Motor vehicle technology firm Keyloop is finalizing a deal to acquire the software-as-a-service (SaaS) company FISC to drive new car sale optimization for dealers, financiers and original equipment manufacturers (OEMs).
Based in Sheffield, U.K., and founded in 2004, FISC’s solutions work to help the auto industry boost sales and profits while maximizing customer retention. Its products and services are used by 14 OEMs and finance houses in more than 1,700 dealers in the U.K., Europe and South Africa, according to a press release on Tuesday (Sept. 28).
The combined companies will help dealers optimize when to reach out to customers for new car sales. FISC has two core products: eMaster and the FCA Tracker suite. eMaster uses real-time data gleaned from the customer finance agreement and the OEM to pinpoint the best time within a contract to offer consumers a new car. The FCA Tracker suite offers Financial Conduct Authority compliance and training software.
Tom Kilroy, CEO of Keyloop, said that with FISC, the company will boost its product offerings to OEMs and dealerships via enhancements “across the entire purchase and aftersales journey” and evolving the “overall experience” for all involved.
He added that while more than 90% of purchases are financed, only 20% stay the course until the term ends, making it important for dealers to retain customers by “upgrading their vehicle at the optimum point.”
“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,” Kilroy said.
Headquartered in Berkshire, U.K., Keyloop recently acquired RAPID RTC, enquiryMAX and MotorDocs to further support dealerships as the digital-first ecosystem takes center stage. With FISC, Keyloop can offer even more digital solutions to help OEMs and financers.
Simon Young, managing director at FISC, said that the company will continue working to offer solutions that will boost efficiency and profits.