Car Buying Startup
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Online car research serves two primary functions: first, the time, energy and monetary investment saved by sparing a visit to the dealership is a massive advancement of auto sales startups. Second, online car buying opens up myriad shopping options, allowing potential buyers to view different colors, styles and extras with the click of a mouse.
As virtual reality (VR) continues to expand, so do test driving options: VR is now being used to transport viewers to virtual showrooms, giving them the remote experience of walking through location-specific destinations. Auto manufacturers are beginning to operate with startup-like innovations. For example, BMW has created apps for buyers to customize their potential new car. They can even interact with the vehicle on any device, allowing the car-curious to get a sense of a vehicle in the comfort of their own home.
Startups have been a driving force in changing commerce. In the auto industry, that means a better experience for shoppers, sellers and manufacturers. Gone are the days of picking up a newspaper, finding the car ads, calling a dealership and making a visit. From the privacy of their home ( and mostly on the phone in their pocket), car buyers can research, customize, test drive and purchase a vehicle. It's hard to know what's going to come next, but startups will surely be at the forefront.
Founded in 2016 by Founders Factory and car industry entrepreneur Nic Carnell, Hellocar was described as a new website for buying used cars online without the need for a dealer. It was akin to a classic marketplace play that moved the car-buying process online to better match supply and demand, and in doing so create an improved customer experience.
To that end, like Carspring, the startup aimed to disrupt the £45 billion U.K. used-car market by bringing what it said was more transparency and convenience to the car-buying experience. All Hellocar vehicles had to pass a comprehensive 168-point inspection by the AA, were home delivered and if the customer changed their mind in the first seven days Hellocar would give them their money back.
Zooming out further, however, my understanding is that although the opaque used-car-buying industry would seem a prime candidate to be upgraded with a more consumer-friendly and transparent online marketplace, unlike other marketplaces, the supply side is quite challenging. Specifically, it requires significant working capital to get to stock levels that can match demand, something that traditional dealers have a tight grip on. Quite a lot of risk also has to be taken on in terms of pricing stock correctly and moving it on before it depreciates.
The situation is starting to change, with consumers really driving this. Apps such as beepi, Shift and Carvana are offering tools to enhance the car shopping and buying experience. These are technology startups that do not own inventory the way that AutoNation does. However, they are being funded and do hold the potential to disrupt the space.
After a couple of years, Esteve registered CarBuckets and began doing some R&D and tech work. About two years ago, she left the family business and went all-in on building the startup. Headquarter Automotive Group provided seed funding for her concept.
In 2019, Apple bought the self-driving car startup Drive.ai amid reports that it was hurting financially. Meanwhile, in May, Intel bought the startup Moovit, which developed a public-transit app, for $900 million in a deal that some analysts speculated would help Intel develop better technology components for autonomous vehicles. Before the coronavirus pandemic and acquisition, Moovit was reportedly looking to raise money.
Impel, the New York-based digital engagement startup, announced on Tuesday it secured $104 million in growth investment. The fresh funding was led by Silversmith Capital Partners with additional investment from Wavecrest Growth Partners.
The startup offers an AI-powered customer engagement platform for the auto industry, allowing shoppers to have a more tactical car-buying experience online. The company says it had a hand in $2 billion worth of car sales since its inception in 2011. Impel works with around 100 partners in the automotive space and has spent its past two years growing its revenue by 100%.
The company joins the car-centric ranks of Philly-area startups including car subscription service Go and tech-enabled car sales company Getta, fka Gettacar (which appears to be going through some big changes of its own).
Amazon has announced that it's acquiring self-driving car startup Zoox. The value of the deal hasn't been disclosed, though it's previously been reported that Amazon would pay "more than $1 billion" for the company. Zoox has raised about a billion dollars in its lifetime, so the ballpark figure makes sense, though the dire state of the world and self-driving initiatives also mean Amazon may well have negotiated a sizeable discount.
Zoox will continue to work on vehicles designed for ride-hailing, according to a press release, though it's not a huge leap of imagination to see Amazon someday use self-driving technology to replace the drivers in its fast-growing delivery network. Amazon is already experimenting with drones that would deliver packages by air, and the company is constantly searching for ways to cut costs throughout its logistics network. It previously invested in autonomous trucking startup Aurora Innovation.
Customer empowerment is a prominent theme in many recent startups as Uber allows everyday individuals to profit from the transportation industry while Airbnb turns anyone with an available room into local bed and breakfast host. One area where very little has changed in regards to the customer experience is in shopping for a new vehicle and that is where recently launched automobile liaison Carmigo comes into play.
DealerPolicy created a digital insurance marketplace for automotive dealers and their customers, integrating insurance quotes into the car-buying experience. Customers can immediately purchase insurance online or connect with insurance agents to complete the process.
Drover is a car rental marketplace platform for rideshare drivers. The startup offers consumers a new kind of car rental experience targeted at rideshare drivers who typically only need the vehicle for a year or less.
Drive Motors makes software for car dealerships to bring the entire buying process directly online in sections, thereby enabling a customer to configure options, set up a financing plan, and pay the dealer right online, Aaron Krane, chief executive of Drive Motors told Mobility Finance.
Carvoy is an online platform marketplace that gives consumers a simple and direct new car buying or leasing experience. Carvoy facilitates competition among dealerships for customer business on a single platform, which also helps consumers obtain a cheaper lease or purchase, a company spokesperson told Mobility Finance.
The EV startup has granted Walmart a warrant to buy up to 61.2 million shares over a 10-year period at an exercise price of $2.15 a share, vesting it immediately with 15.3 million common shares. Should Walmart exercise the warrant, it would give it an equity of roughly 20% in Canoo. The startup's shares closed at $3.57 on July 13, compared to $2.37 on July 11, a day before the Walmart deal was announced.
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Investors responded well to this new, low-overhead approach last July when Shift raised $38 million in a funding round led by BMW iVentures. As a technology company simplifying the consumer car buying and selling experience, Shift differentiates itself in the marketplace by providing a hassle-free buying experience, complete with on-demand test drives and white glove service. 781b155fdc
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