Fueled by multiple funding rounds totaling $10 million, Joydrive also expanded its dealership client base by recently forging a relationship with the Findlay Auto Group and Gee Automotive.
The online vehicle marketplace not only added Findlay and Gee as dealer members, but the groups also joined Joydrive’s advisory board.
Joydrive said it raised $6 million in multiple recent funding rounds to go with previous rounds for a total of $10 million in investment.
“We’re excited to partner with Joydrive to provide a complete online experience,” Findlay chief financial officer Tyler Corder said in a news release.
“More and more customers want to enjoy a car buying experience without visiting the dealership,” Corder continued. “Joydrive gives our customers the opportunity to complete the entire transaction online, including arranging financing and completing the trade-in process. This is the evolution of the car business and we’re proud to be at the forefront of retail innovation."
Gee Automotive chief executive officer Ryan Gee added in another news release, “Joydrive is not only a successful e-commerce solution for individual dealerships, but the nationwide marketplace it has created is the only answer to countering the potential entry from the country’s largest online retailer.
“For the first time ever, we’ve joined forces with our competition to pool our resources and meet the demands of our customers for an easy, intuitive and seamless online shopping experience,” Gee went on to say.
Consumers can use Joydrive to sell their vehicle or shop online for new and used cars, with free delivery and other perks through a national network of dealerships in Alaska, Arizona, California, Florida, Idaho, Nevada, New York, Oklahoma, Oregon, Tennessee, Texas, Utah, Virginia and Washington.
Joydrive explained it is bringing a Hulu-style platform to continue the industry’s ongoing digital transformation and meet the demands of the e-commerce driven buyer. Here is how the platform is designed to function:
• Buy online: The entire process can be completed online from vehicle selection to delivery. After securing a vehicle with a $199 fully refundable deposit, a user-friendly dashboard can show all details of the transaction including trade-in, vehicle service contracts, financing options and delivery schedules. Of Joydrive's completed transactions, approximately 40% included a trade-in, and 60% included financing.
• Home delivery: Communicating through the dashboard, customers can coordinate the vehicle delivery date and time with their licensed dealer representatives. Because vehicles are located on dealer lots, delivery can occur as fast as one day.
• Five-day return period: Because buying a vehicle can be the largest transaction customers make, Joydrive and dealer members offer a five-day return period or up to 250 miles to ensure customers love their purchase. Customers can drive the car how they will actually use it. To date, less than 1% of Joydrive’s transactions have been returned, according to the company.
“Like Hulu, Joydrive is unique in that it breaks down the individual properties together into one easy to navigate and user-friendly process to sell your car or buy any brand of new or used car," Joydrive founder and chief executive officer Hunter Gorham.
“Just like you aren't watching a show on ABC tonight, you’re watching Hulu, a car buyer isn't eagerly heading out to sell or shop several local Toyota and Subaru dealers but shopping for and buying any brand from Joydrive,” Gorham added.
Joydrive has more than 30,000 units currently available for purchase, lease, financing and delivery.