ATLANTA and GRAPEVINE, Texas — Cox Automotive Inc. (CAI) today announced the acquisition of Intersection Technologies Inc., which does business as F&I Express. The deal furthers Cox Automotive’s mission to transform the way the world buys, sells, owns and uses cars.
Both companies have a history dating back to spring 2013, when Autotrader and Intersection Technologies leaders first met and decided to work together to further an initiative known today as digital retailing. F&I Express will operate as a wholly-owned subsidiary of Cox Automotive Inc. (CAI). While terms of the transaction were not disclosed, the two companies said all F&I Express employees will remain in their current roles, and the business unit will continue operating out of its Grapevine, Texas, location.
“Combining assets, including a vast F&I providers network and unbeatable new technology, will create a competitive advantage driving continued value for dealers, agents, providers, and lenders,” said Mike Barrington, senior vice president of Cox Automotive’s retail solutions group sales, digital retailing and F&I solutions. “As both pioneers and innovators, they’ve done an outstanding job of giving lenders and dealers who use multiple providers one place to go to rate, contract, and register F&I products. Together, F&I Express and Cox Automotive will continue to deliver the services and solutions F&I Express has been delivering to the market.”
