CDK GLOBAL ACQUIRES FULL OWNERSHIP IN COMPUTERIZED VEHICLE REGISTRATION (CVR)
AUSTIN, Texas – June 30, 2023 – CDK Global Inc., a leading automotive retail software provider, today announced the acquisition of full ownership in Computerized Vehicle Registration (CVR). CVR provides automotive dealers and other key members of the vehicle lifecycle with fast, secure, certified electronic vehicle registration.
“CVR has successfully helped automotive dealers and other entities process millions of vehicle transfers and DMV inquiries annually and streamlined the car-buying process,” said Brian MacDonald, president and chief executive officer, CDK Global. “We believe full ownership of CVR allows us to make further investments in support of the business and accelerate innovation for our customers. This transaction represents our first acquisition under new ownership and is aligned with CDK’s focus on acquisitions to build upon our industry-leading software platform and comprehensive suite of technology solutions.”
CVR was founded in 1992 to automate the link between states’ Departments of Motor Vehicles (DMVs) and key members of the vehicle lifecycle, including dealerships, insurance companies, financial institutions, auctions, and tag agencies. Today, with support from 15 dealer associations, CVR processes nearly 15 million vehicle transactions and more than 4 million DMV inquiries annually across 17 states.
As a CDK business, CVR products will continue to integrate with software from CDK, Reynolds and Reynolds and other dealer management system (DMS) providers.
For more information on CVR, visit cvrconnect.com.
# # #
About CDK Global, Inc.
CDK Global is a leading provider of cloud-based software to dealerships and Original Equipment Manufacturers (“OEMs”) across automotive and related industries. The Company’s cloud-based, software as a service (“SaaS”) platform enables dealerships to manage their end-to-end business operations including the acquisition, sale, financing, insuring, repair, and maintenance of vehicles. By automating and streamlining critical workflows, the integrated platform of modern solutions enables dealers to sell and service more vehicles by creating simple and convenient experiences for customers and improves their financial and operational performance.