Cars Acquires Creditiq Automotive Fintech Platform, Enabling Instant Financing For Consumers, Dealers And Lenders
Cars Acquires Creditiq Automotive Fintech Platform, Enabling Instant Financing For Consumers, Dealers And Lenders
11/04/21, 7:15 AM
Location
chicagoCars.com Inc. (NYSE: CARS) ("CARS" or the "Company"), a leading automotive marketplace platform that provides a robust set of industry-specific digital solutions, announces it has signed a definitive agreement to acquire CreditIQ, a cutting edge automotive fintech platform that provides instant online loan screening and approvals to facilitate online car buying. Consideration for the transaction will be $30 million at closing, funded using cash on hand, with the potential for up to an additional $50 million in performance-based cash consideration to be earned over the next three years. The transaction is expected to close this month.
Company Info
Location
chicago, illinois, united states
Additional Info
In a rapidly changing market, CARS enables dealerships and OEMs with innovative technical solutions and data-driven intelligence to better reach and influence ready-to-buy shoppers, increase inventory turn and gain market share. CARS is a leading automotive marketplace platform that provides a robust set of industry-specific digital solutions that connect car shoppers with sellers.