Vijayan told Automotive News in January that Tekion’s executives would keep an eye out for potential product or acquisition opportunities “to enhance value for our customers and help accelerate our growth.”
Five64 CEO Hoke Smith will continue with Tekion as head of registration and titling services, he said in a statement.
The Cleburne, Texas, company launched in 2016, according to research firm PitchBook Data Inc.
Five64 filed for Chapter 11 bankruptcy April 19 in the U.S. Bankruptcy Court for the Northern District of Texas in a voluntary petition signed by Smith, according to court documents.
Tekion, of Pleasanton, Calif., bought two dealerships — Gilroy Buick-GMC and Hyundai of Gilroy in California — in which to test and refine its DMS technology. Now that those tests are complete, the dealerships are for sale.
