In its first six months, Plano’s CarOffer reached $60 million in monthly sales and 100 percent dealer rooftop growth in January. The company released its retail automotive instant trade platform last August and the real-time bidding service now processes more than $1.2 billion in vehicle offers daily.
According to a statement, CarOffer’s platform is a “simplified Amazon-like buying experience” that eliminates trade-in speculation. The company says dealers can trade up to 30 percent more vehicles in the first 30 days using the platform, which is “retail automotive’s first automated instant wholesale vehicle trade platform.”
“We are thrilled about the momentum we’ve created so early on,” Bruce Thompson, CarOffer founder and CEO, said in a statement. “Dealers are enrolling at an incredible rate because they’re seeing tangible results and that’s what it’s all about. We’ve gone from $0 to $60M per month in sales over the last 180 days.”
[Image: Courtesy CarOffer]
CarOffer can provide two instant offers at the point of appraisal: a “sell it today” price and a “keep it now” with a guaranteed “sell it in 45 days” price. The platform automatically makes binding offers on up to 90 percent of the vehicles in a dealer’s inventory. Other features of the mobile-friendly platform include automated inventory offers, 45-day guaranteed sell offers, and access to nationwide buyers.
“It’s exciting to deliver a solution that dealers want and need, and our initial success is due to the hard work and experience of the entire team at CarOffer,” Thompson says. “I’m so proud of them and this incredible new company.”
CarOffer intends to use the upcoming NADA 2020 show on Valentine’s Day weekend to highlight new platform features such as market data insights, a faster inspection and transportation process, and up-to-the-minute info and status access via an alerting system.
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.
R E A D N E X T
-
The hybrid event in August will take place in person at SMU and virtually. The seventh annual Dallas Startup Week powered by Capital One is Dallas-Fort Worth's largest event focused on driving entrepreneurial success, economic impact, and innovation in the region.
-
The self-service expansion gives brands of all sizes and budgets hands-on access to LTK’s proprietary retail performance data for influencer campaigns. Dallas-based LTK—formerly known as rewardStyle & LIKEtoKNOW.it—expects to open the platform to its full 5,000 brands this year.
-
To prevent suicides, hunger, and learning issues, Rhithm's emojified bio-social assessments app lets kids say how they feel.
-
"It’s just cool that a Texas-based AI and robotics company can help a Texas-based burrito company expand in ways we could only imagine just a few years ago," says Alex Eagle, Chief Executive Officer for Freebirds World Burrito.
-
iDonate wants to innovate generosity. The company's all-in-one digital fundraising platform is built to boost the impact of nonprofits. Its new funding to scale operations globally follows last year's raise of $8.7 million to expand its tech.
