Marubeni Corp. (Marubeni), a Japanese trading and investment conglomerate, announced that it has invested in LGM Financial Services Inc., a Canadian company specializing in extended warranty products for automobiles and warranty claims processing services. In Canada, extended warranties are popular, with approximately 40% of car buyers opting for them due to the simpler vehicle inspection system and higher maintenance needs the company observes. It predicts the market for extended automobile ...

4screen, claimed to be the world’s first driver interaction platform, has announced the closing of its $21 million Series B funding round. The company said it is integrated in most leading car brands and has access to millions of connected vehicles. With that reach, it said it is seeking to exploit one of the largest untapped advertising channels in mobility — in-car screens. Founded in Munich in 2020, 4screen has grown rapidly and is now present in 12 countries in Europe and North A...

ServiceUp, a US-based company that offers a tech-driven repair platform for fleets and insurance carriers, has secured $55 million in Series B funding led by PeakSpan Capital, with support from Hearst Ventures, Trestle Partners, Capital Midwest Fund and Litquidity Ventures. This new investment increases its total funding to $70 million and will enable the company to advance its mission of transforming vehicle repair management. ServiceUp's unified platform integrates collision, mechanical and...

Pinewood Technologies Group PLC (Pinewood.AI), a cloud-based software provider for the automotive retail industry, has announced an agreement to acquire Lithia UK Holdings Ltd.'s 51% stake in their North American joint venture for $76.5 million. This acquisition will grant Pinewood full control over its North American operations, simplifying its structure and enhancing financial transparency, according to the company, which added that the move is expected to facilitate Pinewood.AI's expansion...

Vehicle Service Group (VSG), a part of Dover, and a manufacturer of vehicle lifting and repair equipment, announced an investment exceeding $5 million in its Madison, Indiana, facility. This investment is aimed at installing a new automated production line to enhance the company's manufacturing capabilities in North America. The new line is expected to create jobs and development opportunities for local employees, improve production capacity and address rising demand, ensuring better lead tim...

US-based automotive components original equipment manufacturer and aftermarket ride control and emission-products manufacturer, Tenneco, has completed a strategic investment into its Clean Air and Powertrain businesses, alongside Apollo Fund X and American Industrial Partners (AIP). This development is part of Tenneco's ongoing transformation, positioning the company for future growth as a global supplier in the mobility sector. The company will continue to operate as a unified entity wi...

Advance Auto Parts Inc., with holdings including Advance Auto Parts stores and Carquest Canada, has announced the completion of its US store closure phase, marking a significant point in its transformation plan aimed at long-term growth and success. This step involved the optimization of its retail footprint, resulting in the closure of approximately 700 US stores. Following these closures, over 75% of its remaining stores are now positioned in markets where they hold a No. 1 or No. 2 ra...

BMW i Ventures announced an investment in Via Science Inc. (VIA), a leading provider of Web3 data protection solutions that ensures all transactions are verified, protected and auditable, no matter where data resides. The investment, which is part of an oversubscribed Series-B funding round of $28 million, will help accelerate VIA’s mission of redefining data protection. “As software-defined vehicles, robots, and edge devices become the norm, securing data flows between sensors, onboard s...

UVeye, a company in AI-driven vehicle inspection technology, has recently announced a substantial funding round amounting to $191 million, elevating its total capital raised to $380.5 million. This funding, a mix of equity and debt, aims to support UVeye's rapid growth in response to the increasing global demand for its innovative vehicle inspection systems. The company is on the verge of scanning 1 million vehicles every month, indicating its strong position in the industry. The funding roun...

As reported in a press release on Feb. 4, General Motors (GM) has successfully completed its acquisition of GM Cruise Holdings LLC, making Cruise a wholly-owned subsidiary of GM, following the approval of GM's merger proposal by the Cruise board of directors. This acquisition positions Cruise to work closely with GM on the development of autonomous vehicle technology and advanced driver assistance systems for personal vehicles. GM plans to incorporate Cruise's technology into its Super Cruise...

Self Inspection, an AI-powered platform for what it calls as a $30 billion automotive inspections market, announced that it closed a $3 million seed round. The fundraising was coled by Costanoa Ventures and DVx Ventures, with significant contributions from Westlake Financial, a major player in automotive loans. “Vehicle inspections are expensive, can take weeks to complete, and rely on outdated methods with a significant margin of error,” said Constantine Yaremtso, founder and CEO of Self...

The Halifax Group, a middle-market private equity firm, announced its completion of an investment in Universal Air Conditioner (UAC), a company specializing in the design and distribution of aftermarket heating, ventilation and air-conditioning equipment for passenger vehicles, according to a press release dated Nov. 13. Halifax partners with managers and entrepreneurs to recapitalize and invest in lower middle market businesses with total enterprise values generally between $100 million...

Stryten Energy, a US-based energy storage solutions provider, has announced a significant investment in Revkit, a new digital platform that brings together a community of automotive enthusiasts, according to a press release dated Oct. 15. Revkit showcases unique vehicle modifications and provides easy access for consumers to purchase the best automotive aftermarket products to customize their vehicles, the release added. According to Mike Judd, CEO and president of Stryten Energy, this i...

Marubeni Corp. (Marubeni), a Japanese trading and investment conglomerate, announced that it has invested in Green Rubber Energy Co. Ltd. (GRE), which is developing an end-of-life tire (ELT) pyrolysis recycling business in Thailand, according to a press release dated Sept. 6. Pyrolysis recycling is a recycling method in which ELTs are heated in an oxygen-free environment to break down the rubber components and produce recycled resources such as recovered carbon black (rCB) and ...

Continental has announced its plan to significantly increase the production capacity of its tire manufacturing facility in Rayong, Thailand, with an addition of 3 million units per year, according to a press release dated Oct. 9. This expansion represents a considerable investment exceeding €300 million, supported by the Board of Investment of Thailand under its Investment Stimulation Measure for Economic Recovery Scheme, the release added. This initiative not only underlines Continental's ...

Clarios, a provider of advanced low-voltage battery solutions, has made a strategic investment in Altris, a company at the forefront of sustainable sodium-ion (Na-ion) battery technology, according to a press release dated Oct. 9. This partnership aims to bring low-voltage Na-ion batteries to the automotive market by 2026. The collaboration is underpinned by a joint development agreement that leverages Clarios' significant presence in the low-voltage car battery market and Altris' expert...

HLPY, an Italian startup offering roadside assistance services in digital mode, has announced the completion of a successful capital raise of €18 million, according to a press release dated Sept. 24. This fundraising effort, led by Nextalia SGR through the Nextalia Venture fund and Alkemia Capital SGR's Sinergia Venture Fund, aims to bolster HLPY's growth in key European markets and facilitate the acquisition of HESA Solutions GmbH, known as MySchleppApp, a prominent digital roadside a...

The Australian Automotive Aftermarket Association (AAAA) has announced that it is actively encouraging the government to fulfill its manufacturing funding commitments to bolster the automotive manufacturing industry's growth and competitiveness, according to a press release dated Sept. 3. Despite the initial optimism spurred by the announcement of the A$15 billion National Reconstruction Fund and the subsequent A$22.7 billion Future Made in Australia Fund, the industry has been left in l...

US-based automotive aftermarket supplier Transtar Aftermarket Solutions, a subsidiary of NexaMotion Group (NMG), has revealed a significant $10 million investment aimed at enhancing its transmission repair inventory, focusing particularly on expanding its range of 6-, 8- and 10-speed transmissions, according to a press release dated Sept. 3. This investment is designed to bolster support for the company's transmission repair shops, ensuring they are well-equipped to meet the growing demand fo...

Ecarx, a global automotive technology provider, announced that it has sold its minority stake of 40% in HaleyTek AB to Volvo Cars, according to a press release dated Aug. 1. HaleyTek is a joint venture between Volvo Car Corp. and Ecarx, which was created to develop software for Android-powered infotainment systems. Ecarx will continue to collaborate with Volvo Cars and HaleyTek as a fully-owned subsidiary of Volvo Cars, developing technology solutions to enhance the driving experience of...

Wheels, a fleet management company in North America, announced that it has received a significant minority investment from Marubeni Corp., a Japanese trading and investment conglomerate, and Lithia & Driveway (LAD), an automotive retailer in North America that also provides a suite of financing, leasing, repair and maintenance options, according to a press release dated June 27. The investment positions Wheels alongside prominent entities in the mobility sector, supporting its ongoin...

Japanese trading house Itochu Corp. announced on June 11 that it has made an investment in Gatik AI Inc., a California, US-based company that specializes in developing autonomous driving technology for commercial trucks and offers logistics services in the US and Canada utilizing its self-driving vehicles. The company said the investment comes at a time when the US is experiencing significant logistics challenges due to a surge in e-commerce, rising driver costs and a driver shortag...

Dorman Products (Dorman), a US-based aftermarket supplier of original equipment (OE) dealer-exclusive parts, has announced the grand opening of its new drive shaft manufacturing facility in Virginia Beach, Va., according to a press release dated June 12. The new 100,000-square-foot plant is five times larger than Dorman's former site in Virginia Beach and is equipped with advanced computer-controlled machine tools, robotic welding, drive shaft balancing equipment and testing gear. The ma...

Berlin-based Autodoc SE, an auto parts e-commerce platform, has announced that global alternative asset manager Apollo has led a minority equity investment alongside leading institutional investors at a valuation of €2.3 billion, according to a press release dated May 3. As part of the transaction, two Apollo representatives will join the company’s supervisory board. The funding will support Autodoc’s expansion into the business-to-business sector while strengthening its position in the...

Auto Parts 4 Less Group Inc., a US-based, e-commerce automotive parts firm, announced that it has completed the first tranche of funding from RB Capital Partners, following the successful restructuring of its balance sheet, according to a press release dated April 11. The company aims to focus toward fostering revenue growth and operational expansion, the release added. Commenting on the move, Christopher Davenport, CEO of Auto Parts 4 Less Group, said, "We are thrilled to partner with RB Cap...

CARiD.com, a digital commerce platform for the automotive aftermarket specializing in car parts and accessories, has announced the successful closure of a $35 million funding round, according to a press release dated March 7. The funding will fuel further expansion and technological advancements, and enhance customer service capabilities. Founded in 2008, CARiD said it has grown from a startup into one of the most comprehensive and user-friendly platforms for automotive parts and accessories....

Marubeni Corp. (Marubeni), a Japanese trading and investment conglomerate, announced that it has invested in RCB Nanotechnologies GmbH (RCBNano), a Germany-based company that is currently constructing a plant to produce next-generation recovered carbon black (rCB2.0) used in tires, according to a press release dated Feb. 15. The company observed that there has been increasing interest within the tire and rubber product industry in recent years, in the process to produce recovered carbon ...

Japan’s Mitsubishi Corp. (MC) announced that it has agreed to subscribe approximately 32% shares in TVS Vehicle Mobility Solution Pvt. Ltd. (TVS VMS), a multibrand dealer in India, through private placement, according to a press release dated Feb. 19. To gain a downstream foothold in the rapidly growing Indian automotive sector, MC had invested in one of India's largest independent aftersales services providers, i.e., TVS Automobile Solutions (TASL), in 2019. TASL has a network of about 700...

Audax Private Equity (Audax), a US-based investment firm, has announced an investment in Dobbs Tire and Auto Centers, a US-based tire retailer and auto-aftermarket service provider, according to a press release dated Dec. 18. In addition to its comprehensive tire offerings, Dobbs provides a full range of automotive services specializing in routine, preventative and complex diagnostic repairs for all types of vehicles including cars, light trucks, sport utility vehicles (SUVs), hybrids an...