Private equity house Maven Capital Partners has unveiled a joint £5 million investment into a motor retailer that aims to revolutionise the car-buying experience.
Glasgow-headquartered Maven is pumping the money into Rockar alongside fellow investment outfit NVM Private Equity.
The cash injection will enable Rockar – founded in 2012 – to partner with more major car manufacturers, following its initial success with Hyundai, launch further digital stores in shopping centres and continue to develop its technology platform.
The Rockar team is led by Simon Dixon, who has significant experience in the car industry, having helped build the Dixon Motor Group for 20 years, before selling it to RBS in 2002 for £110m.
Dixon said: “Following on from the success we have achieved to date… this investment is the latest endorsement of the Rockar proposition.”