VinSolutions Joins the AutoTrader Family
As everyone has learned, AutoTrader has just signed a definitive agreement to purchase VinSolutions. First, I’d like to congratulate the VinSolutions team, they’ve worked very hard to build a set of solutions that has proven to resonate with dealers. I’m looking forward to working closely with their team.
I also think it’s important for the industry to understand that AutoTrader is very respectful of its role in the industry and for the need to be careful and prudent as it executes its business strategy. To be sure, there is no intent to buy companies for the purpose of leveraging its power or size. The vAuto, VinSolutions, HomeNet, Kelley and other future acquisitions are intended to meet the present and future needs of dealers. Specifically, dealers have been frustrated for some time over the fact that they need to use a lot of different applications, many of which have limited, if any, integration.
Further, there is tremendous opportunity for dealers when mission critical solution companies share data and resources. For example, we are working on a new stocking solution for the industry that will be game changing and only possible as a result of vAuto’s family relationship with AutoTrader and Manheim. I’m sure that new and similarly powerful functionality will be developed by adding VinSolutions to the mix. I can assure you that everyone at AutoTrader understands that they win only if and when the dealers win.
We all know that historically acquisitions don’t work out well, and we are determined to proceed carefully so as to avoid getting it wrong. I would personally appreciate the support and patience of those that have come to know our sincerity and commitment. For those that don’t know, I would simply ask for you to have patience and allow us to demonstrate our commitment.