CDK Global to Offer Dealers First Combined ‘New and Used’ Inventory Management Platform

Post Date: 
02-24-2016
Company acquires NewCarIQ and RedBumper from Pearl Technology Holdings, LLC

HOFFMAN ESTATES, IL – Feb. 24, 2016 – CDK Global, Inc. will soon begin offering an integrated new and used car inventory management solution to dealers across the country. Today, CDK announced the acquisitions of NewCarIQ and RedBumper product platforms. By combining the solutions offered by NewCarIQ, which helps dealers stock the right new vehicles and manage OEM incentives with RedBumper, a used car inventory management solution, CDK will now be able to offer a comprehensive set of tools for dealers to manage both their new and used car inventory. Both companies were acquired from Pearl Technology Holdings, LLC— an automotive technology incubator.

“CDK is focused on providing a seamless easy-to-use experience for all of our dealer clients,” said Malcolm Thorne, chief global strategy officer at CDK Global. “Inventory management is at the heart of every dealership. Our new inventory management solution will be the first of its kind in the automotive retail industry.”

The new product will give dealers the ability to perform all functions for both new and used inventory including vehicle appraisals, pricing and syndication to websites, incentive stacking, analytics, stocking recommendations, competitor market comparisons, reporting, enterprise management, group trade, formula pricing, stair-step pricing and much more from one platform. CDK currently offers both new and used car inventory management solutions separately through NewCarIQ and RedBumper.

“This is exciting news for the industry and will help dealers manage their profit centers more effectively,” said Bruce Thompson, CEO and founder of Pearl Technology Holdings, LLC. “Effective Inventory management is probably the most critical component to the success of any dealership and bringing new and used together in one integrated application makes perfect sense for today’s dealer.”

About CDK Global
With more than $2 billion in revenues, CDK Global (Nasdaq: CDK) is a leading global provider of integrated information technology and digital marketing solutions to the automotive retail industry and adjacencies. CDK Global provides solutions in more than 100 countries around the world, serving more than 27,000 retail locations and most automotive manufacturers. CDK Global's solutions automate and integrate critical workflow processes from pre-sale targeted advertising and marketing campaigns to the sale, financing, insuring, parts supply, repair and maintenance of vehicles, with an increasing focus on utilizing data analytics and predictive intelligence. Visit www.cdkglobal.com.

About Pearl Technology Holdings, LLC
With the formation of American Auto Exchange (AAX) in 2001, auto industry entrepreneur Bruce Thompson became widely known as the creator of the “used car inventory management” space. He went on to start RedBumper, LLC in 2010, which is also primarily focused on “used car inventory management.” At that time, Thompson formed a new holding company, Pearl Technology Holdings, LLC, created to be an automotive technology incubator. The company’s mission is to create and deliver innovative new tools that have an impact on the industry. Pearl has launched five subsidiaries VehicleXchange, LLC; eCarTag, LLC; Trade-In Concierge, LLC and ShowroomXpress, LLC.

Contact:
Kyle Donash
847.485.4335
Kyle.donash@cdk.com