Company eyes “substantial opportunity for growth” after buying Motorcentral and other digital brands.
Avanti Finance plans to expand its digital offering after acquiring the software assets of Limelight Financial Services Limited, which includes Finance Central, Motorcentral, Need A Car and BuyerScore.
Mark Mountcastle, chief executive officer of Avanti Finance, says the deal is good strategic fit for the introducer-led business.
“This acquisition will allow us to significantly expand our digital offering and add some real value to our dealer network, particularly in automation and access to listing sites, and it will make our products and services even more accessible to those that haven’t worked with us before,” adds Mountcastle, pictured.
“It’s a substantial opportunity for growth and to expand our current services portfolio.”
Dealers using Avanti’s services will continue to have access retail and floorplan finance, along with Motorcentral’s digital capabilities including stock management, dealer websites, automated advertising, customer-retention programmes and dealer ratings and reviews.
The acquisition comes a little more than a year after Limelight Software, which operated Motorcentral and other brands, merged with Thorn Financial Services to from the Limelight Group.
Mark Spring, Limelight Group’s chief executive officer, says demand for its suite of services has grown beyond what it can support independently, “and we look forward to seeing the true potential of this software fulfilled thanks to the greater scale, reach and resources that Avanti Finance brings”.
To support the transition, a number of Limelight’s key personnel, including Mena Eskander, Tracy Pennell, Shane Breckon and Mark Greenfield, will move across to Avanti Finance.
Dealers already using Motorcentral that choose to integrate their retail finance with the brand’s software products will be able to access Avanti’s range of multi-tier lending products for their customers.
Key products involved in the acquisition include Finance Central, an online finance service for consumers and dealers that can be integrated wherever vehicles are listed for sale, including on dealer websites and other online sales platforms.
Motorcentral is a suite of technology products to help dealerships and includes the Motorcentral DMS software currently used by more than 650 New Zealand dealerships to manage their business.
While Need A Car is an online marketplace for purchasing vehicles, finance, insurance, and other vehicle-related extras exclusively from car dealers.
Andrew Brough, general manager of auto and personal at Avanti Finance, says: “This acquisition will give us the ability to add additional products and services to our dealer network, including listing sites, BuyerScore and the ability to swap stock with other dealers on the Motorcentral platform.
“This increases our range of services to existing dealers over and above our current finance proposition.”
Keyword: Avanti snaps up software assets