San Pedro, CA (PRWEB) November 13, 2013
Intersection Technologies, Inc. is pleased to announce the closing of 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®, ExpressTabletSM, and ExpressRecoveriesSM. 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 of Intersection Technologies, Inc. “AutoTrader Group’s related companies have long-standing relationships with automobile dealers, which represent a major customer segment of Intersection Technologies, Inc.” Reed added. “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, Inc. has 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.
About Intersection Technologies, Inc.
Intersection Technologies, Inc. is a leading technology and solutions provider to the automotive industry. Its F&I Express® eContracting platform allows dealers to go to one place to conduct business electronically with all of their aftermarket F&I product providers, using a streamlined, error-free process. The company’s ExpressTabletSM iPad® mobile office application, winner of the Agent Summit 2013 Provider Innovator of the Year award, is used by F&I product general agencies and their field sales teams to help improve dealer profitability and service levels. Its ExpressRecoveriesSM program enables automotive finance sources to improve recovery of ancillary product cancellation refunds, while improving compliance with applicable regulations. In addition, the company offers management consulting and IT services to the automotive industry through its F&I consult division.
About AutoTrader Group
AutoTrader Group operates the largest digital automotive marketplace in the U.S. and is a leading provider of software solutions to automotive dealers throughout the nation. AutoTrader Group’s mission is to dramatically improve the way people buy and sell new and used cars. Through its AutoTrader.com® and Kelley Blue Book® websites, AutoTrader Group offers consumers empowering tools, content and information that increase their confidence in the car buying process. In addition, through its software solutions business, AutoTrader Group helps dealers source, appraise, manage, price and market their inventory, and helps them manage their consumer relationships. AutoTrader Group is headquartered in Atlanta, Georgia.
For more information, please visit http://press.autotrader.com.