San Pedro, Ca. – Intersection Technologies Inc. recently closed a Series B Financing, led by AutoTrader Group. Proceeds from the transaction will be used to accelerate growth and continue market penetration of the company’s core products, F&I Express, ExpressTablet, and ExpressRecoveries. As a part of the transaction, AutoTrader Group will have one seat on the five-person board of directors.
“We are extremely excited about AutoTrader Group’s investment and board membership in Intersection Technologies Inc.,” said Brian Reed, President and CEO, Intersection Technologies. “AutoTrader Group’s related companies have long-standing relationships with automobile dealers, which represent a major customer segment of Intersection Technologies Inc.
"AutoTrader Group strives to invest in product and technology innovators in the automotive market and that was what drove our decision to invest in Intersection Technologies Inc.” said Joe George, Senior Vice President, Strategy, AutoTrader Group.
As part of their continued nationwide growth, Intersection Technologies recently opened a new operations center in Southlake, Texas. The company has been in business since 2008 and operates in both the United States and Canada and is dedicated to the development of new technologies that support hundreds of dealerships, more than 55 aftermarket product providers, automotive finance sources and other automotive-related companies.