Companies
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Tekion
Enterprise Software
Tekion is a Pleasanton, California-based automotive retail technology company providing cloud-based dealer management software used by car dealerships to manage sales, service, and back-office operations.
$3.89B
+$8.74
2,345.98%
30 days ago
$0.37
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Tekion was founded in 2016 by Jay Vijayan, a former Tesla chief information officer, based on the observation that most automotive dealership management software, the core operational software dealerships use to manage vehicle sales, service department operations, parts inventory, and various back-office administrative and accounting functions, had historically been built on older, on-premises technology architecture originally developed decades earlier and not significantly modernized, at a time when Tekion's founder, drawing on his experience building modern software infrastructure at Tesla, saw significant opportunity to build a genuinely modern, cloud-based dealer management system reflecting current software architecture and user experience standards. Tekion's platform, called the Automotive Retail Cloud, provides cloud-based dealer management software covering the full range of dealership operational needs, including vehicle sales and inventory management, service department scheduling and repair order management, parts inventory, customer relationship management, and financial and accounting functions, all built on modern cloud infrastructure rather than the older, often more rigid on-premises systems that have historically dominated the dealer management system market, a market long dominated by a small number of established, long-tenured incumbent providers whose systems many dealers have used for decades despite increasing frustration with dated technology and user experience. The company has positioned its modern cloud architecture as offering meaningful advantages including easier integration with other modern software tools dealerships increasingly want to use, better mobile and remote access capability for dealership staff, and generally more contemporary software design and user experience relative to some long-established incumbent dealer management systems that dealers have sometimes described as outdated and difficult to use despite their market dominance. Tekion's customers span automotive dealerships across the United States and increasingly internationally, competing against long-established dealer management system incumbents including CDK Global and Reynolds and Reynolds, a market where switching costs and deep operational integration with existing dealership workflows have historically made incumbent displacement difficult despite technology modernization opportunities. The company has raised very substantial venture funding from investors including Index Ventures, Durable Capital Partners, and General Catalyst, reaching a valuation exceeding $4 billion, according to PitchBook data.
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