Vero Forms New Division With Acquisition of Fidelis PPM
July 28, 2015
SCOTTSDALE, Ariz. and ONTARIO, Calif. — Vero Products, an F&I product provider and a division of CU Direct, has acquired Fidelis PPM. With the acquisition, Vero and Fidelis PPM have formed DRIV Technologies LLC to provide the automotive dealer community a new prepaid maintenance (PPM) technology platform to advance customer/loyalty retention.
DRIV Technologies’ PPM solution is currently being used by 1,000 dealers and is the private-label solution for multiple F&I administration and insurance companies nationwide.
“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,” said Ryan Williams, president of DRIV Technologies. “With our existing [third-party administrator (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 prepaid 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 a seamless retention solution with its private label partners, achieving better than a 65% service retention rate for its dealer clients, according to company officials.
“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,” noted Joe Annoreno, CEO of 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.
Vero is a provider of F&I products, anti-theft and customer/loyalty retention products and services to franchise and used-car dealerships throughout the United States. 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.
To learn more about DRIV Technologies and Vero’s suite of aftermarket solutions, visit www.getfidelis.com and www.veroproducts.com.