Philadelphia-based Tech Startup Eliminates Inefficiencies in Used Car Industry
Philadelphia, Pennsylvania – April 18, 2023 – Motobyo, the tech-driven used car marketplace designed for everyday consumers, not dealers, today launched two crowdfunded capital raise campaigns for individual investors with industry leaders Netcapital and Fundable.
The auto industry tech leader is raising $4 million to power the future growth of Motobyo, including expansion into other regions of the United States.
Motobyo’s founders committed $1.1 million in capital investment to support its early pre-launch efforts and then raised $2.5 million in additional funds to support the Company’s August 2022 beta launch in the Greater Philadelphia DMA.
During that beta launch, Motobyo gained greater brand awareness and organic customer growth with increasing use of its online auction marketplace that connects used car sellers and buyers.
“We are pleased with the traction of the business during our beta launch,” said Ron Averett, Chief Executive Officer of Motobyo. “We are already experiencing more than 3,500 individuals requesting our vehicle liquidation services monthly. Although our primary focus has been on the Philadelphia DMA we have been actively conducting tests nationally and now have account holders in more than 40 states across the country. Looking ahead, we see a clear roadmap to accelerate our expansion and growth.”
Providing services and products to everyday consumers that are traditionally associated with automobile dealerships, Motobyo’s national partnership network includes Firestone Complete Auto Care, Tires Plus and Wheel Works, Meineke, Midas and Your Mechanic (car inspection and service); Credible (financing); The Zebra (insurance); Acertus (titling); Carfax and AutoCheck (car history); Ekata (customer ID verification); and uShip (vehicle transport).
Motobyo has also partnered with over 30 Philadelphia-area dealers as buying centers to support its cash offer solution.
Plans for 2023 include more focused expansion beyond the Philadelphia DMA into other markets, including all of Pennsylvania, North Jersey and New York as well as metro markets such as Baltimore, DC / northern Virginia, Chicago, Dallas, Cincinnati, Atlanta, Birmingham and more.
“While the general theme of the business this year will be on expansion, our overriding focus will continue to be on demonstrating how Motobyo can assist vehicle sellers in maximizing their value and providing our buyers access to a fantastic selection of inventory,” Averett said.
Motobyo enables private party individuals to buy and sell vehicles, without the typical inefficiencies associated with the used car industry. Empowering both sides of the transaction, sellers get top dollar value without leaving money on the table, while buyers have access to services typically only provided by a dealer.
Providing a platform unparalleled in the used car industry – Motobyo is directly connecting vehicle supply to demand – saving time, avoiding the normal hassles and headaches and providing consumers with value not available anywhere else in the industry.
To learn more about Motobyo visit https://motobyo.com.