Mobile vehicle services and technology marketplace Wrench has completed the acquisition of mobile vehicle repair network YourMechanic. The combined company will reach more than 35,000 zip codes and deliver services to more than 20,000 private and fleet vehicles per month. The terms of the acquisition are confidential.
"This is a significant milestone for Wrench as it adds more automotive experts to our marketplace and enables us to expand on our ability to deliver the flexibility and trustworthy service that today's vehicle owner expects," Wrench CEO Ed Petersen said. "By welcoming the YourMechanic ecosystem to Wrench, we are expanding what was already the largest mobile vehicle service network in existence. This network of highly skilled technicians gives our customers the comfort in knowing they can schedule the service they need, when and where they need it."
YourMechanic launched in 2012 and received venture backing from Andreessen Horowitz, Softbank and others. It has more than 350 technicians in 30 states delivering services to more than 290,000 customers.
YourMechanic strengthens the depth of services and service providers for the Wrench network. It adds 16 new unique markets and more than 10,000 zip codes to the area that Wrench can service as well as expands the ability of Wrench to provide more robust service capabilities to consumers and fleets across the country.
This acquisition comes at an opportune time with rising demand in the auto repair industry, according to Wrench. The average age of vehicles in the U.S. rose to 12.2 years and this is the fifth consecutive year that age has climbed. Older vehicles need more frequent maintenance and service, but that service can be difficult to find. The average cost per service has also risen more than 30% over the last four years. Wrench is in a great position to capitalize on this growth by having the ability to schedule services when and where they are needed, vehicle owners and fleet managers can stay in front of their service needs, according to a release.
More than 75% of consumers don't trust repair shops. And 91.8% of vehicle owners have delayed a needed repair with more than half of them delaying service because they are too busy. Wrench solves both of those challenges. Wrench gives vehicle owners and fleet managers an instant and transparent price quote with the ability to schedule a technician on their schedule. The expanded capabilities that the YourMechanic platform brings means that Wrench's fleet and strategic business partners can ensure service is available as well.
"This acquisition also allows us to expand the support we give to our strategic partners such as Carvana, SilverRock, Geico, Tesla, and Firestone Complete Auto Care in even more areas allowing our partners to offer our hassle free in-home service to even more of their customers," Petersen said. "Wrench is at the forefront of the mobile vehicle service industry. But we are also at the forefront of the trust industry and we look forward to showing more vehicle owners what a quality mechanic experience feels like."
