Keyloop has completed the acquisition of automotive finance software specialist FISC to help car manufacturers and retailers better manage customer experience and retention.
It has acquired the Sheffield-based a software-as-a-service (SaaS) provider in what is its fourth acquisition since its acquisition by Francisco Partners and re-brand from CDK Global International earlier this year.
Keyloop chief executive, Tom Kilroy, said: “We are delighted to welcome FISC into the growing Keyloop family to enhance our offering for both OEMs and dealerships.
“By making improvements across the entire purchase and aftersales journey, we will ultimately transform the overall experience for consumers and retailers alike.”
FISC supplies solutions to finance houses, car manufacturers and retailers which claim to increase vehicle sales, maximise customer retention and improve profitability and currently counts 14 OEMs and finance houses across over 1,700 dealerships among its clients in the UK, Europe and South Africa.
It two core products are the eMaster sales and finance renewal system and its Financial Conduct Authority (FCA) compliance and training software.
The eMaster system combines real-time and accurate data from both the customer finance agreement and the OEM, to identify the optimum point within a contract to offer customers a new vehicle.
At the same time, customers get a truly personalised purchase experience by receiving timely, bespoke finance offers, while FISC’s “Key4Key” technology claims to make the switch easy and hassle-free.
Kilroy said: “The acquisition of FISC is exciting because although over 90% of vehicles are purchased through a credit agreement, only 20% of these deals complete their full term.
“Therefore, the ability for retailers and OEMs to retain customers by upgrading their vehicle at the optimum point is truly vital.
“From a consumer perspective, we know that financing is a key point of friction in the car purchasing experience, and FISC’s products can facilitate a smoother, tailored vehicle upgrade process for the car buyer.
“There is a thrilling future ahead for automotive retail and adding FISC to our portfolio opens up a number of other opportunities to support the ongoing digital transformation of our industry.”
FISC managing director, Simon Young, said: “Our goal is to provide systems and services that improve efficiency, effectiveness and profitability, and together with Keyloop we will continue to innovate motor finance for consumers, OEMs and dealers internationally.”
In an exclusive '5 minutes with...' interview with AM, Kilroy said that his business would pursue a strategy to “build, to buy and to partner”.
“It’s a question about which approach is best in each area”, he added.