Vero Acquires Fidelis PPM, Announces Formation of DRIV Technologies
Scottsdale, AZ | Ontario, CA | State College, PA | July 28, 2015
Vero Products, a leader in vehicle after-market solutions and services to the retail automotive industry, and a division of CU Direct, has acquired Fidelis PPM.
As a result of the acquisition, Vero and Fidelis PPM have formed DRIV Technologies, LLC to provide the automotive dealer community a dynamic pre-paid maintenance (PPM) technology platform to advance customer/loyalty retention.
At the forefront in dealer/TPA/OEM branded PPM programs, DRIV Technologies’ PPM solution is being used by 1,000 auto dealers and is the private label solution for multiple F&I administration/insurance companies nationwide.
Vero is a leading provider of finance, insurance, anti-theft, and customer/loyalty retention products and services to franchise and used car dealerships throughout the U.S. Vero’s parent company, CU Direct, serves 12,000 dealerships, providing automotive solutions, including the CUDL auto lending network of over 1,000 credit unions.
“DRIV is set up to scale on a national level and become a tremendous complement to existing offerings, including Vero’s full suite of F&I products, and CU Direct’s CUDL products,” states Ryan Williams, president of DRIV Technologies. “With our existing TPA, retail and OEM relationships we look forward to extending our reach, while continuing to help our dealers achieve world class customer retention results through a sound pre-paid maintenance strategy.”
With certified integration partners such as CDK, Reynolds & Reynolds RCI, F&I express, ODE/PEN and e-menu providers, DRIV is able offer up a unique and seamless retention solution with its private label partners, achieving better than a 65% service retention rate for its dealer clients.
“Service drive revenue is set to reach a record $215 billion in 2015, and it is important for dealerships to incorporate programs that help capture that market, while building customer loyalty and retention,” notes Joe Annoreno, CEO, Vero. “Leveraging DRIV Technologies’ solutions and expertise gives Vero an extensive, unmatched line-up of aftermarket solutions to help dealers advance customer relationships and grow their bottom lines.
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Vero is a part of the CU Direct family of brands. Vero provides a unique suite of aftermarket solutions and innovative identity recovery solutions to vehicle dealerships. Vero works in conjunction with reliable, longstanding industry partners to support dealerships.