From the Wires
Xtime Ranked the 161st Fastest Growing Company in North America on Deloitte's 2012 Technology Fast 500(TM)
Attributes 567 Percent Revenue Growth to Steady Auto Maker Adoption
By: Marketwired .
Nov. 14, 2012 06:01 PM
REDWOOD SHORES, CA -- (Marketwire) -- 11/14/12 -- Xtime, the leading cloud-based Customer Relationship Management (CRM) and scheduling platform for the automotive service industry, today announced it ranked No. 161 on Deloitte's Technology Fast 500, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. Xtime grew 567 percent during this period.
Xtime's chief executive officer, Neal East, credits the company's compounded annual growth rate of 70% over the past five years to Xtime's pioneering approach to solving the major problems that plague today's automotive industry around the globe. East said "Auto manufacturers and dealers continue to embrace Xtime's cloud-based solution in order to capture lost revenues, improve the customer service experience and retain brand loyalty."
Auto manufacturers and dealerships currently capture less than 33% of the market for maintenance and repair services, leaving billions of dollars on the table each year. As well, service department utilization rates are often below 75% and retention rates, post warranty, are often less than 50%, according to recent market studies. This combination of poor customer retention and under utilization is the huge opportunity that Xtime addresses.
About Deloitte's 2012 Technology Fast 500
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
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