Porsche Ventures Invests in Drivably's Breakthrough Inventory Technology
CHANDLER, Ariz., Nov. 17, 2020 /PRNewswire/ -- Drivably, an advanced AI company that helps dealers acquire private party inventory from the right markets at the right price, today announced it has received an investment from Porsche Ventures. This latest investment is designed to help Drivably further develop its technology and expand its footprint.
Drivably uses deep analytics to bridge the gap that has long existed between car dealers and the private party marketplace, in which over 40 million vehicles exchange hands each year. The company enables its dealer partners to buy consumer vehicles at scale, while providing extensive market data to help them understand which cars are the best for their business.
"It makes perfect sense that an innovative brand like Porsche would invest in progressive technology to improve the way we connect and engage with private party sellers," said Tyler Hall, CEO of Drivably. "Having the right mix of inventory acquired at the right price has always been essential for dealers. With today's market challenges, it takes on greater importance. The investment by Porsche Ventures enables us to add exciting new functionality and features to help dealerships optimize their operations and grow their businesses."
Similar to its Drivably investment, Porsche Ventures engages with top entrepreneurs across the globe. For this, the Corporate Venture Capital (CVC) also uses regional investment teams. Through the global presence with different locations in key technology centers, Porsche Ventures is an active part of the international digital scene and extremely well networked. This enables promising startups to be identified worldwide and developed further as partners in the digital ecosystem.
The CVC invests in companies that are in the early and growth phases, with a particular focus on customer experience, mobility and digital lifestyle, as well as in future technologies. Its portfolio companies enjoy access to a vast international network and to industry expertise through valuable collaboration opportunities across the Porsche ecosystem.
"It is always exciting collaborating with entrepreneurs like Tyler who started a company to solve a pain point they have experienced firsthand," said Stephan Baral, Head of Porsche Ventures Region USA. "With this investment, we want to create a win-win situation for Drivably, our dealer network and our customers."
Drivably does the heavy lifting for its dealer partners by engaging every consumer from start to finish online, and in real-time, to help them feel comfortable and confident when selling their car.
The company identifies sellers, engages with them, puts the right offer on vehicles, and coordinates dealership appointments. Sellers are funneled directly and exclusively to a participating Drivably dealership within a specific market and a 15-minute walkaround inspection is conducted. The dealership cuts the consumer a check on the spot.
Drivably also integrates comprehensive analytics from all major industry data partners to help dealers identify the cars they should buy, at what prices, and from which markets to streamline their operations and increase profitability.
"This year has been a catalyst to accelerate the digital transformation of our business in collaboration with our dealer partners," said Philipp Duelfer, Director, Corporate Business Development at Porsche Cars North America, Inc. "We are excited about the investment in Drivably and the ways our collaboration will support dealers and customers alike," Duelfer concluded.
According to Drivably CEO, Hall, COVID-19 brought challenges but it also brought valuable lessons.
"If it wasn't clear enough, the pandemic reminded everyone about the importance of technology in our daily business operations," said Hall. "It also reminded us about the importance of customer engagement. Dealers who not only survived but thrived through COVID-19 embraced technology to help them connect with consumers at home. This is the future of our industry and Drivably is on the leading-edge of that."
About Drivably
Drivably is a breakthrough private party vehicle acquisition company that uses AI and advanced analytics to connect dealers directly to consumers who are interested in selling their vehicles. Drivably also integrates deep market knowledge from all major automotive industry data providers to help dealers identify exactly which cars they should buy, at what prices, and from which markets. Visit www.drivably.com for more information.
About Porsche Ventures
Porsche Ventures seeks strategic investments in business models relating to customer experience, mobility and digital lifestyle, as well as in future technologies such as artificial intelligence, blockchain and virtual and augmented reality. Through its venture capital activities, the sports car manufacturer Porsche invests in new companies that are in the early and growth phases.
SOURCE Drivably
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