Cox Automotive grew again on Monday.
The company announced the acquisition of Intersection Technologies; better known in the aftermarket industry as F&I Express. Management said the deal furthers Cox Automotive’s mission to transform the way the world buys, sells, owns and uses cars.
While specific financial terms of the deal were undisclosed, Cox Automotive mentioned all F&I Express employees will remain in their current roles at F&I Express, and the business unit will operate out of its current Grapevine, Texas location.
The company indicated F&I Express will operate as a wholly owned subsidiary of Cox Automotive, which also includes:
— Clutch Technologies
— Kelley Blue Book
— NextGear Capital
Cox Automotive noted that F&I Express will be a part of its retail solutions group.
“Combining assets, including a vast F&I providers network and unbeatable new technology, will create a competitive advantage driving continued value for dealers, agents, providers, and lenders,” said Mike Barrington, senior vice president retail solutions group sales, digital retailing and F&I solutions at Cox Automotive.
“As both pioneers and innovators, they’ve done an outstanding job of giving lenders and dealers who use multiple providers one place to go to rate, contract and register F&I products,” Barrington continued. “Together, F&I Express and Cox Automotive will continue to deliver the services and solutions F&I Express has been delivering to the market.”
Both companies have a history dating back to spring 2013 when Autotrader and Intersection Technologies leaders first met and decided to work together to further an initiative known today as digital retailing.
“F&I Express has developed innovative solutions via its technology, to connect the automotive marketplace to F&I providers,” said Brian Reed, chief executive officer and co-founder of F&I Express.
“Joining Cox Automotive gives F&I Express deeper resources and broader talent to deliver innovative technology solutions and superior service that will help position F&I Express as an unbeatable contender in this industry,” Reed went on to say.
Reed also touched on some of the products F&I Express delivers.
Express Recoveries is an optimized eCancellation solution connecting finance companies, providers and dealerships to streamline the cancellation and recoveries process in an efficient and compliant manner.
Express Digital Media can give digital retailers the power to educate car shoppers online with accurate and dynamic aftermarket rates and content.