Cheryl Miller, vice president of solutions for lenders at Dealertrack. Photo credit: Cox Automotive
Cox Automotive Inc. has taken over F & I Express, an F & I technology company with a minority stake since 2013, according to Cox in a statement on Monday.
Intersection Technologies Inc., which does business as F & I Express, also has two other digital solutions. The company will now operate as a wholly owned subsidiary of Cox, although it will retain its employees and remain at its location in Grapevine, Texas.
The acquisition gives Cox the full ownership of F & I Express, which connects dealers with F & I product providers. Through F & I Express, dealers can access product rates, generate contracts and forward contracts to suppliers.
Cox will also own the company's two other tools: Express Recoveries, a digital tool to streamline the cancellation and recovery process of F & I products, and Express Digital Media, a platform that connects digital retailers with F & I providers about prices and digital content.
Cox Automotive had worked closely with F & I Express to launch the tools, according to Cheryl Miller, vice president of borrower solutions at Dealertrack, Cox & # 39; s F & I software company.
"We saw the fantastic sets of work and solutions they bring to the market," Miller said. "There is no doubt that with the synergies we see in the digital age, F & I Express will be an integral part of helping us move that forward."
The companies would not disclose the financial terms of the acquisition.
F & I Express has been working with Dealertrack since August 2016. The collaboration has given Dealertrack dealers customers access to the F & I Express network, a combined network of 130 F & I product providers. Today, this partnership maintains a network of more than 160 F & I product providers.
Brian Reed, CEO of F & I Express, said at the time of the collaboration that DealerTrack and F & I Express would remain separate from an operational standpoint. Even with the acquisition, there are no plans to shift the business of the company, although Reed said that linking to Cox F & I Express gives access to deeper sources and a broader talent base.
"Every time a Cox company needs access to F & I providers, we are sending those lines to those providers," Reed said.