Convenient Brands of Draper has acquired Dealer Pay LLC, an automobile dealership financial products company in St. Louis. Convenient Brands is a platform of business technology companies that provide enterprise-level software to the automotive industry as well as integrated payment processing services. It is a portfolio company of New York-based private investment firm The Beekman Group.
“Dealer Pay is a terrific complement to our footprint in the auto-related software and payment services industries and expands the product suite that we can offer customers,” said Casey Leloux, CEO of Convenient Brands. “The enterprise payments technology that Dealer Pay has built is exactly what the market needed, and we look forward to working with Julie and the rest of the Dealer Pay team on a range of initiatives to support additional growth.”
Julie Douglas, president and CEO of Dealer Pay, said, “For more than 20 years, I have learned both the payments and dealership spaces thoroughly. I have worked to create Dealer Pay’s solution and product offering and am proud to see all that we have accomplished to date. I have a passion for these industries and a commitment to my dealers to provide the best solutions available. We have big plans to continue growth and expansion, and now with the support of Convenient Brands, we will have more resources to achieve our goals faster and to be the household name in the industry.”
“Dealer Pay’s solutions are a key addition to the Convenient Brands portfolio, and this transaction is another important step in building a market-leading software and payments processing platform,” said Jim Clippard, managing director at Beekman. “We congratulate Julie and Dealer Pay on the strong momentum and look forward to working with her.”
Software offerings in the Convenient Brands portfolio include ROME Technologies, Mainstreet Computers, Digital Business Controls, Intellipay and now Dealer Pay.