AutoNation Inc. has agreed to acquire RepairSmith, a mobile automotive repair and maintenance provider. His $190 million deal, which went public Monday, is expected to close in the first quarter of 2023.
RepairSmith technicians can come to your home or work place and schedule online appointments to service private, dealer, and fleet customers. The business also helps AutoNation, the nation’s largest new car retailer, repair cars and expedite deliveries.
Los Angeles-based RepairSmith has operations in Arizona, California, Florida, Georgia, Nevada, Oregon, Texas, and Washington. The company named Porsche Ventures, his capital arm of Mercedes-Benz and Porsche ventures, as an investor in August 2021.
“By expanding the Group’s capabilities, we will not only begin to truly leverage our scale, but most importantly, offer a range of products and services that increase customer loyalty and deepen our share of their home-related mobility spending. to provide,” AutoNation said in a statement.
AutoNation CEO Mike Manley said in October that growth in parts and services and finance and insurance was two of the factors behind the 4.5% increase in third-quarter revenue to $6.67 billion. . The Fort Lauderdale, Fla., auto retailer acquired auto finance company CIG Financial for his $85 million in October. In November, AutoNation invested about $11.7 million to buy a 6.1% stake in vehicle listing company TrueCar Inc.
“RepairSmith is the next step in our plans,” Manley said in a statement. AutoNation expands its ability to conveniently meet customer needs by penetrating the extensive after-sales market and expanding the reach of its existing after-sales network. “
AutoNation said RepairSmith will serve existing customers and customers who purchased vehicles outside of the AutoNation dealer network. About 80% of the vehicles the company sells are serviced annually at franchise dealers during his first three years of ownership, but that percentage drops off sharply after his three years.
AutoNation Ranked #1 car news A list of the top 150 dealer groups based in the US with 262,403 new car sales in 2021.