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Reynolds acquires fleet management company, Carketa raises $4 mil, Lyft co-founder joins VC firm

Author

Anna del Villar
August 08, 2024

With tech giants and traditional players alike vying for dominance, the race to redefine the car buying experience is heating up. Here are a few of the major developments shaping the automotive retailing and mobility industries.

Reynolds and Reynolds acquires TSD Mobility Solutions.

Dealership management systems provider Reynolds and Reynolds now owns a worldwide provider of fleet management software and services. Operating in 92 countries and six continents, TSD Mobility Solutions assists over 16,000 dealerships and 3,000 car rental companies with fleet management operations. TSD will continue to operate independently under the leadership of President Shawn Concannon, according to a press release.

Carketa raises $4.4M in early growth funding round.

End-to-end data and intelligence software provider Carketa has successfully closed its latest funding round led by new investor Capital Eleven. The capital injection comes right before Carketa’s product suite, which helps dealerships buy, manage, service, and sell inventory faster, undergoes an A.I. expansion into inventory acquisition and management. 

"Vehicle values continue to oscillate as inventory supply and demand remain in flux, requiring dealerships—and other value creators who work with dealerships—to rely on data and insights to maximize profit creation,” said Scott Stern, Partner at Origin Ventures in a news release.

1876 Partners Fund acquires Mavsign.

Lower middle market buyout firm 1876 Partners has scooped up a major player in the remote document signing and fraud detection space. For the past 17 years, Mavsign has specialized in speeding up closings and mitigating fraudulent transactions for automotive dealerships using digital contracting tools.

Chaiz secures a $3.7 million seed funding round.

Based in Austin, TX, Chaiz is a comparison marketplace for extended car warranties. ResilienceVC led the round with participation from Anker Capital, Automotive Ventures, Everywhere Ventures, and others. Chaiz will use the new capital to enhance its breakdown protection offerings and expand coverage to include RVs, motorsports, and home appliances. Chaiz says the funding will also help the company to continue “bringing transparency, choice, and digitization to the extended car warranty market,” according to a release.

Lyft co-founder and chairman joins Autotech Ventures as a venture partner.

After stepping down as Lyft's CEO in March 2023, Green brings a proven track record of building a successful transportation company from the ground up. His expertise in scaling businesses, combined with a deep understanding of consumer marketplaces, will be useful to Autotech Ventures as they continue to invest in and support transportation startups.

“The electrification and autonomous tidal wave is just beginning to form,” Green said, “and the implications will reshape our lives, our cities and our transportation systems.”

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