SAN DIEGO, Jan. 5, 2021 /PRNewswire/ -- AutoVitals ("AV" or the "Company"), a leading provider of SaaS solutions to automotive repair and maintenance shops, announced today its acquisition of BayIQ, a provider of automated marketing software to the independent tire and automotive repair industry. BayIQ's software solutions help shops build customer loyalty, increase car counts, and increase average repair order by combining their robust customer engagement platform with key features like comprehensive loyalty program management and automated service reminders.
BayIQ was founded in 2016 and quickly became a trusted partner for the independent tire and automotive repair industry as a result of its 50+ years of industry experience. Made for and by auto and tire professionals, BayIQ's products allow shops to handle all their marketing needs in one place, providing clients with customized outreach and incentives. Under CEO Jennifer Thronson's leadership, BayIQ has further established itself as a partner the industry relies on to maximize customer loyalty and retention.
"I am very proud of the value we have provided to our customers so far but know BayIQ can do so much more," said Thronson. "We wanted to align with an organization both committed to and capable of furthering our mission to make tire and auto shops more successful. AutoVitals' deep understanding of shop operations and demonstrated success in building mission critical software proves that they are the right partner at the right time."
AutoVitals' acquisition of BayIQ will add to the Company's already comprehensive suite of products aimed at optimizing a shop's performance, including workflow management, digital vehicle inspection, motorist engagement, POS integration, CRM, retention, and websites. Similar to BayIQ, AutoVitals' SmartFlow and The Digital Shop® product family has enabled shops to boost sales, often driving 25-100% increases in annual revenues. Each of BayIQ's expert team members will remain with the combined company.
"We are excited to add BayIQ to the AutoVitals family," said Jon Belmonte, CEO of AutoVitals. "AutoVitals is the automotive aftermarket's Shop Success Solution, dramatically increasing client average repair order, car count and shop profitability through its technology platform and best practices. BayIQ's motorist engagement offering is having a material impact on customer retention and upselling rates for tire and automotive shops. The addition of a best-in-class customer loyalty platform to our Shop Success Solution will produce even better financial results for our respective clients and for the industry."
The acquisition is AutoVitals' first since receiving a significant growth investment from Tritium Partners in 2019. The combined company has substantial resources committed to support its growth plans through both organic strategies and acquisition.
Chris Steiner, Principal at Tritium Partners, commented, "We continue to believe that companies like AutoVitals and BayIQ will play instrumental and expanded roles in the automotive aftermarket as shops look to use software and data to better serve their clients, increase revenue, and improve operations. We see significant opportunity to deliver an increasingly comprehensive solution and plan to provide the resources necessary to expand our respective go-to-market teams, further enhance product/feature development and pursue additional acquisitions."
BayIQ, a Phoenix-based SaaS company, provides automated marketing software to the independent tire and automotive repair industry, addressing each critical marketing function. BayIQ's loyalty rewards program combined with key features like automated service reminders, email and text message marketing, appointment scheduling, and online reviews gives dealers the tools needed to increase car count and average repair order by building customer loyalty. Learn more at www.bayiq.com.
AutoVitals, primarily based in San Diego and Goleta, CA is the leading provider of integrated software solutions for managing automotive shop workflow, internet marketing, and motorist engagement. The company's solutions automate every touch point of the vehicle repair transaction with motorists and enable efficient shop management. AutoVitals' platform includes digital inspections, automated service reminders, consumer engagement, repair status updates, POS integration, educational videos, sales-to-technician communication, and real-time integration to repair data/POS. Learn more at www.autovitals.com.
About Tritium Partners
Founded in 2013, Tritium Partners is a private equity firm focused on technology and services companies with exceptional growth potential. With ~$800 million of committed capital raised, Tritium actively partners with talented founders and executives to build market-leading companies through high-growth strategies, while maintaining capital efficiency. Tritium's approach emphasizes creating long-term value through both strategic growth initiatives and acquisitions, with specialized expertise in FinTech and financial services, Internet marketplaces, software data and analytics, supply chain and logistics, and tech-enabled business services.
Lambert & Co.