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This former Tesla CIO raised $ 150 million more to pull car dealers into 21st century – TechCrunch

"I have to choose my words carefully," said Joelstino of Stevens Creek Volkswagen in San Jose, California, when asked about software that most car dealerships rely on for inventory information, marketing To manage, to handle relationships and otherwise help sell cars. [१ ९ ६५ ९ ००२] Calino laughs at the dealership's service director. But the joke has apparently been made on car dealers, most of whom largely rely on a handful of frustrated vendors for their dealer management systems – along with many more sophisticated point solutions.

This is the exact chance: Former ] Tesla [१ ९ ६५ ९ ००४] CIO, Jay Vijayan concluded that he was well positioned to address the electric vehicle veteran even while in employment. [१ ९ ६५ ९ ००२] As Vijayan points out, he did not know anything about cars until he joined Tesla in 2011, one after the other. Dozens of years of work in product development at Oracle, then VMware. Yet he learned a lot in the subsequent four years. In particular, he says that he helped Elon Musk build with a central analysis system inside Tesla, a kind of brain that could see all of the company's internal systems, from its factory systems in the supply chain What was happening in the retail sector? [19659002] Tesla built it himself, says Vijayan; After evaluating existing software from third-company providers, the team realized that none of them had anything that was necessary to provide us with a postmodern consumer experience. "

This was when a lightbulb was on. [१ ९ ४५ ९ ०१०] If Tesla could change the experience for its customers, perhaps Vijayan could change the buying and selling experience for a much larger, wider automotive industry. [१ ९ ६५ ९ ०० [] Enter Tekion [१ ९ ६५ ९ ०० ९]now a four-year-old San Carlos, California company that now employs 4 people and has gone much further with private sector investor Advent International. Led by US $ 150 million in new funding. [१ ९ ४५ ९ ०११] [१ ९ ६५ ९ ००२] With a Series C round – including [१ ९ ४५ ९ -११] Index Ventures, [१ ९ ६५ ९ ४४४] [१ ९ ४५ ९ २०४] Airbus Ventures, [१ ९ ६५ ९ ००४] FM Capital and the holding of Exor, Fiat-Chrysler and Ferrari The company is involved. The company has now raised $ 185 million altogether. It is also valued at $ 1 billion north. (The automakers General Motors, BMW, and the Nissan-Renault-Mitsubishi Alliance are also investors.)

Eric Wei, a managing director at Advent, says that for the past decade, his team has been eager to seize what's coming. The $ 10 billion deal No market. Instead, he found himself keeping an eye on Reynolds & Reynolds, CDKGlobal and Dealertrack, which is owned by Cox Automotive, and is waiting for a better player to emerge.

Wei was then associated with Tekion through John McNeill. A former president of Tesla and an advisory partner of Advent.

Regarding looking at his technology, comparing it with his more established rivals, V says: "It was like comparing a flip phone to an iPhone."

Perhaps surprisingly, McNeil, who worked. Tesla, along with Vijayan, also sings praise for the company, noting that Tekian has also bought a dealership in Giloy – California's "garlic capital" – to use as a kind of lab when he scratches his. Was building technology. Good, but more importantly, Techian is attracting dealers' attention. Although citing competitive reasons, Vijayan declined to share how many people have purchased their cloud software – which connects dealers to both manufacturers and car buyers and is powered by machine learning algorithms – he says That it is already being used in 28 states.

One of these dealerships is the national chain Serra Automotive, whose founder, Joseph Serra, is now an investor in Techian.

Another is Volkswagen's dealership in San Jose, where Castino – who has no financial interest in Tecion – speaks enthusiastically of the time and expense his team is saving because of Tekion's platform.

For example, he states that customers need only log-in to mark a particular issue. After that, with the help of the RFID tag, Stevens Creek knows exactly when the customer arrives at the dealership and the kind of help they need so that people can greet him upon arrival. Techian can also make recommendations based on the car's history. For example, it might suggest a customer "without a mentor to look through the customer's history", a break fluid flush. "

As important, he says, the dealership is able to cut a lot of relationships. For other software vendors, using their time more productively. Castelino says," As [repair order] Live Hai, it's in the hand of the dispatcher and a technician can hold the car. "

It's like this with every step, he insists." You're saving 15 minutes again and again, and suddenly, You have three hours where your intake can be high. "[196590]

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