By Auto Remarketing Staff
The busy year for automotive M&A activity continues. And once again, it’s on the tech side of the market.
Digital Air Strike said Wednesday it has purchased digital inventory SaaS provider LotVantage, and it will announce the acquisition of BestRide.com on Thursday.
The latter is a Gannett-owned automotive marketplace that allows consumers to search online for vehicles at dealerships throughout the U.S.
The purchase of BestRide.com, which is connected to the auto classifieds of more than 200 U.S. media platforms, would mean Digital Air Strike would have its first consumer-facing property.
The purchase is the sixth M&A deal Digital Air Strike has made since its 2010 debut.
In a news release, Digital Air Strike said that integrating its technology with that of BestRide’s can, “give automotive retailers a better way to showcase their inventory, market dealers that offer at-home test drives/purchasing/delivery, while providing enhanced online shopping options to combat online-only preowned vehicle retailers like Vroom and Carvana.”
Digital Air Strike co-founder and chief executive officer Alexi Venneri said in the release, “Our technology allows dealers and consumers to communicate, engage, and transact virtually, and the acquisition of BestRide.com only furthers that objective.
“The combination of Digital Air Strike’s industry-leading intelligent lead response and consumer engagement A.I. technology, along with BestRide.com’s massive online inventory of both preowned and new vehicles from trusted, local dealers, creates the ideal consumer auto-buying experience,” she said.
“This further supports our strategy to drive value for dealers and consumers throughout the car-buying journey.”
Digital Air Strike is purchasing the platform from Gannett.
In the release, Jeff Urgo — who is vice president of Local IQ Automotive, a division of Gannett — said: “BestRide.com will continue to be a great resource for our millions of readers looking to purchase a vehicle. Digital Air Strike has been a valuable partner whose work with the automotive industry will only enhance the consumer and dealership experience on BestRide.com.”
As for the deal announced Wednesday, LotVantage’s technology provides dealerships — including those selling autos, RV, marine and powersports products — an effective way to merchandise inventory via advanced targeting and data analytics, Digital Air Strike said.
The purchase of LotVantage allows Digital Air Strike to “expand upon its offering to enable the hyper-local and targeted syndication of inventory through marketplaces such as eBay, YouTube, and Craigslist,” Digital Air Strike said.
Those marketplaces would augment the company’s existing list of partners, which includes the likes of Facebook, Instagram and Amazon OTT.
“The acquisition of LotVantage’s inventory technology solutions supports our strategy of giving our clients extremely efficient and highly-targeted online marketing solutions that leverage our technology to pair specific inventory with data-driven platforms,” Venneri said in a news release. “When you combine this proven inventory distribution technology with our ability to showcase and nurture leads in real-time, leveraging the Amazon network on top streaming shows and live sports, as well as on popular shopping sites, our clients get a real advantage over their competitors.”
LotVantage founder and CEO Matthew Brown said, “After more than a dozen years of pioneering affordable classified and digital solutions for dealers, I am excited that LotVantage is now part of the Digital Air Strike family of companies.
“LotVantage’s focus on industry partnerships and innovative inventory distribution is a logical fit for Digital Air Strike’s existing offerings. The combining of solutions will offer dealers even more opportunity to increase awareness and drive more sales for their dealerships.”