Xtime, a leading provider of service scheduling and workflow software to more than 6,000 auto dealerships worldwide, has been acquired by Cox Automotive for $325M. Cox Automotive acquired Xtime to further its goal of assisting dealers to become more efficient and profitable enterprises. With the acquisition, Cox Automotive will be able to offer software for the back end of dealerships to go along with a suite of software to help dealers attract and retain customers.
Management at Xtime, including Neal East, the Co-founder and President, are staying on to run the unit. Cox Automotive bought the company from the founders as well as a number of investment firms, including Bessemer Venture Partners, Keating Capital, Draper Fisher Jurvetson, and ourselves.
About Cox Automotive
Cox Automotive is a leading provider of vehicle remarketing services and digital marketing and software solutions for automotive dealers and consumers. The company partners with more than 40,000 dealers, as well as most major automobile manufacturers, and touches over 67 percent of all car buyers in the U.S. with the most recognized brands in the industry. Cox Automotive unites more than 20 brands in this space, providing an end-to-end solution to transform the way people buy and sell cars every day.