SAN PEDRO, Calif. — Intersection Technologies Inc. announced the closing of a Series B Financing led by AutoTrader Group. Proceeds from the transaction will be used to accelerate growth and continue market penetration of the company’s core products, F&I Express, ExpressTablet and ExpressRecoveries. As a part of the transaction, AutoTrader Group will have one seat on the company's five-person board of directors.
“We are extremely excited about AutoTrader Group’s investment and board membership in Intersection Technologies Inc.,” said Brian Reed, the company's president and CEO. “AutoTrader Group’s related companies have longstanding relationships with automobile dealers, which represent a major customer segment of Intersection Technologies Inc."
Joe George, senior vice president of the AutoTrader Group, added: “AutoTrader Group strives to invest in product and technology innovators in the automotive market and that was what drove our decision to invest in Intersection Technologies Inc."