Financial services provider Thorn Group Financial Services, whose brands include dtr and Thorn, is merging with vehicle management software company Limelight Software.
The merged fintech company will be called Limelight Group and will provide integrated software, financial and related services directly to Limelight’s customers and reseller network.
Thorn’s parent Fox Group had already held a minority stake in Limelight, which operated the Motorcentral, Need A Car and BuyerScore brands, since 2018.
Motorcentral has offered dealership management system (DMS) software as a service to over 600 independent dealerships across New Zealand and has managed over $2.5 billion in vehicle sales each year.
Thorn Financial Services chief executive Mark Spring will lead the merged Limelight group.
“Our two organizations have been cooperating effectively since 2018 and have grown our vehicle finance business over 60% year-over-year by responding quickly to emerging opportunities in a fragmented market,” Spring said.
“Having seen the growth we have achieved to date as minority stake partners, we know we can grow the opportunity exponentially as a single entity.”
The integration, including the rebranding of the group company as Limelight Group, will be completed over the next two months as the transition plan is implemented.
Details on the value of the merger were not disclosed.