Bridgestone Americas continues to ramp up its tech portfolio.
The Nashville-based company has made a 10% minority investment in mobile vehicle services tech firm Wrench, according to a news release. Terms of the deal were not disclosed.
The investment is the latest in a string of deals Bridgestone has made in order to beef up its technology and sustainability capabilities.
In August, Bridgestone purchased Azuga Holdings Inc. and its trucking fleet management platform for $391 million in a deal aimed at accelerating the company’s development of sustainable transportation products. Two months earlier, Bridgestone made a minority investment in Kodiak Robotics, an autonomous trucking company building a fleet of self-driving trucks that currently operate between Dallas and Houston.
Seattle-based Wrench’s platform provides on-site auto maintenance, roadside towing, vehicle detailing and used-vehicle inspection.
The investment allows the companies to consider partnership opportunities, such as pairing Bridgestone’s more than 2,200 automotive service stores with Wrench’s mobile services, according to the release. Later this year, Bridgestone retail stores will be able to plug into Wrench as a referral business, while existing Bridgestone customers will be able to book mobile service appointments with Wrench.
"With the rise of ecommerce and on-demand services, consumer preferences for car maintenance and car care are changing," Bridgestone Americas president of mobility solutions Brian Goldstine said in the release. "Wrench, combined with our company-owned retail stores and affiliated dealer partners, will create a truly world-class service platform that gives consumers trusted automotive service with added convenience and flexibility."
Bridgestone is one of the largest employers in Nashville, according to Nashville Business Journal research, with 4,110 local employees.
The deal with Wrench also fits into Bridgestone’s newly launched vehicle maintenance subscription platform and Firestone mobile tire and service business, according to the release.
"Wrench provides a technology-forward solution pairing convenience with a comprehensive suite of vehicle maintenance, repair and inspections services," Wrench CEO Ed Petersen said in the release. "Our partnership with Bridgestone will help accelerate the industry's digital transformation. This allows both companies to expand our customer offerings, while growing our technologies and vehicle care expertise together."
