Dealership management system provider Tekion last week said it raised $150 million in its latest funding round, bringing the company's valuation to more than $1 billion.
Tekion CEO Jay Vijayan told Automotive News that the company intends to use the money to add features to its DMS platform and increase its capacity to bring more dealerships on board.
Tekion began enrolling franchised dealerships in late 2019, Vijayan said. He declined to disclose Tekion's dealership count but said customer stores are in 28 states.
Tekion touts its cloud-native DMS platform as creating a seamless, efficient process for dealership staff and customers similar to the e-commerce experience available from Amazon or Apple Inc. The company's vision, Vijayan said, is to "run the core business for automotive retail dealerships in one single platform."