TradePending, fueled by Capstreet Group, acquires AutoAPR
One North Carolina-based firm that offers technology for dealer websites to help potential buyers understand their financing options has been acquired by another Tar Heel State company that provides vehicle valuation and merchandising software solutions to dealerships
TradePending announced on Wednesday that it has acquired AutoAPR.
While financial terms of the transaction were not disclosed, TradePending is backed by the Capstreet Group, a Houston-based lower middle market private equity firm.
Founded in 2016 and headquartered in Charlotte, AutoAPR offers lead generation website plug-in tools for dealers that can help consumers understand what they can afford. Hundreds of dealers around the country use AutoAPR’s website tools to help customers generate personal payment estimates, find vehicles in dealers’ current inventory that fit with their budgets, view their credit ratings, and schedule test drive appointments.
According to a news release, AutoAPR founders — chief executive officer Dan Mayer and chief technology officer Daniel Congrove — and their employees will join the TradePending team.
“We partnered with Capstreet last year to create a foundation for a new platform to fast track innovation in the automotive software industry, and our acquisition of AutoAPR is our first step towards that goal,” said Brice Englert, chief executive officer of TradePending, which is based in Chapel Hill.
“TradePending and AutoAPR pair very well together,” Englert continued in the news release. “We both share the same end goal of arming both the dealership and end-consumer with better information about the car buying process, with a similar mission and vision to provide transparency and help dealerships grow their businesses.”
Mayer offered these perspectives about making this move.
“Joining TradePending is truly a great opportunity for our employees and customers to be part of a fast-growing company dedicated to improving the automotive buying process,” he said. “With similar target customers, TradePending’s team can immediately begin selling our products and expand our reach. We couldn’t be more excited to join the TradePending family.”
Adrian Guerra is a partner at Capstreet and shared an optimistic outlook.
“Today’s consumers are entering the most competitive car buying market in decades, and we believe dealers that can demystify the process will have an advantage,” Guerra said.
“This is a synergistic combination that Capstreet expects will benefit both companies, with many cross-selling opportunities ahead. We welcome the AutoAPR team, and look forward to supporting TradePending’s ongoing growth,” Guerra went on to say.