Chesterfield motor finance broker acquires software services provider to bolster digital proposition
The UK’s largest motor finance broker, based in Chesterfield, has acquired an automotive website and software provider to extend its digital offering.
Evolution Funding, a motor finance broker and technology provider operating within the UK’s used car market and located in Whittington Moor, today (Friday, July 2) announced it purchased software and digital services provider Click Dealer Limited for an undisclosed sum.
The transaction marks the company’s intention to broaden their digital proposition in the motor finance industry.
After receiving investment from private equity firm LDC in 2019, Evolution has grown their technology platform to offer credit pre-screening, automated lender selection, finance self-serve and checkout automation technologies.
The acquisition of Click, which was supported with follow-on funding from LDC, will see customers of the software and digital services provider benefit from the same capabilities under Evolution’s technology.
The Whittington Moor based company is a step further towards its milestone of brokering more than £1bn motor finance in 12 months.
Click, which was formed in 1999, provides dealer website hosting, proprietary dealer management systems and digital services to over 1,550 independent motor dealers across the UK.
The business employs a team of 63 at their head office in Stoke-on-Trent and will continue to operate under the leadership of Gerry Moxham, Ollie Moxham and Pippa Rawlinson.
Click will remain as a separate legal entity within the Evolution Funding Group.
Evolution chief executive Lee Streets said: “We are acquiring a highly-regarded data-driven, end-to-end, automotive software provider.
"They have a fantastic reputation in the market and there are many similarities with our own company culture – it’s a great fit.
“A key part of Evolution’s vision is to lead change and digital innovation in motor finance.
"The acquisition of Click, with its market-leading platform, will help accelerate our ability to deliver this, whilst also supporting our objective of brokering £1 billion of motor finance in the UK.
“We are keen to maintain Click Dealer’s agnostic position on finance, offering true flexibility and choice for the retailer and the customer.
"In addition, our aim is to make innovative features and functions available via Click’s platform that deliver best-in-class digital finance journeys and increase point of sale finance sales for dealers.
“We will work quickly to offer Click retailers’ access to Evolution’s technology.
"The prospect of creating friction-less online finance journeys for consumers on the Click platform is incredibly exciting for both businesses.”
Gerry Moxham, founder of Click Dealer added: “We are delighted to be embarking on the next stage of Click’s journey as part of the well respected and highly successful Evolution Funding Group.”
“This strategic decision to integrate with Evolution puts us in a great position to support dealers now, and in the future, as a true performance partner.
"We look forward to working with the team at Evolution in delivering new innovations and integrated digital and financial solutions for dealerships across the UK.”
LDC’s Lawrence Dean commented: “This is a significant milestone for Evolution as the business looks to enhance its market position and technology capabilities.
"We will continue to work closely with the management team to identify other complementary businesses that support the management team’s growth strategy.”