November 11, 2014 – 3:30 pm ET
Cox Automotive has concluded to compensate $325 million in money to buy Xtime, a heading provider of use scheduling and workflow program to dealerships, a companies announced today.
The understanding is approaching to be finished in a subsequent few days, pronounced Keith Jezek, program multiplication boss during Cox Automotive.
With a acquisition, Cox Automotive will be means to offer program for a behind finish of dealerships to go along with a apartment of program to assistance dealers attract and keep sales customers, Jezek said.
Other Cox Automotive brands are automobile selling sites AutoTrader.com and Kelley Blue Book, a vAuto register government unit, VinSolutions for patron influence program and Haystak digital marketing.
Jezek pronounced a further was a healthy since bound operations comment for 55 to 60 percent of dealership increase on average, and dealerships are furiously perplexing to get behind business they’ve been losing to eccentric correct shops.
The automakers, Jezek said, also see a approach “correlation between use compensation and repeat automobile sales.”
Xtime has about 6,000 dealership customers. The company’s program helps dealers conduct their use operations by electronic scheduling, selling and patron check-in.
Xtime processes some-more than 2.5 million use appointments any month for dealerships that beget about $6 billion annually for a stores, Xtime pronounced in a merger release.
Management during Xtime, including Neal East, a co-founder and president, are staying on to run a unit. Cox Automotive bought a association from a founders as good as a array of investment firms, including Bessemer Venture Partners, Keating Capital, Draper Fisher Jurvetson, RPM Ventures and Saints Capital.
The squeeze is a latest in a array of acquisitions on that Cox Automotive has spent some-more than $3 billion during a past 5 years, Jezek said.
Cox Automotive is on gait to beget about $5 billion in income in 2014, Jezek said. Manheim, a hulk vehicle-auction company, is a largest section of Cox Automotive.
Cox Automotive is partial of Cox Enterprises in Atlanta, that is slated to post income of about $17 billion this year. Other land embody wire networks and a horde of media companies.