Derbyshire motor finance broker revs up for growth after buying Stoke software firm
Derbyshire-based Evolution Funding Group, the motor finance broker and technology provider to the UK used car market, has bought Stoke automotive software and digital services provider Click Dealer for an undisclosed sum.
Evolution received investment from private equity house LDC in 2019. The firm, which has 302 staff, says the deal will see it move closer to its aim of brokering more than £1bn of motor finance a year.
Click was formed in 1999 and has established itself as a leading automotive software business, provider of dealer website hosting, proprietary dealer management systems and associated digital solutions for independent motor retailers. Click currently services and supports over 1,550 dealers across the UK.
Click employs a team of 63 at its head office in Stoke-on-Trent and will continue to operate under the leadership of Gerry Moxham, Ollie Moxham and Pippa Rawlinson. It will remain as a separate legal entity within the Evolution Funding Group.
Lee Streets, chief executive at Evolution, said: “We are acquiring a highly-regarded data-driven, end-to-end, automotive software provider. They have a fantastic reputation in the market and there are many similarities with our own company culture – it’s a great fit.
“A key part of Evolution’s vision is to lead change and digital innovation in motor finance. The acquisition of Click, with its market-leading platform, will help accelerate our ability to deliver this, whilst also supporting our objective of brokering £1 billion of motor finance in the UK.
We will work quickly to offer Click retailers’ access to Evolution’s technology. The prospect of creating frictionless online finance journeys for consumers on the Click platform is incredibly exciting for both businesses.”
Gerry Moxham, founder of Click Dealer, said: “We are delighted to be embarking on the next stage of Click’s journey as part of the well respected and highly successful Evolution Funding Group.”
“This strategic decision to integrate with Evolution puts us in a great position to support dealers now, and in the future, as a true performance partner. We look forward to working with the team at Evolution in delivering new innovations and integrated digital and financial solutions for dealerships across the UK.”
LDC’s Lawrence Dean said: “This is a significant milestone for Evolution as the business looks to enhance its market position and technology capabilities. We will continue to work closely with the management team to identify other complementary businesses that support the management team’s growth strategy.”