5Square Systems Corporation Secures $12.3 Million in Series B Financing.Business Editors WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--April 1, 2004 5Square Systems Corporation today announced that it has secured $12.3 million in Series B funding. The round was led by Norwest Venture Partners and Storm Ventures. The company will use the investment to rapidly accelerate development and sales activities. 5Square has initiated commercial delivery of its revolutionary DealSnap(TM) service, a complete Internet-based system for managing sales in the automotive retail industry. 5Square is the first vendor to link every sales activity within a car dealership This article is about car dealerships. For the indie pop band, see Dealership (band). A car dealership or vehicle local distribution is a business that sells new cars and/or used cars at the retail level, based on a dealership contract with an automaker or -- CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. , Sales, Desking, Trade-in, Finance and Insurance, Inventory, Sales Management Sales Management Role and Goal Importance of sales management is critical for any commercial organization. Expanding business in not possible without increasing sales volumes, and effective sales management goal is to organize sales team work in such a manner that ensures a Reporting, Showroom Control, and Contract Tracking -- into a single flow of process and information. This dramatically reduces the amount of time required to sell a car, eliminates errors, increases dealership revenues, and reduces costs. In many dealerships, DealSnap replaces half a dozen or more disparate applications. Yuri Pikover, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of 5Square Systems, said: "This investment provides us with ample funding to continue expansion of our product capabilities, so that we can better meet the needs of automotive dealers. We've been delighted by the strong response DealSnap has received from the industry; we've turned on twenty rooftops in the last two months, and we expect that number to grow rapidly." "We view 5Square Systems as an outstanding example of a new kind of company, one that combines the expert knowledge of visionaries Visionaries may refer to:
(2) (Defense Messaging System) An X.500-compliant messaging system developed by the U.S. Dept. of Defense. (Dealer Management System), with which it closely integrates. Automobile dealers have long needed a comprehensive sales tool, and DealSnap is the only complete software suite in the industry to provide it." Tae Hea Nahm, a general partner at Storm Ventures, said: "5Square has the ability to cut deal process time, eliminate errors in financing and trade-in valuations, reduce contracts in transit, ensure proper follow-up on prospects, optimize optimize - optimisation inventory, and turn F&I into a powerful profit center. This is a classic case of a visionary system of software meeting a critical need in a major industry. DealSnap incorporates dozens of hard-headed solutions to problems that car dealers face every day." Jeffrey M. Crowe and Tae Hea Nahm will join 5Square's board of directors, which already includes: Sam Barooni, 5Square's founder; Bob Hawk hawk, name generally applied to the smaller members of the Accipitridae, a heterogeneous family of diurnal birds of prey, such as the eagle, the kite, the Old World vulture, and the secretary bird. , former CEO of US West Multimedia Communications; and Mr. Pikover. The significant industry and financial experience that Mr. Crowe and Mr. Nahm bring to the company will be instrumental in guiding rapid growth as 5Square rolls out its service on a nationwide basis. About 5Square 5Square Systems Corporation is a leader in Dealer Sales Management Systems, revolutionizing the retail automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. with software and services that make the car sales process A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. dramatically faster, more accurate, and easier to manage. The company's DealSnap system multiplies dealership sales and profits, and increases customer satisfaction and referrals. 5Square was formed by teams of experts in automotive retail, advanced software, and process control. Using advanced technology, and a deep understanding of dealership needs, 5Square empowers its customers to focus on selling, instead of paperwork and computer systems. Its services are simple, fast, and inexpensive to deploy, maintain, and support. DealSnap delivers -- today -- the sales process that the industry has wanted for years. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion