Lakeshore Commerce

Two competitors have written IOIs. Lakeshore does not know that yet, and the window in which that fact compresses their timeline rather than ending their interest is short.

Lakeshore's appraisal product is an explicit bet on dealer vehicle acquisition. We extend it from valuing a car the dealer has to finding the car in the first place, across the same customer base and sales motion.

Their CFO's stated discipline on multiples; a large marketplace can rationalise a slow internal build; and they are the last of the three strategics to reach diligence.

The cohort analysis and the buyer-ready financial reporting both landed in diligence and both moved Halloran's number. NRR above 115% for four more quarters would move it again.