Dealer software provider Vehlo has added Rapid Recon and Velocity Automotive to its portfolio.
Rapid Recon provides used car repair software that streamlines the process for dealers to bring used cars from auction to the dealer’s front line, enabling all departments involved in the vehicle to communicate with each other according to the process. Former Hewlett-Packard executive Dennis McGuinn founded Rapid Recon in 2010. Over 2,000 dealers use its software.
Velocity Automotive’s software helps dealers provide information to used car buyers. For example, a window sticker that indicates which options the car was offered with. That information also helps dealers make bidding decisions at auctions. Velocity also has a suite of used car repair software aimed at streamlining sales and service processes. The company was founded by Hugh Hascock five years before him.
“The addition of Rapid Recon and Velocity to our portfolio connects our service sector with our best customers: the used sector,” said Michelle Fischer, CEO of Vehlo, in a statement. “Rapid Recon adds a refurbishment solution that invented the software category, and Velocity Automotive provides a digital merchandising solution that connects these refurbishment investments to the sales process,” she said.
Both McGuinn and Hascock will remain with the company. McGuinn will continue to lead Rapid Recon’s day-to-day operations. Mr. Hascock will transition to an advisory role in the combined company, aligning his team with Vehlo’s divisional leadership. Velcocity CEO David Penney will continue to manage the company’s day-to-day operations.
Vehlo spokesman Gregory Arroyo said the deal had closed but would not disclose terms. All of Vehlo’s divisions are scheduled to attend his NADA conference in Dallas this week, he said. Vehlo is based in Knoxville, Tennessee.