TechGrowth Ohio supported startup iReconCars®, a used car reconditioning management platform that automates the auto reconditioning process, has been acquired by Cox Automotive™’s vAuto®. vAuto®, a provider of innovative technology for car dealerships, has relaunched iReconCars® as iRecon®.
“TechGrowth is proud to have helped provide another entrepreneurial success story here in southeastern Ohio. By guiding iReconCars through the financial modeling and acquisition process, we ensured that this high-potential startup was recognized as a valuable solution to an industry-wide consumer need,” Jane New, manager of investments and new business development at TechGrowth Ohio, said.
TechGrowth Ohio provides advice, access to capital, and other services to technology startups in Southeast Ohio. Its partners include the Innovation Center, which provides its startup clients with physical space, equipment, business services, and coaching. The organizations work in concert to support innovative startup companies like iReconCars® and, by doing so, help bolster the region’s economy.
“It has been a pleasure to provide Mike Boyd and iReconCars with the space and services necessary to ensure this successful acquisition. In a short amount of time, Mike has shown great capacity for growth and an adept ability to adapt and evolve as a founder. We have been honored to support his marketing efforts and assist in the preparation of his finances in lead up to the negotiations with Cox,” Stacy Strauss, OHIO Innovation Center Director, said.
After receiving critical early support from Rev1Ventures in Columbus, iReconCars® co-located in Athens and received guidance from TechGrowth as well as office space, business services, and executive coaching from the Innovation Center. All three organizations that have supported iReconCars® are funded in whole or in part through the Ohio Third Frontier Entrepreneurial Service Providers (ESP) Program.
“With TechGrowth’s support, we worked through the financial modeling and addressed gaps to ensure the process ran smoothly. The partnership between TechGrowth and the Ohio University Innovation Center provides our regional entrepreneurs with a valuable resource,” iReconCars co-founder Mike Boyd said.
iReconCars® co-founders Mike Boyd and Micah Tindor have been retained. “vAuto is helping us deliver on the true power and promise of our solution to fill a market need and ultimately, help build trust between the auto industry and its consumers,” said Boyd. Boyd is senior director of business enablement for iRecon® and Tindor acts as business operations director for iRecon®.