Channel | Auto Industry News

myKaarma Raises $15 Million to Further Advance Product Development

LONG BEACH, Calif. — Communications and payments software provider myKaarmaannounced it has received a $15 million investment led by Kayne Partners, the growth private equity group of Kayne Anderson Capital Advisors LP. The alternative investment firm currently manages $26 billion in assets.

According to myKaarma officials, the investment will be used to accelerate product development and further firm’s goal of improving the overall customer experience, efficiency, and profitability in dealership service departments.

“We are impressed with the company’s rapid growth and success within the automotive industry, which is clearly driven by its unique technology that solves major pain points in dealer service departments,” said Nate Locke, a partner at Kayne Partners. “This investment will allow myKaarma to bring its innovative and highly effective technology to market faster and further extend its position as a market leader.”

myKaarma’s software, which runs on mobile phones, desktop and tablet computers, offers two main features: end-to-end customer communication and payments. The communications tools are designed to blend seamlessly into a service advisor’s daily workflow and can be used across various mediums of communication, including voice, text, and email. Service advisors can send photos and videos to customers to contextualize new repair recommendations. They can also receive real-time authorization from customers for additional work.

Once the service process is complete, customers have multiple options for paying their bill, including online. Users also gain access to a comprehensive real-time record of communication with their customers and a bird’s eye view of the service department that allows them to more efficiently manage their operations.

“We are excited to team with Kayne Partners,” said myKaarma Chairman and CEO Ujj Nath. “Today’s consumers’ view of service has been dramatically transformed. They have come to expect and demand a high-quality user experience because of market leaders such as Nordstrom, Amazon, and Uber. One bad service experience can result in a customer being lost as a future sales prospect.

“This partnership allows us to accelerate market growth and speed up technology development, so our dealer customers can keep up with the current level of service and technology consumers demand,” he added.” myKaarma will continue to lead the industry with our technology platform and laser focus on the success of auto dealer service departments.”

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