CarOffer officially debuted last August as retail automotive’s first automated instant wholesale vehicle trade platform. The company heads into the new year celebrating record monthly sales of $60M coupled with unprecedented 100% dealer rooftop growth in January. The perfect storm of an experienced team, a CEO serial entrepreneur, and a no-risk solution has set CarOffer up for early success and a strong outlook for 2020 with rooftop projections in the thousands by mid-year.
The real-time bidding platform, which currently processes more than $1.2B of vehicle offers daily, is the industry’s most efficient vehicle sourcing, buying and trading solution. CarOffer’s transparent, transactional and user-friendly platform offers a simplified Amazon-like buying experience and eliminates trade-in speculation, allowing dealers to trade up to 30% more vehicles within the first 30 days of implementation.
Efficiency and transparency are paramount in the CarOffer trading process. For instance, at the point of appraisal, CarOffer provides two instant offers: the first is a “sell it today” price; the second is a “keep it now” with a guaranteed “sell it in 45 days” price. The solution also automatically makes binding offers on 85-90% of vehicles in a dealer’s inventory 24/7.
In addition, CarOffer’s vehicle sourcing solution offers an experience similar to the sourcing process for new vehicles from manufacturers. Dealers are able to order pre-owned inventory and the system automatically sources the vehicles and delivers to dealers’ specifications.
“CarOffer is the best tool we’ve seen in years – it’s powerful and simple to use,” says Chuck Kramer, COO of Foundation Auto Corp. “CarOffer’s solution is unique and fills a need in our industry. We have successfully bought and sold units on CarOffer, and the system has allowed us to trade for 20-25% more vehicles due to its real-time offers at point of appraisal. And, we enjoy the ability to order our Gold and Platinum units in the system knowing they will get delivered as expected. I encourage every dealer to look at CarOffer.”
“We’ve primarily used CarOffer to acquire inventory,” says Mike Miskus, Used Car Manager at Indiana’s Team Toyota. “We’ve purchased over 70 units through the platform in the last couple of months and found it to be a fantastic new way to source upstream vehicles. It’s allowing us to continue double-digit year-over-year pre-owned sales increase.”
“We are thrilled about the momentum we’ve created so early on,” says Bruce Thompson, CarOffer founder and CEO. “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. 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. I’m so proud of them and this incredible new company.”
CarOffer’s mobile-friendly platform includes features such as real-time point of appraisal instant buy offers, automated inventory offers, 45-day guaranteed sell offers and access to nationwide buyers. At NADA 2020, CarOffer will demo the platform’s latest features including market data insights, a faster inspection and transportation process, and up-to-the-minute info and status access via an alerting system, all designed to give dealers greater buying power and meaningful cost savings.