ReconVelocity has made its second purchase since its 2019 launch, announcing Thursday it has acquired Recon Ninjas, a competitor in the vehicle reconditioning space.
The combination of the two companies will result in what ReconVelocity calls, “the largest provider of integrated vehicle management and reconditioning software solutions exclusively focused on the automotive industry.”
This move follows ReconVelocity's purchase of Trace Recon in May.
In a news release, ReconVelocity owner Hugh Hathcock said: “This is the second acquisition for ReconVelocity since launching less than a year ago. The purchase is part of our expansion initiative developed from our numerous conversations with retail dealers to understand their needs.
“I’m excited about this acquisition, as it allows us to rapidly accelerate the expansion of our best-in-class technology and products across the automotive market,” he said.
Hathcock added: “A goal for ReconVelocity’s expanded recon suite is to offer dealerships a platform that integrates with their current systems, while streamlining the entire recon process. What we’ve built with ReconVelocity is an innovative, versatile solution that will adapt with evolving recon processes.”
Hathcock founded ReconVelocity in 2019. Among his past ventures include ELEAD1ONE, which CDK Global bought in 2018.
Jerry Thibeau is the chief executive officer and founder of Recon Ninjas. In a news release, Thibeau said: “Our relationship with our dealers has always been our top priority and ReconVelocity has some great features that we did not, so it is a win-win for everyone. This acquisition will enable Recon Ninjas clients to receive the latest innovations and increase their dealerships profitability.”