A news release from Colonnade Securities distributed on Wednesday mentioned the advising of Streamline Recon, which was acquired by SolutionWorks, a leading provider of automotive reconditioning services jointly owned by Alitus Capital Partners and Concentric Equity Partners.
The announcement indicated SolutionWorks will be partnering with the Texas-based automotive reconditioning company focused on the automotive dealership market, as Streamline’s management team will remain in place after closing and retain an ownership stake in SolutionWorks.
Streamline Recon provides automotive reconditioning services primarily for the franchise dealership market, turning new and used inventory into retail-ready vehicles. Founded in 2000, the company has been a trusted service provider in the Dallas Metroplex for more than 22 years and provides a full suite of reconditioning services, including paint, wheel repair, exterior repair, paintless dent repair, interior repair and detailing services.
Under the leadership of CEO Adam Bielecki and founder and chief operating officer Arian Rodriguez, Streamline has grown into one of the most reputable dealership service firms in the state of Texas.
“The addition of Streamline to the SolutionWorks family extends our reach into the broader automotive reconditioning market,” SolutionWorks CEO Patrick Hickey said in the news release. “Streamline’s success in the dealership market fits in nicely with SolutionWorks portfolio of body shop, insurance carrier, fleet, and OEM customers.
“The combined company will add new capabilities to help our customers succeed, as well as create avenues for our technicians to grow and advance within the business. We are thrilled that the entire Streamline team is staying on board to join us in our journey,” Hickey continued.
When asked about partnering with SolutionWorks, Bielecki said, “The Streamline team could not be happier with our partnership with SolutionWorks. This transaction is the next evolution of Streamline that allows us to bring expanded service offerings to our customers and grow our footprint nationally. We are unified in our vision of being the single source repair provider during the entire life cycle of a vehicle.”
J.D. Power said Tuesday it has acquired ZappyRide, an electric vehicle data company that develops white-label software and tools for automakers, electric utilities and others in the greentech space.
The purchase adds to J.D. Power’s EV portfolio and kicks off a new program at the company that focuses on its EV services.
The J.D. Power E-Vision initiative would include products like ZappyRide, syndicated studies and other product announcements coming in the first quarter.
“The purpose of the E-Vision initiative is to make it easier for the broad range of companies focused on the EV sector to leverage J.D. Power’s industry-leading portfolio of products in a seamless and integrated way,” the company said in a news release.
J.D. Power CEO Dave Habiger said: “The far-reaching implications of the historic EV transformation are not isolated to the auto industry; they are creating ripple effects far and wide that will change the game for utilities, federal and local governments, consumers and more.
“ZappyRide is positioned at the center of that interconnected ecosystem, delivering the software and solutions that all EV stakeholders need to make better, faster, and more well-informed decisions. By adding these capabilities and key relationships to our robust offerings in automotive and utilities data, analytics and consumer intelligence, we are strengthening our leadership position in the EV intelligence space.”
ZappyRide, which launched in 2018, will be integrated into J.D. Power’s Autodata Solutions division. Senior leadership and employees will stay on board and move into the Autodata group. Olivier Pinçon, ZappyRide’s CEO, will be the general manager of ZappyRide EV Products.
“From the outset, our business has been focused on accelerating EV adoption by improving customer experience and providing the essential data and solutions a diverse group of stakeholders need to make better decisions — a mission that’s very well-aligned with the work J.D. Power has been pioneering for decades,” Pinçon said. “I could not be happier about joining forces with J.D. Power to help drive the EV transformation.”
Pinçon will report to Craig Jennings, president of J.D. Power Autodata Solutions.
“The U.S. market saw approximately 20 new EV models launched in 2022 alone, and with roughly one-fourth of Americans now indicating that they are ‘very likely’ to consider an EV for their next purchase or lease, it has become clear that that the world as we know it is changing quickly,” Jennings said in a news release. “J.D. Power has been on the front lines of that transformation for the last several years, and — with the acquisition of ZappyRide — we are further solidifying our position as a one-stop-shop for critical data, analytics and consumer intelligence on all aspects of the EV economy.”
Montway Auto Transport and Auction Direct Transport have merged, Montway announced Wednesday.
Montway, which is a third-party logistics brokerage, said adding Auction Direct Transport, which is an auto transport brokerage company, will help the company expand into the auction-to-dealer transport space.
This move comes at a time when dealers are turning to auctions outside their markets to find inventory, with 40% of those cars transported more than 150 miles, Montway said.
This underscores the need for nationwide auto transportation services that have greater range than local auction transporters, the company said.
“Dealers source vehicles from multiple channels, including physical and online auctions, and this strategy has been growing post-pandemic,” said Kaye Ceille, who is the president of the business solutions group at Montway.
“ADT has made a tremendous name for itself among automotive dealers in a very short time,” said Ceille, who was among the 2022 Women in Remarketing honorees. “They offer a level of expertise and relationships that will help Montway's dealer partners further diversify their inventories, meet changing consumer demands and compete in today's marketplace.
“ADT's customer-first approach and transparency also align with our commitment to providing a five-star customer experience.”
Brothers Steve and Adam Carlson run Mesa, Ariz.-based ADT together and will continue to lead the company, which was founded in 2018.
“I’ve worked in the automotive industry in several capacities for more than 20 years, from wholesale auctions to franchise dealerships and now, vehicle transport,” Steve Carlson said in a news release.
"Much of our rapid growth can be attributed to the fact that our customers trust us. They know I've been in their shoes, understand the challenges of this business and can solve issues that might arise. Their trust in us is critically important to everything we do,” Carlson said.
“To accelerate our growth and enhance our customer experience, we want to offer digital solutions, which Montway will enable us to do.”
Shift’s merger with CarLotz has officially closed, the company announced Friday.
The deal for CarLotz, a consignment-to-retail used-car marketplace, to merge with Shift, a used-car ecommerce platform, was first announced in August.
CarLotz shareholders at the time of the merger receive roughly 0.705 shares of Shift common stock for each CarLotz common stock they own. That translates to an aggregate of 84.4 million Shift common stock shares.
With the closing, Jason Krikorian and Manish Patel have resigned from Shift’s board of directors. Meanwhile, James Skinner and Luis Ignacio Solorzano have joined the board.
“On behalf of the board and entire team at Shift, we’d like to thank Jason and Manish for their endless support, advice, and mentorship over the years,” Shift CEO Jeff Clementz said in a news release. “While we will miss their presence on the board, we’re excited to welcome three new members to help us build a winning, profitable future for Shift.”
Clementz added: “As we welcome new members from CarLotz to our team, I’d like to thank Lev, Ozan, and the rest of the CarLotz management team for partnering with us through a successful close.
“We look forward to combining the best assets from both companies to create a leading destination for used auto retail, allowing consumers to shop and buy cars seamlessly however they prefer, online or in-store.”
The businesses are largely complementary in their operations.
In Shift’s presentation slides on the merger back in August, one of the benefits listed was their complementary geographies, for example.
Shift would also benefit from the relationships that CarLotz has on the consignment side, given the online retailer more sourcing power.
“CarLotz, obviously, has been a fantastic consignment retailer,” Clementz, then the incoming Shift CEO, said during an earnings call in August. “We’ve long been impressed with their partners, their strategic relationships. And we think that there’s an opportunity in the future to leverage those, but that’s a little bit of a future opportunity.”
LeasePlan USA and Wheels Donlen have completed their merger.
Athene Holding Ltd. was the lead investor in the transaction and is the majority shareholder of the combined company.
Leading the combined company is CEO Shlomo Crandus, while Matt Dyer — who had been CEO of LeasePlan USA — will be president and a board member.
The current name of the entity is Wheels Donlen LeasePlan, but the company expects to rebrand in the first quarter.
“We’re excited to bring together the unique solutions, capabilities, and qualities of three high performing companies to create a best-in-class mobility management company focused on client success,” Crandus said in a news release. “We’ve always respected each other as competitors and now in combining forces we have a tremendous opportunity to bring an expanded set of client solutions to market.”
Athene CEO Jim Belardi said: “For Athene, this transaction follows our longstanding strategy to invest in businesses with strong fundamentals, underwriting and direct origination capabilities. We are committed to the growing fleet management market and the leading role that the combined Wheels Donlen LeasePlan will play in serving the fast-evolving fleet needs. With the closing of this transaction, we look forward to more opportunities to invest in the combined company and equipping the business for long-term success.”
The combined company has entered a cooperation agreement with LeasePlan Corp. to provide global fleet management services to international clients of both companies.
Polly, an insurance marketplace for the auto retail market, said Wednesday it has acquired Brinckerhoff & Neuville Insurance Group, a New York-based independent agency.
The agency is now operating under the Polly name, and all of its employees have transitioned to the Polly team.
The purchase continues Polly’s strategy of building a network of local independent agencies across the country. With the addition of the Brinckerhoff & Neuville location in Fishkill, N.Y., Polly now has two retail storefronts.
The company plans to have as many as 25 more local agents in other states by the end of next year.
“This acquisition expands our network of resident agents allowing us to provide customers who own several personal assets, such as homes, boats, RVs, etc. with the local knowledge they need to get the best value, coverage and service possible,” Polly co-founder and chief executive officer Travis Fitzgerald said in a news release.
“Our customers have long been able to enjoy the benefits of our best-in-class technology paired with a marketplace of major insurance carriers,” Fitzgerald said. “They now have the advantage of also having a trusted local agent to advocate on their behalf. It’s the unique combination of technology, choice, and knowledgeable agents that makes us the absolute best option for consumers.”
Steve Pogge was the previous owner of Brinckerhoff & Neuville. He is now general manager of Polly's New York office.
“For more than 50 years, we’ve worked with local customers to protect what matters most to them,” Pogge said in a news release. “I am proud of the service we’ve provided and thrilled about the opportunity to expand those opportunities with Polly.”
The decision and plan for Shift and CarLotz to merge came together rather quickly — it was only about four weeks ago that CarLotz chief executive Lev Peker said he got a call from Shift CEO George Arison floating a potential combination.
Determining what that combined company will ultimately look like, however, will take some time.
But it’s one that the companies believe will be …
Read more
Shift and CarLotz have agreed to merge.
The companies said in a release late Tuesday afternoon they have entered a definitive agreement to combine in a stock-for-stock merger, with the combined company set to trade under the SFT ticker on Nasdaq.
Shift is an end-to-end used-car ecommerce platform, and CarLotz is a consignment-to-retail used-car marketplace that is largely brick-and-mortar.
In the release, the companies said the merger creates “the destination for the best online and in-person used car purchasing experience, allowing the customer to seamlessly shop the broadest assortment of used vehicle inventory, and complete the transaction however they prefer.”
Shift’s footprint is largely on the West Coast, with CarLotz having a robust mid-Atlantic presence.
The combination allows CarLotz expand its geographic footprint and inventory offering through Shift’s inventory acquisition and at-home delivery, with Shift utilizing CarLotz to scale on the East Coast.
“The Shift and CarLotz teams have admired each other and our respective businesses for quite some time. We’ve always seen a considerable amount of strategic and cost synergies with a combined entity,” Shift co-founder and chief executive officer George Arison said in a news release. “We are strongly convinced that the merger will put us in a position to pursue a profitable future.
“As such, this is a transformative moment in Shift’s history by enabling us to advance our vision to be the end-to-end destination for car ownership that controls its own destiny,” he said.
Arison is stepping down from his CEO role on Sept. 1, but will continue as Shift’s chairman.
Shift president Jeff Clementz will become CEO.
“We see immense opportunity in combining Shift’s proprietary acquisition engine, which excels in buying cars from customers, with CarLotz’s unique consignment relationships to create a truly differentiated inventory strategy,” Clementz said in a news release. “There’s also potential to leverage Shift’s back-end technology and online checkout flow at CarLotz’s retail locations, to drive significant process and cost efficiencies.”
CarLotz CEO Lev Parker said in the release: “While this is an exciting day for both companies, the merging of Shift and CarLotz will be most beneficial to consumers looking to buy or sell a used car. Shift’s technology and consumer sourcing abilities combined with our consignment and retail remarketing expertise will provide one extraordinary, omnichannel experience.”
Auto Remarketing will have forthcoming details and updates on this developing story.
PureCars said Tuesday it has purchased AutoSigma, a digital marketing technology and services provider for car dealers.
The addition of AutoSigma’s digital asset platform to PureCars can allow dealers get vehicle advertising out to multiple channels in a more timely manner, helping to alleviate sluggish “speed to market.”
Terms of the deal were not disclosed.
“AutoSigma solves the biggest pain points for dealers in getting vehicle offers to market,” PureCars chief executive officer Stephane Ferri said in a news release. “Speed to market has historically been a challenge, as dealers await and react to OEM program announcements.
“With AutoSigma, our dealers will be in market in unprecedented time,” Ferri said. “We're excited to welcome Matthew Strunk and the AutoSigma team to PureCars.”
Strunk, who founded AutoSigma in 2021, added: "Combining our asset management platform with PureCars' extensive MarTech capabilities will be a game changer for dealers.
“They will get to market faster and achieve even greater success with their marketing efforts. We couldn't be happier about being a part of this industry-leading organization,” he said.
This marks the second purchase announced by PureCars in a little more than a year.
In July 2021, the company announced it had acquired TruPayments.
The AutoManager and Selly Automotive software companies have merged.
AutoManager Holdings Group, which provides DMS and website tools to independent dealers, said in a news release Monday it has completed the merger between its AutoManager Acquisition, Inc. subsidiary and A1 Software, Inc., which does business as Selly Automotive.
Selly provides CRM software to independent auto dealers.
Terms of the transaction were not disclosed in the news release, but AutoManager said it provided growth investment to Selly to grow staff and product development.
“We are thrilled to add the talented Selly team to the AutoManager platform and believe that the combined company will be better positioned to serve our customers and deliver outstanding products,” AutoManager chief executive officer Kami Tafreshi. “Going forward, we will remain focused on developing and / or acquiring the software tools that our dealership customers need to be as efficient and competitive as possible.”
Selly CEO and founder Zach Klempf added: “This partnership is a fantastic outcome for Selly, its investors, and employees, and we look forward to working with AutoManager in pursuing an accelerated growth strategy.
“I congratulate the AutoManager team, on building such a strong dealership software platform, and we believe that Selly’s CRM will be a highly complementary addition,” he said.
