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Location Services Makes Strategic Acquisition in Remarketing
In a significant move to enhance its market presence, Location Services announced on Thursday the acquisition of Marina Hill Finance, a third-party dealer consignment remarketing company. This acquisition is part of a broader strategy that emphasizes the growth and expansion of Location Services’ remarketing capabilities.
Rebranding for Future Growth
In conjunction with the acquisition, Location Services will be rebranding its remarketing division to Pinnacle Remarketing. CEO Jerry Kroshus expressed enthusiasm about the acquisition and stated, "Bob Sketch and his team have built a tremendous dealer consignment business over the years. By combining their volumes with our remarketing channels, it will only enhance our overall strategy and effectiveness.” This rebranding aims to position Pinnacle Remarketing as a leading provider of remarketing solutions tailored for banks, finance companies, and credit unions.
Strengthening Market Footprint
According to Paul Seger, Chief Remarketing Officer, the merger strengthens Location Services' reach in the industry, stating, "We are building an incredible remarketing program. Adding Bob and his team further strengthens our market presence across the country.” With seasoned professionals joining the team, the company anticipates improved customer solutions and resources.
A Look at Industry Trends
The acquisition is not isolated; it follows the December acquisition of Strategic Remarketing Solutions. This trend illustrates Location Services’ commitment to leveraging strategic partnerships that can enhance service offerings and operational efficiencies in the automotive remarketing landscape. As industry challenges persist, consolidation through acquisitions may prove vital for growth in this competitive market.
What This Means for Dealerships
For dealership owners and general managers, this acquisition impacts the strategies they employ for remarketing vehicles. With Pinnacle Remarketing specializing in a variety of remarketing strategies, dealerships can expect innovative approaches and solutions that cater to their unique needs. The additional resources and expertise gained through this acquisition promise better cycle times and potentially improved net returns.
Commitment to Excellence
David Heller, a partner at Delaware Street Capital, which owns Location Services, emphasized that their commitment to growth is ongoing, stating, "Adding Marina Hill Finance and rebranding to Pinnacle Remarketing exemplifies our bullish stance on remarketing. Our customers will benefit from our increased volumes, which will lead to better overall returns.” This phrase marks a trend toward prioritizing customer satisfaction through enhanced remarketing strategies.
The Future of Remarketing
As the automotive retail landscape continues to evolve, the integration of technology and innovative practices in remarketing will play a crucial role in determining market leaders. The establishment of Pinnacle Remarketing is a testament to Location Services’ commitment to not only grow but also set a standard within the industry.
Dealership owners and GMs tasked with navigating these shifts must remain agile, adapting to the changes brought on by such acquisitions. Staying informed and engaged with these industry developments is crucial for success in the competitive auto sales environment.
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