Sunnyvale, TX – Vehicle Accessories, Inc. (“VAI”), a portfolio company of Kinderhook Industries, LLC (“Kinderhook”), announced today the acquisition of SOCKS, LLC (“SOCKS” or the “Company”). SOCKS is a web-based application designed to facilitate the sale of original equipment manufacturer (“OEM”) accessories for automotive dealerships. The Company represents the fourth add-on acquisition for VAI and Kinderhook’s 91st automotive-related transaction. Financial terms of the transaction were not disclosed.
SOCKS’ web-based application seeks to be the connective tissue between OEM dealerships and the consumer, by providing an easy-to-use, yet sophisticated accessory menu system for point of sale activities. The application is a key component for driving OEM accessory sales that provides documented ROI, departmental pricing, order fulfillment and tracking, reporting analytics, and in-dealership consulting and training. SOCKS’ customers are proven to generate higher year-over-year growth and profitability rates for dealer-installed options, a key profit driver for automotive dealerships.
It is expected that VAI will leverage its relationships with key automotive OEM’s to grow SOCKS base of dealership customers.
“The SOCKS team is excited to partner with VAI and Kinderhook. Our application fits well with VAI and will be an excellent tool for driving sales of its accessory products sold through automotive dealerships,” commented Vince Tunzi, General Manager for SOCKS.
Tom Tuttle, Managing Director of Kinderhook Industries, stated, “SOCKS is a great tuck-in acquisition for VAI. VAI plans to leverage its relationships with the leading automotive OEM’s to grow SOCKS’ customer base.”
“We are thrilled to welcome the SOCKS team and technology application to the VAI family. The acquisition is highly synergistic for both businesses and further illustrates our focus and commitment to driving accessory sales for automotive dealerships,” said J Pearson, VAI CEO.
Monroe Moxness Berg PA served as legal counsel to VAI.
For additional information about this transaction, please contact: Thomas Tuttle Managing Director (212) 201-6781 ttuttle@kinderhook.com
Car dealers are asking President Joe Biden to “tap the brakes” in his administration’s electric vehicle (EV) push. A total of 3,882 franchised car dealers the U.S., calling themselves the EV Voice of the Customer, published the letter on No
A recent report found car dealers offering consumers the ability to do a deal online has grown to 40% in the last year—but an urgent need to cutdown on repetitive steps happening in the showroom. Nearly all car dealers currently using digital retai
Car dealers are asking President Joe Biden to “tap the brakes” in his administration’s electric vehicle (EV) push. A total of 3,882 franchised car dealers the U.S., calling themselves the EV Voice of the Customer, published the letter on No
The Ciocca Dealership group is growing its holdings in Pennsylvania. The agreement has Ciocca purchasing Apple Automotive, the automotive division of York County, Pa- based Stewart Companies. Terms of the deal was not disclosed, with the final transa
Mercedes-Benz is offering a change to the way Americans charge their vehicles in the same way Starbucks altered the routine of getting a cup of coffee. Mercedes, in a joint venture with MN8 Energy to launch a network of premium electric vehicle (EV)
Digital Dealer has revealed its new branding and announced the launch of DealerPoint, a dynamic addition to its event portfolio. This unveiling of the refreshed logos marks a symbolic step forward for Digital Dealer, aligning with its commitment
Amazon is getting into the (virtual) car dealership business. At the Los Angeles Auto Show Nov. 16, the Seattle-based online behemoth announced auto dealers for the first time will be able to sell vehicles on Amazon’s U.S. store in 2024—with Hyun
Despite concerns that resulted in a closer than expected vote, General Motors (GM) union workers approved the deal negotiated by United Auto Workers (UAW) union. The deal was supported by roughly 54% of the more than 34,700 autoworkers at GM who vot