CarOffer’s Used Car Bidding Platform Hits $60M in Monthly Sales

CarOffer, which says it's the retail automotive industry's first instant trade platform, has reached $60M in monthly sales within the startup's first six months.

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.

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