AutoVerify has been aggressively expanding over the last year with the acquisition of three new software companies and a fourth one on the way, significantly increasing the capabilities and scope of the company’s product offerings. Canadian auto dealer sat down for a chat with AutoVerify’s COO Keith Murray to talk about the reasons behind these purchases and what they mean for the company going forward.
“So over the last 14 months, we have completed four acquisitions that are very much aligned with our strategic direction,” said Murray. “The landscape has changed so significantly over the last 24 months, so we needed to position ourselves to better serve dealers into the future.”
Each of the companies acquired by AutoVerify have added a new dimension to the company’s capabilities. “The AIM experts acquisition that we completed last August brought us the expertise around technology, inventory processing and capability to manage rebates and incentives at the inventory level,” said Murray.
Desking was the next gap they needed to fill. “We completed the ShopDesk deal, which gave us a desking capability, and iDealerPlus, which gave us the ability to match consumers payment capabilities and credit worthiness with an inventory piece that would maximize profit for a dealer,” said Murray. iDealerPlus takes into account both front end profit as well as back end growth.
Digital merchandising was the next step, and led to the purchase of Car Media 2.0. “They really are the best-in-class digital merchandising solution that completes our ability to be that end to end platform for dealers,” said Murray.
All of this fits into the plan AutoVerify has to be what auto dealers need going into the future. “When the pandemic first hit, there was a lot of turmoil in the market, particularly in the car industry. But we saw volumes return back to near pre pandemic levels. I think what that signals is people need vehicles. We know people aren’t afraid to buy vehicles. so I think there’s a continued demand in the marketplace for consumers both on the new and pre-owned side.”
The overarching plan is to provide consumers a seamless experience when they’re buying a vehicle, regardless of where they are when they are doing it. “We are looking to create that efficiency in that supply sales chain for the consumer, to make it easier for them to meet the dealer where they are. The studies that have come out over the last couple of years show consumers want to do more of the transaction online, not necessarily buy a car online, but they want to do more of it online. We’re really excited about our ability to make that process more efficient for the consumer while focusing on maximizing profitability for the dealer.”