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.
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SOURCE Xcite Automotive
