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IHS Markit Buys Dealer Analytics Firm
Forecasting giant IHS Markit has acquired automotiveMastermind Inc., which provides consumer behavior analytics and marketing automation software to U.S. car dealerships.
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Forecasting giant IHS Markit has acquired automotiveMastermind Inc., which provides consumer behavior analytics and marketing automation software to U.S. car dealerships.
IHS Markit initially will acquire 78% of automotiveMastermind for $392 million, which could increase to $435 million based on the smaller company’s performance. The remaining 22% of automotiveMastermind will be acquired over the next five years, IHS Markit says.
Founded in 2012, automotiveMastermind's cloud-based technology helps dealers predict consumers' automobile-buying behavior. The information is used to automatically create “micro-targeted” customer communications, which the company claims can boost a dealer’s sales and customer retention.
New York-based automotiveMastermind currently works with dealers representing 15 automotive brands. The company also has a product innovation office in San Francisco,.
The deal increases IHS Markit's presence in the retail space. The company, which has been on a buying spree since IHS purchased CSM Worldwide in 2010, bought R.L. Polk and its Carfax unit in 2013 and added Canada’s CarProof used-car data firm two years ago. IHS merged with London-based Markit Ltd. in 2015 to create the renamed IHS Markit.
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