Published: November 13, 2014 | Atlanta, GA
Cox Automotive (erstwhile Cox Enterprises) has agreed to pay $325 million in cash to buy Xtime-the predominant retention solution provider for the retail automotive industry. With the acquisition, Cox Automotive will be able to offer software for the back end of dealerships to go along with a suite of software to help dealers attract and retain sales customers.
Based in Silicon Valley, Xtime provides a powerful vehicle service and repair software solution for automotive retailers and manufacturers, which helps dealerships attract and retain profitable service and repair customers. Xtime processes more than 2.5 million service appointments each month for its 6,000 dealer customers, accounting for more than $6 billion annually in dealer service revenue. The Xtime Retention System is a cloud-based solution that integrates all customer service touch points into an exceptional user experience. By addressing the customer’s needs around value, convenience and trust, the Xtime Retention System dramatically improves the ownership experience, thereby increasing dealership and manufacturer profitability through increased loyalty.
As a part of the Cox Automotive software division, Xtime will retain its current leadership and brand while benefitting from the same successful strategy that has empowered the growth of other companies under the Cox Automotive umbrella. Cox Automotive is part of Cox Enterprises, which has invested more than $3 billion in acquisitions and start-ups of auto-related businesses in the past five years.
Source: Cox Automotive