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DRIVIN Secures $7.5M

2016-05-26
CHICAGO,IL, DRIVIN, a premier service for automotive dealers that utilizes data to help sell, source, acquire, and deliver quality used vehicles for its dealer partners, announced that it has raised an additional $7.5 million in equity capital.
Launched in mid-2015, the Chicago-based automotive start-up has now raised a total of $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 US 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 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 over 500 buying dealer partners nationwide and sources inventory from more than 25,000 dealer rooftops. With the many technological advancements happening on the consumer side of automotive in the last three years, 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, co-founder 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, please visit http://www.drivindealer.com.

About DRIVIN
DRIVIN is redefining the used vehicle industry by bringing data and technology together in a first-of-its-kind, high-touch fashion to help automotive dealers sell and acquire the right used cars, at the right price, right now. Combining highly personalized service with cutting edge technology and local market analytics, DRIVIN casts a nationwide net to find and vet quality, whole-sale priced vehicles, and connect them with dealers all across the country. Launched in 2015, DRIVIN is powered by CarCo Technologies.
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