Diligence
12 of 19 settled · 1 overdue.
Meridian Automotive GroupHR
Received Sep 5, 2026 · due Sep 16, 2026 · The company Founder
Founder employment expectations post-close.
Meridian Automotive GroupCommercial
Received Sep 5, 2026 · due Sep 13, 2026 · The company Founder
Analysis of channel conflict: share of sourced vehicles that would otherwise have been dealer trade-ins.
Response
Cardinal data being extended to two more groups. 82% incremental at Cardinal.
Arcadia AuctionsIP
Received Sep 1, 2026 · due Sep 15, 2026 · Legal Counsel
Executed IP assignment agreements for every contractor who contributed code since 2022.
Response
Five of six 2023 assignments executed and sent. One contractor unresponsive; counsel chasing.
Lakeshore CommerceCommercial
Received Aug 31, 2026 · due Sep 14, 2026 · The company Founder
Proposed scope and success criteria for a three-dealer-group pilot ahead of an LOI.
Kestrel Dealer SystemsTechnology
Received Aug 31, 2026 · due Sep 5, 2026 · Internal Team
Integration architecture document.
Response
Sent the same document provided to Vantage.
Vantage Retail CloudCorporate
Received Aug 27, 2026 · due Sep 12, 2026 · Legal Counsel
Capitalisation table, fully diluted, and all outstanding equity instruments.
Response
Cap table and option ledger reconciled by counsel. Ready to send.
Lakeshore CommerceCustomers
Received Aug 23, 2026 · due Sep 8, 2026 · The company CFO
Customer concentration: ARR share of the top ten customers, trailing 24 months.
Response
Draft ready: top-ten share 27%, down from 41%. Reusing the Arcadia response with the period extended.
Lakeshore CommerceFinancial
Received Aug 20, 2026 · due Sep 7, 2026 · The company CFO
Methodology note for NRR and churn calculations, reconciled to the financial statements.
Response
Methodology note provided; reconciles to the monthly close package.
Lakeshore CommerceFinancial
Received Aug 20, 2026 · due Sep 9, 2026 · The company CFO
Cohort analysis by dealer size (single rooftop, 2–10, 11+) with NRR and logo retention.
Response
Provided. NRR by size: 108% / 116% / 124%. The larger the group, the better the retention.
Arcadia AuctionsLegal
Received Aug 16, 2026 · due Aug 29, 2026 · Legal Counsel
Litigation, claims and regulatory correspondence, trailing five years.
Response
None. Litigation register attached; one demand letter in 2024 resolved without payment.
Arcadia AuctionsLegal
Received Aug 16, 2026 · due Aug 31, 2026 · Legal Counsel
Customer contracts for the ten largest dealer groups, including change-of-control provisions.
Response
Ten contracts provided. Two contain change-of-control consent rights (Cardinal, Meridian pilot); both flagged.
Vantage Retail CloudTechnology
Received Aug 13, 2026 · due Aug 27, 2026 · The company CEO
Integration architecture: APIs, data model and the effort estimate to integrate with a cloud DMS.
Response
Architecture overview and API documentation provided, with a 12-week integration estimate based on the Kestrel pilot integration.
Vantage Retail CloudFinancial
Received Aug 13, 2026 · due Aug 25, 2026 · The company CFO
Cohort analysis by acquisition year with NRR, GRR and logo retention.
Response
Cohort workbook provided. 2024 cohort NRR 119%; 2023 cohort 114%.
Vantage Retail CloudSecurity
Received Aug 11, 2026 · due Sep 20, 2026 · Internal Team
SOC 2 Type II report, or the auditor's confirmation of the observation window and expected issue date.
Response
Type I report provided. Auditor's bridge letter drafted, confirming the Type II window ends in seven weeks. Awaiting sign-off.
Vantage Retail CloudSecurity
Received Aug 11, 2026 · due Aug 23, 2026 · Internal Team
Complete security policy set, most recent penetration test report and remediation status.
Response
Policy set, Q2 penetration test and remediation log provided. All criticals closed; two mediums open with dates.
Arcadia AuctionsFinancial
Received Aug 11, 2026 · due Aug 26, 2026 · The company CFO
Reconciliation of reported ARR to invoiced revenue, with the treatment of implementation fees shown separately.
Response
Reconciliation provided. Implementation fees are 5.8% of reported ARR and are shown as a separate line.
Arcadia AuctionsCustomers
Received Aug 6, 2026 · due Aug 16, 2026 · The company CFO
Monthly retention for the top twenty dealer accounts, trailing 24 months, by rooftop.
Response
Provided as a workbook with rooftop-level monthly ARR and logo status. Top-twenty logo retention 100% over the period; net revenue retention 121%.
Arcadia AuctionsIP
Received Aug 6, 2026 · due Aug 21, 2026 · Legal Counsel
Provenance of the training data for the seller-qualification model, including any third-party data licences.
Response
Data rights opinion from outside counsel attached: all training data is first-party or licensed under terms permitting model training. Two legacy scrapes excluded from training in 2024.
Arcadia AuctionsTechnology
Received Aug 6, 2026 · due Aug 16, 2026 · The company CEO
Engineering organisation chart with tenure, and the team responsible for the seller-qualification model.
Response
Org chart provided. Model team is four engineers with an average tenure of 3.1 years; two hold equity.