Intersection Technologies Inc. Closes Series B Financing
San Pedro, Ca. – Intersection Technologies Inc. recently closed a Series B Financing, led by AutoTrader Group. Proceeds from the transaction will be used to accelerate growth and continue market penetration of the company’s core products, F&I Express, ExpressTablet, and ExpressRecoveries. As a part of the transaction, AutoTrader Group will have one seat on the five-person board of directors.
“We are extremely excited about AutoTrader Group’s investment and board membership in Intersection Technologies Inc.,” said Brian Reed, President and CEO, Intersection Technologies. “AutoTrader Group’s related companies have long-standing relationships with automobile dealers, which represent a major customer segment of Intersection Technologies Inc.
"AutoTrader Group strives to invest in product and technology innovators in the automotive market and that was what drove our decision to invest in Intersection Technologies Inc.” said Joe George, Senior Vice President, Strategy, AutoTrader Group.
As part of their continued nationwide growth, Intersection Technologies recently opened a new operations center in Southlake, Texas. The company has been in business since 2008 and operates in both the United States and Canada and is dedicated to the development of new technologies that support hundreds of dealerships, more than 55 aftermarket product providers, automotive finance sources and other automotive-related companies.
More Industry
Autos More Appealing
Consumers gave new cars better scores again this year for design, performance and more as mass-market brands kept gaining on premium lineups, JD Power found in an annual poll.
Read More →
Used EVs Defy Overall Market
While the used-car market saw three months of price declines or stagnation, the used EV segment did the opposite – rising for three straight months.
Read More →
Trade-Ins in Negative Equity Reach New Heights
As such trade-ins rise in frequency, so do monthly loan payment amounts and interest rates, according to second-quarter data compiled by Edmunds.
Read More →
Gone to the Dogs
A Stellantis brand decided to have some fun with one of its SUVs’ design to address growing emphasis on family pets.
Read More →
OEM Poll Sees Industry Evolution
Kerrigan Advisors’ survey of automakers finds that tariffs, technology, network tightening and other factors are poised to reshape auto retail.
Read More →
Luxe N.C. Dealerships Change Hands
A collection of Italian and English brand franchises were handed off to the owner’s friend in the business and include the Carolinas’ only Ferrari retail stores.
Read More →
Exposure Drives Interest in Chinese Cars
At a recent demonstration, consumers had the chance to ride in a Chinese-branded vehicle, a firsthand experience that improved their perceptions and purchase intent.
Read More →
Automotive Consumers Sink Further in Debt
Most financing metrics hit records in the second quarter as more buyers locked themselves into long terms and high monthly payments.
Read More →
Agent Advocate
Rob Mancuso, who comes from a long line of auto dealers, values general agents’ place in the industry and makes a case for them taking an even bigger seat at the table.
Read More →
Driving Under Distraction
Though consumers gave higher marks to new vehicles in JD Power’s most recent initial-quality poll, high-tech interference worsened, pointing to craving for simplicity.
Read More →