CAP Automotive has been acquired by Solera Holdings, owner of HPI and Audatex.
Solera has long-established operations in the UK, and it is active in more than 70 countries worldwide.
In CAP, it has acquired the UK's leading residual value pricing guide, used by the majority of leasing companies to set their car and van future forecasts. Its data is also the benchmark by which leasing and fleet operations set their prices at auction.
Over the past 18 months, CAP has launched a number of new services to the fleet and automotive sectors, including a total cost of ownership tool, a new vehicle incentives programme and, most recently, the CAP Gold Book and Gold Book iQ, which enables customers to access accurate future forecasts and the insight behind the calcutaions.
The acquisition of CAP gives Solera a portfolio of data and software businesses spanning vehicle valuation, validation, collision and mechanical repair, and total cost of ownership. It is expected to spearhead the drive of CAP into mainland Europe, putting the company head-to-head with European market leader EurotaxGlass's.
CAP hopes to leverage numerous synergies across Solera’s global platform, enabling the rapid development and deployment of solutions that will add value to both CAP and Solera customers.
“CAP’s market-leading data, risk and asset management expertise, and dedication to enabling informed customer decisions makes us a natural fit in the Solera family. In taking this exciting step, I am most excited by the opportunities it will bring for our customers,” said Ian Rendle, CAP Automotive chief executive (pictured).
“Solera’s proven track record and disciplined investments in true ‘end-to-end’ risk and asset management tools will allow CAP to expand our own recognised solutions into a variety of other applications and international markets. This partnership and the combined power of CAP’s and Solera’s data assets will enable us to deliver immediate wins for our customers and bring unique value I am already keenly aware the market is looking to CAP to provide.”
Tony Aquila, Solera's founder, chairman and CEO, added: “The acquisition of CAP is the latest in a series of investments in Solera’s risk and asset management strategy, adding capabilities that create a unique ‘digital garage.’
"Expanding Solera’s valuation services through CAP will connect Solera’s investments and grow its presence in each phase of the vehicle lifecycle, from purchase, through SMR, to sale or salvage..
“Expanding from the UK across advanced European markets, CAP data will enable households to make informed, market-driven decisions affecting their automotive assets.”