,000 vehicles across the U.S. and Canada, deploying cloud-native and mobile-first technology to automate workflows for retailers.
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“Dealerware operates in an environment where technology is increasingly central to execution and growth,” Radian Capital partner Mattia Flabiano said. “The platform’s depth and level of integration position it well to support the next phase of retail automotive and mobility-enabled operations.”
Wavecrest principal Anthony Giannobile said Dealerware aligns with his company’s focus on vertical software-as-a-service platforms that solve complex operational problems in large markets.
“Retail automotive and mobility present meaningful opportunities for software-driven transformation,” he said, “and Dealerware has built a differentiated platform designed for the realities of modern dealership operations. We view this investment as a continuation of our commitment to the automotive SaaS category.”
