Purecars Technologies Completes Strategic Acquisition Of Automotive Fintech SaaS Provider truPayments
PureCars®, a leading martech and advertising intelligence provider for automotive retailers and marketers, today announced its acquisition of shopping personalization (DXP) and fintech platform, truPayments®, further solidifying its commitment to helping dealers thrive by expanding its martech and services suite to include personalized payment shopping. PureCars’ best-in-class tech optimizes media buys to achieve lower ad costs per unit sold and per RO, resulting in increased profitability for dealerships. truPayments’ tech converts shoppers earlier in the buying process, further reducing advertising costs for dealerships, while providing an improved buying experience for their customers. PureCars is backed by Diversis Capital Partners and Stage 1 Ventures.
truPayments, LLC is a financial technology company with deep roots in eCommerce and the Automotive Industry, providing digital retailing solutions to automotive, powersports and RV dealerships, as well as lending institutions. With solutions that include shop-by-payment and trade-in tools, truPayments empowers shoppers with personalized, relevant payment information to create more frictionless online buying experiences. Lender data integrations ensure every quoted payment is accurate, whether the customer purchases online or in store. By providing consumers with a more practical shopping experience, truPayments generates more qualified leads for dealerships.
The acquisition of truPayments will add even more payment data to PureCars’ already massive data warehouse, enabling dealers to serve payment-relevant ads to shoppers, and convert those shoppers to buyers, earlier in their buying journey, further reducing dealer ad costs per unit sold. Dealers will be able to more quickly and efficiently match in-market shoppers with their inventory at exactly the right payment.
Furthermore, while the industry grapples with inventory shortages, pairing vehicle acquisition campaigns with an accurate trade tool that quickly shows consumers the equity in their trade will give dealers a more profitable, less competitive vehicle acquisition option to auctions, which can eat into margins with transport and other associated fees.
“Automotive shoppers today expect more from dealerships at every stage in the buying cycle,” said Jeremy Anspach, CEO of PureCars. “In order to give dealerships a leg up on new disruptive competitors that bypass the dealership, but offer much more limited services, dealerships need innovators like PureCars to help them deliver smoother, more intuitive experiences to shoppers as their expectations continue to rapidly evolve. The unification of PureCars’ martech and truPayments’ fintech represents an organic evolution for both companies that will result in even greater cost efficiencies for our dealers and partners, as well as superior shopping experiences for the customers they serve.”
“The opportunity to directly integrate martech with shopping personalization and digital retailing is groundbreaking.” said Tarry Shebesta, CEO at truPayments. “The synthesis of the underlying data and technology sets the stage for us to have a significant positive impact on the car buying process for consumers, as well as the advertising and retailing experience for dealerships.”
About PureCars & truPayments
PureCars is dedicated to helping dealers and the automotive industry thrive with its advanced martech, advertising insights and portfolio management platform. Only PureCars has PURE™ Intelligence, giving dealers and automotive marketers a competitive edge with information that is PURE: Proven, Understandable, Relevant and Essential. PureCars’ industry-leading tech leverages data and insights to make smarter media buys that result in lower ad costs per unit sold and per repair order. Since its founding in 2007, PureCars has achieved great success by combining martech with digital merchandising and market analytics tools to provide dealers and partners with best-in-class solutions that increase efficiency and profitability.
PureCars’s acquisition of truPayments, a leading financial tech provider that makes it easier for consumers to obtain near penny perfect payment information earlier in the shopping process, further solidifies its commitment to helping dealerships boost engagement, earn more gross per unit sold and increase ROI.
PureCars is a certified digital provider for 15 OEMs in the U.S. and 1 in Canada, compliant with 40+ brands and serves 65 of the top 100 dealer groups in North America.
Learn more at www.purecars.com
About Diversis Capital
Founded in 2013, Diversis is a software and technology focused private equity fund that invests in lower middle-market companies, targeting situations where it can add unique value in helping a company reach the next level. With a collaborative approach to investing, its Operating Partners and Strategic Advisors work alongside management teams to help build successful organizations positioned for long-term growth.
Media Contact: Chris Tofalli | Chris Tofalli Public Relations, LLC | 914-834-4334 | www.diversis.com
About Stage 1 Ventures, LLC
Stage 1 Ventures, LLC was founded in 2005 and has invested over $200M in 22 late-stage growth companies. Stage 1 does a combination of primary and secondary investing as well as seed investing. Stage 1 looks for high growth companies that are led by passionate entrepreneurs in ag-tech, cloud, mobile, auto, consumer and enterprise software spaces.
