Car Capital Announces $8.8 Million Series A Funding Round and Launches Operations
GRAPEVINE, Texas, April 6, 2021 /PRNewswire/ -- Car Capital, an advanced technology company that provides their dealer partners with the ability to make 24/7 instant auto loan decisions, has closed an $8.8 million Series A funding round. The round was led by FM Capital with participation from over 50 individual and institutional investors, including Automotive Ventures and Medalist Partners. Car Capital launched operations with a select group of beta dealers and will roll out to a broader group of dealer partners in the coming weeks. Car Capital has developed a proprietary, web-based platform, Dealer Electronic Auto Loan System (DEALSSM) to give every dealer partner the power to approve 100% of consumers, regardless of credit history, that come into their dealerships.
"We saw a need in the market for a technology solution that helps franchise and independent dealers sell more cars to underserved consumers. Our web-based tools give the dealer, not a lender, the ability to optimize their profit on each car in their inventory," said Justin Tisler, Co-founder and CEO at Car Capital. "We want our dealer partners' customers to feel confident when shopping for a car at the dealership that approvals can be available to all. Anyone, no matter their credit situation, should be able to buy a car for personal transportation, particularly during these trying times."
"We're excited to be an investor in Car Capital," said Chase Fraser, Managing Partner at FM Capital. "The company possesses the technology to make vehicle financing accessible to all consumers, and dealers will benefit by increasing their monthly unit sales."
The Car Capital program allows their dealer partners to make real-time, instant changes to deal terms based on the economics of each unique car and consumer. Car Capital and their dealer partners work together to align the interests of all parties so everyone wins.
Brian Reed, Chairman at Car Capital, said, "We felt it was important to give each Car Capital dealer partner back-end profit based on performance, instead of requiring a minimum pool size. Through our unparalleled business model and DEALS platform, we provide more profit opportunities for our dealer partners and more financing options for car buyers."
Car Capital is currently licensed to operate in Florida, Georgia, Indiana, Ohio, Oklahoma, Tennessee, and Texas. With the Series A funding, they will expand operations, grow their network of dealers, and add more states to broaden their geographic reach.
About Car Capital
Car Capital, a wholly owned subsidiary of Car Capital Technologies, Inc., was founded to provide dealers with capital and advanced technology to help all consumers buy the cars they need. The executive leadership team, each with decades of experience in the industry, and all their talented associates have joined together to create an exceptional company to make car buying better for everyone. For more information, contact Car Capital at press@carcapital.com or visit carcapital.com.
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SOURCE Car Capital