CHICAGO, April 18,
2024 /PRNewswire/ -- Xcite Automotive, the
leader in automotive technology services, today announced its
acquisition of Pinnacle Automotive, including its Diamond Dealer
Services and Diamond Digital PRO platforms. This strategic
expansion significantly augments Xcite's service capabilities,
particularly its ReconLogic platform and reconditioning services.
The move underscores Xcite's commitment to driving efficiency and
innovation in vehicle management for dealers, groups, OEMs, and
fleet companies.
With a nationwide team of over 1,300 members and its technology
embedded in more than 7,000 dealerships across the United States, Xcite is positioned to
deliver an expanded suite of services aimed at streamlining the
vehicle reconditioning and merchandising process. Integrating
Pinnacle and its Diamond brands into Xcite's portfolio creates a
truly comprehensive, technology-driven solution that expedites the
process of getting vehicles frontline-ready. This reduces
turnaround times and increases dealership efficiency.
"This acquisition represents a significant step forward in our
mission to build the most efficient vehicle management platform in
the industry," said Phil Penton, CEO
of Xcite Automotive. "With the expertise of Pinnacle and the
innovative technologies of Diamond Dealer Services and Diamond
Digital PRO, we're empowering our dealers with even more tools to
streamline operations, improve inventory turnover, and enhance
profitability."
Diamond Digital PRO, a leading workflow management platform,
will be integrated into Xcite's inventory workflow platform,
Frontline. Dealerships will gain unparalleled visibility and
communication capabilities with Xcite's ReconLogic teams and other
vendor partners. This integration fosters a more cohesive and
efficient reconditioning process.
Xcite Automotive is also pleased to welcome David Warnock and Mark
Castaneda to its Board of Directors. Their extensive
expertise in investment, finance, and business operations will be
invaluable as the company continues to expand and innovate.
Additionally, Camden Partners, a Baltimore-based private equity firm, is
excited to join Xcite in its journey.
"Xcite Automotive's acquisition of Pinnacle further solidifies
its commitment to providing world-class dealership services," said
Mark Castaneda, former CFO of
high-growth, publicly and privately-held organizations. "This
strategic move demonstrates the company's focus on driving
efficiency and value for its clients."
"Our focus remains on delivering efficient solutions that
enhance the speed and quality with which vehicles are prepared for
sale," continued Penton. "The addition of Pinnacle and its Diamond
brands into the Xcite family expands our service offerings and
reinforces our position as a leader in automotive reconditioning
and dealership support."
"The value proposition is clear," stated Xcite board member
David L. Warnock, Founder and
Partner at Camden Partners. "Integrating Pinnacle's expertise
and solutions with Xcite's existing offerings will streamline the
vehicle reconditioning process for dealerships and drive
significant efficiencies across the value chain."
Xcite Automotive is dedicated to leveraging this acquisition to
further enhance its impact throughout the auto industry. The
company reaffirms its commitment to innovation, efficiency, and
excellence.
For additional information on how these integrated services and
technologies are transforming dealership operations, visit
www.xciteauto.com.
Media Contact:
Randy
Santellana
(779) 292-4830
376397@email4pr.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/xcite-automotive-enhances-dealership-service-offerings-with-strategic-acquisition-of-pinnacle-automotive-and-adds-two-board-members-302121038.html
SOURCE Xcite Automotive