The acquisition enhances Solera’s dealer and customer journey solutions within the Digital Garage® platform by securely addressing out-of-store mobility and logistics needs of dealerships and their customers
WESTLAKE, Texas, (March 23, 2018)— Solera Holdings, Inc. (“Solera”), a global leader in intelligent data, software and solutions to manage and secure the automotive, light and heavy truck fleet, home and identity ecosystems, today announced it has supplemented its technology portfolio with the acquisition of RedCap Technologies, LLC (“RedCap”), a mobility and logistics platform that enables seamless vehicle and customer movements in and around dealerships, focusing on improving sales and service experiences for consumers, while optimizing operational effectiveness for dealers.
From test drives delivered to the customer’s door, to pick-up and delivery of service vehicles, and on-demand ride sharing, RedCap is fundamentally changing the way dealerships manage customer logistics. The platform extends digitized customer experiences to automotive buying and servicing, while providing dealers with easy-to-integrate technology to scale out-of-store-logistics, as well as increase service revenue and customer satisfaction scores while reducing loaner car cycle times.
“Customers want choice and frequently value time over money. That means they will choose the option with the least amount of friction, provided the pricing is transparent.” said David Zwick, RedCap’s co-founder and CEO. “Becoming part of the Solera family allows the RedCap team to leverage the global scale of Solera and quicken the adoption of seamless and frictionless experiences in the automotive sector and beyond.”
RedCap’s technology, which includes a robust API, dealer management system integration, and a white-labeled product for dealers and OEMs, will be an integrated module of the Solera Digital Garage® platform, which enables secure and efficient interactions between all transaction participants.
“Customer experience, convenience and transparency in car and fleet management and ownership is paramount in securing loyalty.” said Tony Aquila, inventor and founder, Chairman and CEO of Solera. “RedCap enhances dealership customer convenience, providing one-touch secure access to efficient mobility and logistics solutions to drive increased customer satisfaction. We continue to invest and innovate to further the reach of our Digital Garage® platform, which addresses the critical 54 automotive and 250 fleet lifecycle transactions. We are proud to be an innovator in emerging technologies, including secure mobility industrial block chain technology, to protect our most important assets and enhance our quality of life.” continued Mr. Aquila.
Founded and continuously led by inventor and entrepreneur Tony Aquila, Solera is a global leader in digital technologies that connect and secure life’s most important assets: our cars, trucks, homes and identities. Today, Solera processes over 300 million digital transactions annually for approximately 235,000 partners and customers in nearly 90 countries. For more information, please visit solera.com.
RedCap is a category creator of automotive retailer mobility and logistics. RedCap’s platform allows OEMs and dealers to provide rich experiences to their service and sales customers and greatly improve a dealership’s overall vehicle and customer logistics operations. RedCap is a nationwide provider with tiered solutions servicing all brands. Customers, dealers and OEMs can use RedCap’s easy to use white labeled, DMS integrated software or interface with existing applications using the RedCap API.
Cautions about Forward-Looking Statements
This press release contains forward-looking statements, including statements about: the benefits of the acquisition of Redcap (the “Acquisition”), including but not limited to the benefits and value of products and services to Solera’s and RedCap’s customers, either alone or in conjunction with the products and services of other Solera group companies, including but not limited to Solera’s Digital Garage®; and Solera’s anticipated investments in, and innovation relating to, emerging and future technologies. These statements are based on Solera’s current expectations, estimates and assumptions and are subject to many risks, uncertainties and unknown future events that could cause actual results to differ materially. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in transactions of this nature, Solera’s business and RedCap’s business, including, without limitation: the failure to realize the expected benefits of the Acquisition; risks associated with and possible negative consequences of acquisitions, investments, joint ventures and similar transactions; successfully integrating RedCap’s solutions with or into other Solera group offerings, including but not limited to, Solera’s Digital Garage®; continued adoption of RedCap’s and the Solera group’s products and services; effects of competition on product and service pricing and RedCap’s and the Solera group’s business; Solera’s ability to obtain additional financing as necessary to support its business or operations; rapid technology changes in Solera’s industry; and effects of security breaches on Solera’s business and reputation. Solera is under no obligation to (and specifically disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
Global Director, Public Relations and Analyst Relations