Silicon Valley based venture capital firm, Autotech Ventures, has partnered with Digital Motors, an automotive retail and FinTech platform, that includes funding to accelerate the company’s growth strategy within the $3 trillion ground transportation industry. Autotech Ventures manages more than $270 million of funding and provides market intelligence and executive talent to startups in the automotive industry, making them an ideal partner for transportation companies looking to scale up.
Digital Motors was founded in 2018 and has worked to create efficiency and quality customer experience in a sector that has an increasingly high demand for digital sales. Using state of the art SaaS technology, Digital Motors runs an online store for buying and financing cars that can be integrated with the websites, systems, and processes of any dealership, manufacturer, auto lender, or marketing site. It transforms automotive industry websites from “a lead generation tool to a digital buying platform”.
Car shoppers can complete their purchase entirely online, through Digital Motors, while connecting with car dealerships and other resources to secure credit applications, select car delivery options, sign up for the best leasing or financing option. The option to buy online is becoming significantly popular, especially among customers who are looking to buy preowned vehicles with all parts of the deal integrated into one buying experience.
“The auto industry is evolving from lead generation to a transaction-based business model,” said automotive industry expert and author, Maryann Keller. Added Ryan Kerrigan from Kerrigan Advisors, “Digital Motors is innovating in exactly the right area – the way in which digital retailing will integrate with the current dealership model, still allowing dealers full control over their processes and economics. This is the future.”
