Keyloop acquires SilverBullet to further help automotive dealers deliver superior digital retail experiences for their customers16 December 2021
Keyloop acquires SilverBullet to further help automotive dealers deliver superior digital retail experiences for their customers
16th December 2021. Keyloop has today announced the acquisition of SilverBullet, a digital retailing solution for vehicle dealer groups to help them manage online commerce in both sales and aftersales. It is Keyloop’s fifth acquisition since March 2021, following RAPID RTC, enquiryMAX, MotorDocs and FISC, and is a strategic buy for the global automotive technology company, enabling it to offer exciting new omnichannel retailing solutions to its customers.
SilverBullet, which was founded and owned by Peter Vardy with a minority shareholding by media company MTC, includes online finance and part-exchange valuation tools and enables dealerships to create a digital store for their vehicle stock as well as allowing aftersales customers to book online. The purchase will also deepen Keyloop’s footprint in Scotland where Keyloop is investing in a new office in Glasgow and where SilverBullet is also based.
Keyloop is committed to championing digital transformation in the automotive retail industry and to providing dealerships with the tools they need to deliver a true omnichannel buying experience to their own customers directly. This purchase is a crucial step towards achieving this. Recent research from Keyloop highlights the need for dealers to keep pace with consumer expectations and continue to convert sales in an increasingly competitive environment. The solutions offered by SilverBullet will enable dealers to deliver a better experience when buying a car online.
Consumer digital preferences in auto retail
· 1 in 3 consumers are open to buying a car online
· 88% of consumers would consider personalised digital engagement tools to engage with salespeople remotely
· 89% value personalisation in their digital interactions with dealers during the research process
· 70% UK owners want to book their service repairs online
· 55% are happy to receive text updates on the status of their service
Data From Digitalisation: An Unstoppable Force In Automotive Retailing And Aftersales (2021)
SilverBullet Sales is a digital retailing platform that dealers can easily plug into their own websites, allowing them to publish their vehicle stock online and offer a superior digital shopping experience to their customers. It also includes several features that increase customer confidence when purchasing online, such as guaranteed vehicle trade-in valuations and the ability to get approval for finance deals in minutes. There are significant benefits for dealers using SilverBullet Sales, such as reducing the amount of time salespeople need to build a deal, increasing margins by removing the need for price negotiation and providing the option to upsell care packages, as well as other add-ons, all online.
In addition to the online retailing solution, SilverBullet also offers digital solutions for the service department, including tools for intuitive online service booking.
The entire SilverBullet team, led by MD Cameron Wade, will become part of the Keyloop family, fitting into Keyloop’s product portfolio over the coming months. Cameron Wade will become Keyloop’s VP of Global Omnichannel Retailing.
In conjunction with the acquisition Keyloop has committed to supporting the Gen Z Leadership Initiative, which is led by the Peter Vardy Foundation and aimed at school children and students across Scotland. This is a natural extension for Keyloop, which has developed a strong DEI programme and is focused on nurturing talent into the automotive industry via its involvement in the Automotive 30% Club and its own Dealer Tech competition, aimed at university students.
Tom Kilroy, CEO, Keyloop comments:
“I am delighted to welcome SilverBullet into Keyloop. As we know, and as our research proves, consumers today want exceptional experiences in all their retail interactions, especially when buying their next vehicle. For dealers that means making the car buying process as frictionless as possible, enabling consumers to move seamlessly between online and in-person interactions as best suits their needs.
The solutions offered by SilverBullet will enable dealers to deliver the personalised online purchase journey today’s car buyer demands. Our portfolio of products is being developed to ensure we deliver this, and the purchase of SilverBullet is an important addition to our capabilities.”
Cameron Wade, VP of Global Omnichannel Retailing, Keyloop, comments:
“The team at SilverBullet are delighted to join Keyloop and support its mission to advance and transform the car buying and ownership experience. Together with Keyloop, we can help dealers take their ecommerce operations to the next level and offer a best-in-class digital retail experience to their customers.”
Mike Callachan, Managing Director, MTC Media comments:
“I am delighted to have supported Silver Bullet as they have evolved into one of the leading digital retailing platforms in the automotive sector. I look forward to watching their continued success as they join the Keyloop family and turbo charge the digital car buying and aftersales booking journey. Excited to see how Silver Bullet can scale further under new ownership.”
Peter Vardy, CEO Peter Vardy Ltd, comments:
“I am thrilled that the SilverBullet team will now form part of the Keyloop family and increase their presence here in Scotland. I am very proud that we have grown such a successful business in such a short timeframe and joining Keyloop represents a great next step for our company and colleagues. I would like to thank all the team for their hard work and dedication. With Keyloop’s support, I am confident that SilverBullet will be able to realise new opportunities and levels of success.”
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Keyloop’s mission is to create and connect technology that advances the car buying and ownership experience in partnership with dealers and OEMs. It is a leading global provider of software solutions to the auto retail industry, serving approximately 18,000 dealer sites and most automotive manufacturers, in 100 countries. Headquartered in the UK, Keyloop also has operations across EMEA and Asia. For more information, please visit www.keyloop.com.
SilverBullet provides customer-facing ecommerce solutions for the automotive retailer that enhance the user experience in sales and aftersales and improve revenue for retailers. It facilitates transactions for the three core revenue streams - Sales, Servicing & Parts. SilverBullet was established in 2018, based in Glasgow, UK, and works with leading automotive brands and distributors.
 Digitilisation: An Unstoppable Force in Automotive Retailing and Aftersales (June 2021)