Remarketing service provider Manheim has inked an agreement to purchase used-vehicle floorplan company Dealer Services Corp.
Expected to close within the first quarter of the year, the acquisition of the Carmel, Ind.-based company that focuses on independent dealers complements Manheim’s current lending products provided through Manheim Financial Services.
DSC currently provides financing solutions to dealership operations in the areas of: Retail, Wholesale, Rental, Salvage, and various aftermarket products including Insurances and Lender Access.
Adding the DSC line to existing MAFS products will give dealers access to broader offerings of products and additional staff to service their needs both in-lane and online, Manheim said. DSC also gains technology that dealers and employees will use to simplify how customers get information via their smartphones and desktops about their lines of credit with Manheim.
Barclays Capital acted as the financial advisor to Manheim, while William Blair & Company acted as the financial advisor to Dealer Services Corporation.
“The purchase of DSC presents a great opportunity for us to broaden our lending scope and customer base,” said Sandy Schwartz, president of Manheim, in a release. “In addition, we gain access to state-of-the-art technology and digital tools that will enhance our customers’ experience and improve the company’s efficiencies and opportunities for lending. We also gain a group of employees at DSC that have a strong culture of customer focus and service, adding to the high level of personalized service our MAFS employees deliver.”