Xtime officials confirmed shortly after the announcement that Cox Automotive had acquired Xtime that it would be business as usual for dealer customers both in Canada and the U.S.
“This is great news all around,” explained Chris Howie, V-P at Xtime and head of international sales. “Xtime joins the Cox Automotive family however we remain independent.”
News of the $325 million deal came out Nov. 11.
Cox Automotive currently operates in five core areas – media, wholesale and auction, financial, software and international ventures. The massive company counts AutoTrader.com and Kelley Blue Book, software companies like vAuto, VinSolutions and HomeNet and financial companies NextGear Capital and Go Financial among its assets. It is also the parent company of Manheim Auto Auctions and several overseas media, valuation and classified operations.
Keith Jezek, head of Cox Automotive’s software division said the Xtime deal means it can compliment its suite of front-end solutions with Xtime’s back end technology.
More than 6,000 dealerships worldwide currently run Xtime’s retention solution software. Based in Silicon Valley, Xtime provides a vehicle service and repair software solution for automotive retailers and manufacturers, which helps dealerships attract and retain profitable service and repair customers while helping OEMs build brand loyalty.
The company said its products help dealers efficiently manage their service operations through integrated service scheduling, marketing and check-in.
It is a provider for 20 major global automotive manufacturers in the U.S., Canada and Australia. The company said it processes more than 2.5 million service appointments every month.
Xtime will retain is current leadership and brand as it is slotted into the Cox Automotive software core. Neal Ease, co-founder and president, will continue to run the company.
“Becoming a part of the Cox Automotive family of companies is an incredible opportunity and one that will greatly benefit our current and future customers,” East said.
“The additional value that we can create for our customers by connecting the front- and back-end of dealership operations is an exciting prospect, and I look forward to working across the organization to realize that potential.”
Cox Enterprises has invested more than $3 billion in acquisitions and start-ups of auto-related businesses in the past five years.