I am delighted to announce the acquisition of CAP Automotive by international automotive data and software specialist Solera.
Solera is a global provider of solutions in the field of insurance claim process and automotive risk management tools operating in the UK and 70 countries in total. Many customers will already be familiar with some of the businesses in Solera’s stable – all leading names in their field – including HPI, CarweB and Audatex.
I am sure you will immediately recognise that CAP Automotive represents a natural fit in the Solera family but I am most excited by the opportunities it will bring for our customers.
Solera’s track record in top flight automotive data delivery, plus an appetite to invest in true ‘end to end’ risk management tools allows CAP to expand our own recognised solutions into a variety of other applications and international markets. The acquisition will therefore enable us to deliver immediate wins for our customers. This includes a range of developments that I am already keenly aware the market is looking to CAP to provide.
For example, synergies between CAP and Solera data assets will enable the creation of an enhanced New Vehicle Data offering to incorporate VIN-specific factory-fit options. Similarly, CAP’s market-leading high quality valuation and specification data will also greatly enhance core propositions for the insurance sector, already well served by Audatex.
For existing and new customers with a pan-global reach, the potential for Solera to place CAP’s proven top flight valuation data at the heart of its proposition internationally is another strongly compelling and exciting prospect.
The positive impact on CAP that an acquisition can bring has been amply demonstrated over the past 30 months under the ownership of Montagu Private Equity. That period inspired fresh vigour and creativity within CAP which resulted in dramatic enhancements to our quality across all products. Renewed investment focus boosted the impetus of product and service developments which have been enthusiastically received in the market. Examples, of which I am especially proud, include our bespoke insight and advisory service – CAP Consulting – and the superb Gold Book and Gold Book iQ residual value forecasting systems.
I have no doubt that the synergies enabled by CAP’s presence in the Solera family will be similarly transformational and I am already looking forward to updating you on all our intentions, in due course.
It is clear to me that the opportunities to provide you with deeper, wider and stronger information services unlocked by this acquisition are where the value of this step truly lies. The ability to boost profitability for our customers is what drives us every day. The further boost in our capacity to do that, stemming from our acquisition by Solera, is ultimately what makes this such a great moment in the history of CAP. I am looking forward to sharing further updates on the benefits that will flow from this development over the coming weeks and months.
Meanwhile, please see the news release below, which has been distributed to the media.
CEO – CAP Automotive
News release: LEEDS, UK – THURSDAY NOVEMBER 20 2014
CAP Automotive Acquired by Solera Holdings, Inc., a Leading Provider of Risk and Asset Management Software and Services to Automotive and Property Marketplace, including the Property & Casualty Insurance Industry