Strategic acquisition breaks barriers for car retailers to sell to out-of-state buyers more easily and securely
Jul 26, 2023
Pleasanton, CA, July 26, 2023 - Tekion, innovator of the first cloud-native platform serving the entire automotive retail ecosystem, today announced its newest acquisition of interstate and state vehicle registration solution provider, Five64. This acquisition will help dealers, OEMs and industry channel partners accurately calculate tax, title & license to sell cars in-state and out of state and provide related services.
Five64, integrated with Tekion – now operating under a new name as Tekion Digital Processing Inc., (TDP) - will simplify cross-state transactions of vehicle purchases for dealers, OEMs, consumers, and industry partners. With the continued evolution of online sales, there are more and more people looking to cross state lines to buy a vehicle. According to Cars.com, 10% of recent car buyers went over state lines for their vehicle as inventories trail demand.
“We are always looking for ways to enable automotive retailers to make their consumer car buying process smooth and seamless, be it online and/or in-store. With our acquisition of Five64 we found one more great way to do that,” said Jay Vijayan, Founder and CEO of Tekion. “Tekion Digital Processing will make an integral part of the car selling and buying process seamless, allowing consumers to shop and buy cars from where they wish, while retailers have opportunity to sell vehicles from their store to wherever they want to and expand their customer base.”
"Joining forces with an innovative brand such as Tekion, a true disruptor in the automotive industry, will continue to simplify cross-state transactions and streamline data services with transparency,” shared Five64 CEO Hoke Smith. “I look forward to continuing to work with customers and identify new areas for growth in my new role at Tekion where I will be responsible for Registration and Titling Services.”
Tekion Digital Processing (TDP) will be seamlessly integrated into Tekion Automotive Retail Cloud (ARC) and Automotive Enterprise Cloud (AEC), alleviating the frustrations of cross-state transactions, helping everyone navigate the complexity of state regulations with ease, avoid delays with lenders as well as costly mistakes. As a software tool, TDP will allow the same workflow for all vehicle purchases and the creation of dynamically-populated forms, cutting the time spent entering information and reducing errors. To request more information on the acquisition visit https://go.tekion.com/digital-processing-five64.
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