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Dallas, TX, August 4, 2026 – Every out-of-state vehicle transaction carries risk for a dealership. With fifty different state requirements, thousands of local fee jurisdictions, and compliance rules that change without notice, the margin for error is wide. When the fee calculation comes in short, the dealer typically absorbs it; when the paperwork is wrong, the deal stalls; and when a title application is rejected, someone has to track down a buyer who drove away weeks ago. Multiplied across a dealer group with hundreds of rooftops and thousands of transactions a year, the exposure adds up to a material and largely invisible cost.
DLRdmv, one of North America’s largest title and registration technology platforms trusted by more than 5,000 automotive dealerships, today announced a strategic investment with FM Capital, a venture firm whose LP base includes more than 50 leading dealer groups, fleet operators, and remarketing companies — including Holman — representing more than 1,100 dealership and fleet locations in the United States and Canada. The investment builds on the Apax Digital Funds’ 2025 investment and adds a partner whose sole focus is on bringing better technology to automotive retail. Some of the largest dealer groups, fleet operators, and remarketing companies in North America have now chosen to help shape the future of DLRdmv. The same accuracy and turnaround-time gains apply directly to the captive finance and fleet operator customers in FM Capital’s Network, who process titles and registrations at a similar scale and face the same compliance exposure.
As dealerships become increasingly centralized and transactions frequently cross state lines, accurate multi-state title and registration technology is more critical than ever. As a tech-forward leader in dealer electronic title and registration, DLRdmv has built the most complete coverage in the market, spanning all 50 states for out-of-state transactions, licensed in-state eTitling across five states, including newly launched California, and integrations with more than 20 dealer management systems. DLRdmv supports thousands of dealerships across all 50 states, giving the company the scale, network, and nationwide infrastructure needed to serve as the backbone for modern dealer title and registration operations. The FM Capital investment extends that position by bringing the operators who run some of the country’s largest dealer groups, fleets, and remarketing operations directly into the product roadmap.
“For ten years, we’ve built DLRdmv by listening to dealers,” said Johnson Berry, Co-Founder and CEO at DLRdmv. “FM Capital brings together many of the industry’s most sophisticated operators, giving us a rare opportunity to build the future of title and registration alongside the people who depend on it every day. Title and registration is one of the most consequential and least-supported parts of the deal process in automotive retail. We built DLRdmv around a DealersFirst™ philosophy, and this partnership is what that looks like in practice.”
“Every dealer, fleet, and finance company in our network has run into this same headache,” said Mark Norman, Managing Partner at FM Capital. “Get the fee wrong or the paperwork wrong, and it costs you real time and real money on every deal. We invested in DLRdmv because they’ve actually solved it, and they back it up with people who pick up the phone.”
“We backed DLRdmv because it is a category leader in one of the largest unsolved workflow problems in automotive retail — and because the team has built its business the hard way, dealer by dealer, on service and accuracy,” said Jesse Bendit, Principal at Apax Digital. “Bringing FM Capital and its network of dealer-operators alongside us is a natural next step. The people who feel this problem every day now have a direct hand in solving it.”
About DLRdmv®
DLRdmv® is the title and registration platform built for automotive dealerships. From its AccuFee® calculator to its DLR50™ 50-state processing platform and licensed in-state eTitling products, DLRdmv® gives dealerships the tools to improve their title and registration workflow around the way they already operate. DLRdmv® is a licensed eTitling provider in Florida, Georgia, Minnesota, Wisconsin, and California, and serves more than 5,000 dealerships nationwide. Learn more at https://DLRdmv.com.
About FM Capital
FM Capital is a venture firm focused on transforming transportation. The firm partners with entrepreneurs to advance cleaner, safer, and more efficient movement of people and goods, while reimagining the customer and dealer experience in vehicle sales and service. FM Capital is led by industry veterans with deep operational and investment expertise across the automotive and mobility landscape. The firm invests exclusively in automotive technology. FM Capital’s investor base includes more than 50 leading dealer groups, fleet operators, and remarketing companies — including Holman — across the United States and Canada. More information is available at https://fmcap.com.
About Apax Digital
The Apax Digital Funds specialize in growth equity and buyout investments in high-growth software, data and analytics, and technology-enabled services companies worldwide. The Apax Digital team leverages Apax’s deep technology investing expertise, global platform, and specialized operating experts to enable technology companies and their management teams to accelerate the achievement of their full potential. Advancing automotive retail has been an ongoing focus for the firm, with current and past fund investments include Auto Trader Group (UK), Trader Corporation (Canada), Dealer.com, DealerTrack, and OpenLane. For further information, please visit http://digital.apax.com.