Funding will enable US-based automotive online sales platform to accelerate expansion into Canadian market
London, UK – Automotive e-commerce platform Digital Motors has completed a $10 million Series A funding round. The raise – led by DN Capital with participation from InMotion Ventures and Autotech Ventures – will catalyse Digital Motors’ international expansion plans.
Digital Motors’ dealer-based platform allows customers to go through all or portions of the vehicle purchasing process, including securing financing, online without stepping into the dealership. It turns any dealer’s or manufacturer’s website into an online store.
“Dealerships and auto makers alike need fully transactional online stores and marketplaces,” said Andreas Hinrichs, Chief Executive Officer of Digital Motors. “Customers who configure their vehicle purchase online drive bottom line profitability, while also being much happier with the buying experience.”
After successfully launching its platform in 2020, the company expanded its footprint across the U.S. and introduced an array of new features, such as sharing deals via social media and creating virtual garages, letting customers arrange and compare multiple transaction scenarios side by side. Instantly approved lease and finance offers eliminate any ambiguity from the purchasing process for all parties involved.
InMotion Ventures first invested in Digital Motors in February 2020. Speaking about the decision to follow on in the Series A round, Sebastian Peck, Managing Director, said: “The global retail e-commerce market is worth more than $3.5 trillion. With almost every car purchase starting online in one way or another — from browsing manufacturer websites to watching independent reviews on YouTube — and research showing nearly half of buyers would happily complete a purchase online, it makes total sense to empower manufacturers and dealers to turn their websites into sales channels. The great benefit with Digital Motors is its flexibility – customers can choose whether to complete the entire purchase of their new vehicle online or interact with a dealer at any point during the process. The functionality the Digital Motors platform offers is best-in-class and completely transforms the automotive retail experience.”
“Digital Motors’ highly configurable SaaS platform can unlock massive scalability at attractive unit economics,” stated Steve Schlenker, Managing Partner of DN Capital, lead investor in the Series A round. “The company is well-positioned as a key enabler given the automotive industry’s global trend towards digitalization and online sales.”
Digital Motors operates a software-as-a-service (SaaS) business model that enables automotive clients to get set up 24 hours or less. The platform is configurable to the dealerships’ business rules and adheres to any manufacturer’s corporate identity and MAAP rules. For more information or a product demo, visit digitalmotors.com.
About Digital Motors
Digital Motors Corporation is an automotive retail and financial technology (FinTech) platform providing complete online sales solutions to the automotive industry. Based in Irvine, Calif., the company’s revolutionary technology serves the growing needs of dealerships, dealer groups, auto lenders, and vehicle manufacturers to provide a secure end-to-end online purchasing and financing journey to their customers. For more information or to request a demo, visit digitalmotors.com.
At InMotion, we are shaping the future of transport, mobility and travel. Powered by Jaguar Land Rover, we’re dedicated to investing in and inventing innovations that will change the way we move.
InMotion’s venture capital arm invests in high-growth companies in the mobility, transport, travel and digital lifestyle sector. We invest globally in start-ups from Seed to Series B.
InMotion’s incubator Studio 107 develops innovative and premium solutions, in the mobility, transport, and travel sector, collaborating with Jaguar Land Rover to provide unforgettable experiences for new and existing customers.
Learn more about InMotion, please see: inmotionventures.com