Indianapolis tech startup Overfuel acquires competitor
Summary
Indianapolis-based tech startup Overfuel Inc., which launched last year with a platform for auto dealers, says it expects to become profitable next month in part thanks to its recent acquisition of a competitor. “I think we’ve all gone online car shopping and wondered how it’s such a poor experience,” said Ryan Pfenninger, Overfuel’s CEO and co-founder. In contrast, Overfuel’s platform allows dealers to offer multiple features on their websites without the need to use additional vendors. “We were direct competitors until we did the deal.” In fact, Pfenninger said, he and his co-founders had tried to acquire 321 Ignition last year, but the two companies couldn’t reach an agreement on terms. Between that and the cost savings of combining the two companies, Overfuel expects to achieve profitability for the first time next month, Pfenninger said.