Dealerware, a leading software platform servicing automotive OEMs and retailers, announced it has been acquired by a group of growth investors led by Wavecrest Growth Partners and Radian Capital, with participation from Automotive Ventures, automotive industry executives David Metter and Devin Daly, and others. The acquisition positions Dealerware to accelerate product development and expand the range of solutions available to its growing customer base of automotive OEMs, retailers, and fleet operators.
Dealerware enables automotive retailers to operate as modern mobility centers by connecting customers, vehicles, and contracts through a single fleet management platform. The platform supports a wide range of use cases, including courtesy vehicle, paid rental, and test drive management. Since its launch in 2016, Dealerware has deployed cloud-native and mobile-first technology to automate workflows for retailers and enhance service experiences for their customers. Dealerware now powers over 3,000 retailers and connects over 100,000 vehicles across the U.S. and Canada with its growing suite of solutions.
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“This investment marks the beginning of an accelerated growth phase for Dealerware as we continue on our mission to empower today’s automotive retailers to evolve into the full-service mobility centers of the future,” said Matt Carpenter, Chief Executive Officer of Dealerware. “Our platform makes fleet management seamless for retailers and loaner and rental contracting digital for the retail consumers. We’re beyond excited to work with our new partners to expand what Dealerware does for the automotive industry.”
“Dealerware aligns well with our focus on vertical SaaS platforms that solve complex operational problems in large, enduring markets,” said Anthony Giannobile, Principal at Wavecrest Growth Partners. “Retail automotive and mobility present meaningful opportunities for software-driven transformation, and Dealerware has built a differentiated platform designed for the realities of modern dealership operations. We view this investment as a continuation of our commitment to the automotive SaaS category.”
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“Dealerware operates in an environment where technology is increasingly central to execution and growth,” said Mattia Flabiano, Partner at Radian Capital. “The platform’s depth and level of integration position it well to support the next phase of retail automotive and mobility-enabled operations.”
William Blair served as the sell-side financial advisor to Dealerware in connection with the transaction, and TD Cowen served as the buy-side advisor to Wavecrest and Radian.
