Cox Automotive acquires F&I Express

Cox Automotive Inc. has acquired F&I Express, an F&I technology company it has had a minority stake in since 2013, Cox said in a statement on Monday.

Intersection Technologies Inc., doing business as F&I Express, also owns two other digital solutions. The company now will operate as a wholly owned subsidiary of Cox, though it will retain its employees and remain at its location in Grapevine, Texas.

The acquisition will give Cox full ownership of F&I Express, which connects dealers with F&I product providers. Through F&I Express, dealers can access product rates, generate contracts and forward contracts to the providers.

Cox also will own the company’s two other tools: Express Recoveries, a digital tool to streamline the cancellation and recoveries process of F&I products, and Express Digital Media, a platform that connects digital retailers with F&I providers on pricing and provides digital content.

Cox Automotive had worked closely with F&I Express to launch the tools, according to Cheryl Miller, vice president of lender solutions at Dealertrack, Cox’s F&I software company.

“We saw the great work and solution sets that they’re bringing to market,” Miller said. “There is no doubt that with the synergies that we see in the digital era, F&I Express will play an integral part in helping us move that forward.”

The companies would not disclose the financial terms of the acquisition.

{{title}}

{{abstract}}

Read more >