Cox Automotive Inc. (CAI) today announced the acquisition of Intersection Technologies Inc., which does business as F&I Express. The deal furthers Cox Automotive’s mission to transform the way the world buys, sells, owns and uses cars.
Both companies have a history dating back to spring 2013, when Autotrader and Intersection Technologies leaders first met and decided to work together to further an initiative known today as digital retailing. F&I Express will operate as a wholly-owned subsidiary of Cox Automotive Inc. (CAI). While terms of the transaction were not disclosed, the two companies said all F&I Express employees will remain in their current roles, and the business unit will continue operating out of its Grapevine, Texas, location.
“Combining assets, including a vast F&I providers network and unbeatable new technology, will create a competitive advantage driving continued value for dealers, agents, providers, and lenders,” said Mike Barrington, senior vice president of Cox Automotive’s retail solutions group sales, digital retailing and F&I solutions. “As both pioneers and innovators, they’ve done an outstanding job of giving lenders and dealers who use multiple providers one place to go to rate, contract, and register F&I products. Together, F&I Express and Cox Automotive will continue to deliver the services and solutions F&I Express has been delivering to the market.”
With digital marketing, financial, retail and wholesale solutions for consumers, dealers, manufacturers, finance sources and the overall automotive ecosystem worldwide, the Atlanta-based Cox Automotive has 34,000-plus team members in more than 200 locations worldwide, and partners with more than 40,000 auto dealers as well as most major automobile manufacturers.
“F&I Express has developed innovative solutions via its technology, to connect the automotive marketplace to F&I providers,” said F&I Express co-founder and CEO Brian Reed. “Joining Cox Automotive gives F&I Express deeper resources and broader talent to deliver innovative technology solutions and superior service that will help position F&I Express as an unbeatable contender in this industry.”
Express Recoveries is an optimized eCancellation solution connecting lenders, providers and dealerships to streamline the cancellation and recoveries process in an efficient and compliant manner. Express Digital Media gives digital retailers the power to educate car shoppers online with accurate and dynamic aftermarket rates and content.