This week witnessed a surge in mergers and acquisitions across various sectors of the automobile industry. AutoAlert, a data analytics solutions provider, declared its acquisition by particular funds and accounts managed by BlackRock, as per a news release.
BlackRock Alternatives’ US Private Capital managing director and co-head, Phil Tseng, explained the reasoning behind the firm’s decision. He said, “We are delighted to expand our investment in AutoAlert, which has a confirmed record of aiding auto dealerships in making improved decisions and boosting their profits through data analytics.” Tseng added that BlackRock looks forward to supporting AutoAlert in fulfilling its strategy of delivering data-driven solutions that help automotive dealers make the most of their existing and prospective customer relationships, with AutoAlert’s new CXM CRM solution.
AutoAlert provides an automotive data platform that consolidates real-time customer insights into a single profile to streamline dealership operations. Their platform utilizes machine learning and artificial intelligence to offer personalized recommendations to dealerships, enabling them to make better-informed decisions and improve their profitability.
AutoAlert CEO Allan Stejskal expressed his delight at extending the company’s long-standing relationship with BlackRock through this acquisition. He stated, “BlackRock’s profound expertise in investment management and commitment to technology-driven innovation make it our perfect partner. We are excited to leverage BlackRock’s resources to enhance our product offerings further and drive growth, and we remain committed to bringing our powerful solutions to auto dealers as we have for years.”