ONCAP acquired AutoSavvy in May 2018.
Headquartered in Woods Cross, Utah, AutoSavvy is the largest branded title vehicle retailer in the U.S. AutoSavvy leverages a network of 490+ vehicle rebuilders to turn branded title vehicles into best-in-market inventory. Vehicles undergo an initial 151-point inspection, followed by several further inspections before being listed for sale, and are sold to consumers who save 15-20% on average compared to a comparable clean title vehicle.
ONCAP was attracted to AutoSavvy for several reasons, including its: (i) highly attractive unit economics on new sites; (ii) proprietary processes for mass-scale purchases and retailing of quality rebuilt vehicles; (iii) attractive free-cash-flow characteristics; (iv) market-leading position in a unique niche; and (v) recession-resistant characteristics relative to new car dealerships. ONCAP, in partnership with management, aims to create value by further penetrating existing markets, opening new markets with more stores, adding consumer financing providers, improving systems and training, and engaging value-added advisors.