Dealerware, a software platform used by automotive OEMs, retailers, and fleet operators to manage courtesy vehicles, paid rentals, and test-drive programs, has been acquired by a group of growth investors led by Wavecrest Growth Partners and Radian Capital. Additional participants include Automotive Ventures, automotive industry executives David Metter and Devin Daly, and other investors. Financial terms were not disclosed.
The transaction is aimed at accelerating Dealerware’s product development roadmap and broadening the company’s suite of mobility and fleet-management solutions as dealerships and OEMs increasingly rely on software to streamline operations and improve customer experiences.
Dealerware positions dealerships as “modern mobility centers” by connecting customers, vehicles, and contracts through a single fleet management platform. The company says its cloud-native, mobile-first tools automate workflows for retailers while enabling digital loaner and rental contracting for consumers across use cases such as courtesy vehicles, paid rentals, test drives, and pickup and delivery.
Since launching in 2016, Dealerware has expanded its footprint across North America, and the company says it now serves more than 3,000 retailers and connects more than 100,000 vehicles across the U.S. and Canada.
Wavecrest said the investment aligns with its focus on vertical SaaS businesses addressing complex operational needs in large, durable markets, citing retail automotive and mobility as areas primed for software-driven transformation. Radian emphasized the importance of technology in dealership execution and growth, pointing to Dealerware’s depth and integrations as strengths for its next phase.
Support: William Blair served as Dealerware’s sell-side financial advisor on the transaction, while TD Cowen advised Wavecrest and Radian on the buy side.
KEY QUOTES:
“This investment marks the beginning of an accelerated growth phase for Dealerware as we continue on our mission to empower today’s automotive retailers to evolve into the full-service mobility centers of the future. Our platform makes fleet management seamless for retailers and loaner and rental contracting digital for the retail consumers. We’re beyond excited to work with our new partners to expand what Dealerware does for the automotive industry.”
Matt Carpenter, Chief Executive Officer, Dealerware
“Dealerware aligns well with our focus on vertical SaaS platforms that solve complex operational problems in large, enduring markets. Retail automotive and mobility present meaningful opportunities for software-driven transformation, and Dealerware has built a differentiated platform designed for the realities of modern dealership operations. We view this investment as a continuation of our commitment to the automotive SaaS category.”
Anthony Giannobile, Principal, Wavecrest Growth Partners
“Dealerware operates in an environment where technology is increasingly central to execution and growth. The platform’s depth and level of integration position it well to support the next phase of retail automotive and mobility-enabled operations.”
Mattia Flabiano, Partner, Radian Capital
