Addition of Market Scan's data and payment calculations strengthens S&P Global Mobility's Sales Optimization tools, positioning S&P Global Mobility to accelerate in new growth markets
SOUTHFIELD, Mich., Feb. 16, 2023 /PRNewswire/ -- S&P Global Mobility has announced the acquisition of Market Scan Information Systems, Inc., a leading provider of automotive pricing and incentive intelligence, including Automotive Payments as a Service™ and its powerful payment calculation engine.
The addition of Market Scan to S&P Global Mobility will enable the integration of detailed transaction intelligence in areas that are complementary to existing services for dealers, OEMs, lenders, and other market participants.
"We are excited to add Market Scan to the S&P Global Mobility product family. The acquisition adds powerful new datasets and capabilities to S&P Global Mobility that will allow us to create even more value for our clients and power a next generation of digital automotive retail opportunities," said Joe LaFeir, president of Automotive Insights at S&P Global Mobility. "As the digital landscape continues to evolve in support of more robust information informing the vehicle purchase process, the integration of Market Scan products and solutions into the S&P Global Mobility and automotiveMastermind portfolios will provide additional value for joint customers today and new clients into the future as new solutions are built."
"Mastermind is thrilled about the potential to use Market Scan's offerings to improve our prediction pricing accuracy and marketing engagement for our dealer partners," said Matt Leone, chief executive officer at automotiveMastermind.
"When my father and I started Market Scan, we never thought capturing the attention of industry-leading giants was a possibility – we were simply focused on selling desking software to car dealers. Now, over three decades later, we have been acquired by one of the greatest and most respected companies in the world," said Rusty West, president, and chief executive officer of Market Scan, who will remain with S&P Global Mobility to drive successful integration and product innovation. "I am very excited that Market Scan has joined the S&P Global family. Our values and visions are perfectly aligned, positioning us to collectively evolve automotive commerce in ways never before imagined. I'm extremely proud of our Market Scan family members for all they have accomplished. Their talent, dedication, and vision have been and will continue to be, an important element in creating solutions for some of the most difficult problems in the industry."
Financial terms of the deal were not disclosed. KPMG Corporate Finance, RL Frey, Inc. and MW Juron Automotive provided external consultancy to Market Scan for the sale.
Forward-Looking Statements: This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, including statements about S&P Global Inc. (the "Company"), its operating segments and the acquired company, which express management's current views concerning future events, trends, contingencies or results, appear at various places in this press release and use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would." For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Company's business strategies and methods of generating revenue; the development and performance of the Company's services and products; the expected impact of acquisitions and dispositions; the Company's effective tax rates; and the Company's cost structure, dividend policy, cash flows or liquidity.
Forward-looking statements are subject to inherent risks and uncertainties. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, which can be obtained at its website at http://www.sec.gov. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
About S&P Global Mobility
At S&P Global Mobility, we provide invaluable insights derived from unmatched automotive data, enabling our customers to anticipate change and make decisions with conviction. Our expertise helps them to optimize their businesses, reach the right consumers, and shape the future of mobility. We open the door to automotive innovation, revealing the buying patterns of today and helping customers plan for the emerging technologies of tomorrow.
S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics, and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information, visit www.spglobal.com/mobility.
About Market Scan
Market Scan® is the leading Automotive Payments as a Service™ provider for the automotive industry. APaaS™ is the choice of industry leaders and retail powerhouses to generate Scientifically Perfect Payment Solutions™ for any conceivable automotive transaction. APaaS™ powers modern retailing solutions online - and in more than 10,000 dealerships. APaaS™ analytics and retailing solutions enable automotive dealers, lenders, manufacturers, technology companies, and marketing firms to improve profitability, gain market share and provide consumers with a vastly improved shopping experience. For more information, visit www.marketscan.com.
S&P Global Mobility
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SOURCE S&P Global Mobility