Chesterfield auto finance broker acquires software service provider to strengthen digital proposition
Evolution Funding, an auto finance broker and technology provider operating in the UK used car market and located in Whittington Moor, today (Friday July 2) announced the purchase of digital software and services provider Click Dealer Limited for an undisclosed amount.
The transaction marks the company’s intention to expand its digital proposition in the automotive finance industry.
After receiving investments from private equity firm LDC in 2019, Evolution has developed its technology platform to offer technologies for credit screening, automated lender selection, financial self-service and checkout automation. .
The acquisition of Click, which was supported by follow-on funding from LDC, will allow the software and digital services provider’s customers to benefit from the same capabilities using Evolution’s technology.
The Whittington Moor-based company is one step closer to its brokerage milestone of over Â£ 1 billion in auto finance in 12 months.
Click, which was formed in 1999, provides dealership website hosting, owner’s dealership management systems and digital services to over 1,550 independent car dealerships across the UK.
The company employs a team of 63 people at its headquarters in Stoke-on-Trent and will continue to operate under the leadership of Gerry Moxham, Ollie Moxham and Pippa Rawlinson.
Click will remain a separate legal entity within the Evolution finance group.
Evolution CEO Lee Streets said, âWe are in the process of acquiring a popular, data-driven, end-to-end automotive software provider.
âThey have a fantastic reputation in the market and there are a lot of similarities to our own corporate culture – it’s a great choice.
âA key part of Evolution’s vision is to lead digital change and innovation in automotive finance.
âThe acquisition of Click, with its market-leading platform, will help accelerate our ability to achieve this, while also supporting our goal of negotiating Â£ 1bn in auto finance in the UK.
âWe are keen to maintain Click Dealer’s finance agnostic position, providing true flexibility and choice for the retailer and the customer.
âAdditionally, our goal is to deliver innovative features and functions through the Click platform that deliver the best digital financing journeys and increase point-of-sale financing sales for dealers.
âWe will work quickly to provide Click retailers with access to Evolution’s technology.
âThe prospect of creating frictionless online financial journeys for consumers on the Click platform is incredibly exciting for both companies. “
Gerry Moxham, Founder of Click Dealer, added: âWe are delighted to be embarking on the next step in Click’s journey as a member of the highly respected and successful Evolution fundraising group.
âThis strategic decision to integrate with Evolution places us in an excellent position to support dealers now and in the future, as a true performance partner.
âWe look forward to working with the Evolution team to bring new innovations and integrated digital and financial solutions to UK dealerships. “
Lawrence Dean of LDC commented, âThis is an important milestone for Evolution as the company seeks to improve its market position and technological capabilities.
âWe will continue to work closely with the leadership team to identify other complementary activities that support the leadership team’s growth strategy. “
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