MaxTradeIn, the free website that gives car owners the ability to trade in or sell their used vehicle by selecting trusted local dealers to compete for their business, has finalized a $1.2 million seed round led by Elevate Ventures and private investors.

MaxTradeIn has experienced rapid growth since first launching in Indianapolis in late 2012. More than $60 million in offers have been made by nearly 100 franchise dealers located in Indianapolis, Cincinnati and Louisville, Ky., that have partnered with MaxTradeIn to compete for sales and trade-ins. The investment will help fuel MaxTradeIn's growth and continued expansion into new markets, including its newest market in Columbus, Ohio.

"Our goal from the outset was to eliminate the most stressful part of the new car buying experience: negotiating the trade-in or sale value of your old car," said Justin Bates, co-founder and CEO of MaxTradeIn. "The staggering response we've received from consumers and dealerships during the past few months has been extremely gratifying, and we're excited to have the support of Elevate Ventures and the investment community to amplify our growth."

Elevate Ventures' $9.5M Indiana Angel Network Fund (IANF), the source of Elevate's investment in MaxTradeIn, is a source of seed capital dedicated to discovering companies that show the promise of solid market potential and are capable of accelerated growth to high-value exits.

"MaxTradeIn is a simple yet effective idea that aims to reduce transaction friction and increase marketplace transparency," said Ryan Pfenninger, a venture partner with Elevate Ventures, who serves on the company's Board of Managers post-investment. "We were impressed with the market traction MaxTradeIn demonstrated early on, and we look forward to working with the MaxTradeIn team to achieve substantial growth. This is exactly the kind of high-potential company Elevate Ventures wants to work with and help succeed."

Founded by a team with more than 50 years combined leadership experience in the automotive sales industry, MaxTradeIn offers consumers an easy way to receive multiple offers on their vehicle from trusted car dealers in their area during a free 48-hour listing period, eliminating the stress of negotiating with several dealers or relying on suggested book values of their vehicle's worth.

Dealerships that subscribe to MaxTradeIn receive high-quality consumer leads who want to trade in or sell their used car and purchase a new car, facilitating a lower cost of acquisition for their used car inventory.

"We've been able to increase our used car inventory without going to the auctions, which saves money by eliminating auction fees and travel expenses," said Brett Rozzi, General Manager for Penske Chevrolet. "What's more, we're able to acquire specific vehicles that we can't always find via commercial avenues."

To learn more about MaxTradeIn or to list your vehicle, visit http://www.maxtradein.com/.

About MaxTradeIn

MaxTradeIn eliminates the most undesirable part of the new car buying process for consumers "the stressful haggling experience with their trade-in. MaxTradeIn empowers consumers to maximize the trade-in value on their car, while providing franchise dealerships with highly qualified leads and long-term customer relationship opportunities. For more information, visit http://www.maxtradein.com.

About Elevate Ventures

Elevate Ventures is a private venture development organization that nurtures and develops emerging and existing high-potential businesses into high-performing, Indiana-based companies. Elevate Ventures accomplishes this by providing access to capital, rigorous business analysis and robust advisory services that connect companies with the right mix of resources businesses need to succeed long-term. As a not-for-profit organization, Elevate Ventures is able to offer unbiased, in-depth perspective and recommendations. To learn more about Elevate Ventures, its team and its funds under management, visit www.elevateventures.com.