CHICAGO — DRIVIN, a service that utilizes data to help dealers sell, source, acquire, and deliver quality used vehicles, announced it has raised an additional $7.5 million in equity capital. Launched in mid-2015, the startup has now raised $17.5 million in funding.
The latest round was led by Columbus Nova Technology Partners and Lightbank. The investment will help DRIVIN continue the aggressive expansion of both its products and dealer partners, as the company focuses on disrupting one of the largest industries in the U.S. economy.
"DRIVIN is the first-of-its-kind to supply unique information and true marketplace buying power to its dealers when trading used cars," said Eric Lefkofsky, initial investor and chairman of the company’s board. "The company focuses on data-driven technology, proprietary inventory analysis, and personalized and experienced customer service. These strategies help dealers more efficiently buy and sell vehicles to create their optimal lot and quickly increase profitability."
DRIVIN currently works with more than 500 dealers nationwide. It also sources vehicle inventory from more than 25,000 dealers. With the many technological advancements happening on the consumer side of automotive in the last three years, according to officials, DRIVIN is focused on helping dealers be more strategic about the inventory on their lots.
"We feel extremely fortunate to have the support and guidance of our investors and board as DRIVIN continues to deliver valuable, differentiated services to our dealer partners," said Kayne Grau, cofounder and CEO. "By combining data and technology with human capital, we are uniquely positioned to change the way dealers move metal on their lots — first helping them sell aged inventory and then helping them replace those units with strategically selected vehicles that meet the needs of their target audience and their dealership brand position."
For more information on DRIVIN, visit www.drivindealer.com.
Originally posted on F&I and Showroom