Diversis Capital and Stage 1 Ventures have acquired PureCars.
The move was a result of PureCars spinout from Raycom media after the latter merged with Gray Television.
“The new ownership is great for PureCars as it allows us to accelerate our advancement in product, technology, data, and our insatiable commitment to customer service excellence,” said PureCars CEO Samuel Mylrea. “We are driven by the tremendous opportunity for our data and technology platform to help dealers improve operations, customer acquisition, retention, and ultimately drive more customer lifetime value and profitability. I believe Diversis and Stage 1 Ventures will help us fully realize this opportunity faster.”
PureCars has been serving auto groups and dealerships in the U.S. and Canada since its establishment 12 years ago.
“We've spent a lot of time looking at technology-driven solutions in the automotive space. PureCars not only stood out because of their market-leading technology platform, but also the management team's dedication and passion for solving the mass deficiencies in the industry. After surveying the market landscape and spending time with customers, acquiring PureCars was a really easy decision for us,” said Kevin Ma, managing director at Diversis.
David Baum, managing director of Stage 1 Ventures, shares the excitement of working again with PureCars as Stage 1 was PureCars’ former investor.
“It was a pleasure partnering with PureCars previously and I'm excited for the opportunity to work with them again after they've undergone so much growth,” said Baum. “We're eager to work with their outstanding leadership team to accelerate growth through best-in-class technology solutions and unrivaled customer service.”
With its new strategic investors, PureCars will continue to focus on providing marketing automation and help dealerships and auto groups grow overall profitability.
“Over a decade ago I founded PureCars to solve mass deficiencies within automotive and help dealers sell more cars. Since day one, we've stayed true to that mission by building best in class tech, and having a fantastic team around it, which allowed us to become the industry leader. I'm excited about this new chapter and our new owner's commitment to providing PureCars with the financial support to innovate even faster and pursue key strategic acquisitions to enhance our product and our dealers sell and service more cars by using PureCars,” said Jeremy Anspach, executive chairman of PureCars.