Digital Motors Partners with Autotech Ventures to Accelerate Online Retail Innovation
IRVINE, Calif.--(BUSINESS WIRE)--Digital Motors®, an innovation leader in automotive retail and financial technology (FinTech), has partnered with Autotech Ventures to accelerate its growth strategy.
The company’s configurable online store technology can be integrated with the websites, systems, and processes of any dealership, manufacturer, auto lender, or marketing site to power a state-of-the-art car buying and financing experience – tailored to individual clients’ business needs and corporate identity.
Based in Silicon Valley, Autotech Ventures is a venture capital firm managing more than $270 million that focuses on the $3 trillion ground transportation industry.
“Autotech Ventures validates our strategy and broadens our circle of influence,” exclaimed Andy Hinrichs, Founder and CEO of Digital Motors. “By partnering with the best investors and operators in the automotive business, we are able to shift into high gear.”
“The automotive industry is facing an increasing demand for digital sales processes to create efficiency and improve the consumer experience,” stated Alexei Andreev, Managing Director of Autotech Ventures. “Digital Motors’ highly configurable platform can power an integrated digital retailing experience ranging from Tier 1 to 3 websites.”
Digital Motors operates a digital retailing platform and intelligent FinTech configuration engine, enabling car dealerships to fully transact with their customers online.
Car shoppers can complete the entire transaction online or seamlessly transition to the dealership at any step in the process.
Autotech Ventures led the financing round and its managing director Alexei Andreev has joined the company’s Board of Directors. Other investors in Digital Motors include Jaguar Land Rover’s London-based InMotion Ventures, OpenRoad Auto Group, renowned automotive industry expert and author Maryann Keller, and Ryan Kerrigan, Managing Director of Kerrigan Advisors – the leading auto dealer sell-side advisor in the U.S.
“Dealers recognize the importance of transacting online, in real time, with all parts of the deal integrated,” stated Christian Chia, CEO of OpenRoad Auto Group. “There is particular urgency in preowned where customers are ready and willing to buy online.”
“Digital retailing is not about online transactions vs. in-store sales,” remarked Sebastian Peck, Managing Director of InMotion Ventures. “Digital Motors combines these channels to create a seamless car buying experience for all parties involved.”
“The auto industry is evolving from lead generation to a transaction-based business model,” said Maryann Keller. Added Ryan Kerrigan, “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.”
About Autotech Ventures
Autotech Ventures is a Silicon Valley venture capital firm with over $270 million under management focused on startups in the $3 trillion ground transportation industry. Autotech Ventures provides startups with capital, ground transportation market intelligence, and access to its transportation focused network which includes executive talent as well as 25+ corporate investors representing a global market capitalization of over $500B. As a lead or follower investor, Autotech Ventures leverages its network to help portfolio companies recruit top industry talent and engage corporations as scale-up partners.
About InMotion Ventures
At InMotion, we are investing in the future of mobility and travel. Powered by Jaguar Land Rover, we are supporting entrepreneurs and innovators who change the way people move by paving the way for more sustainable transport options.
InMotion Ventures is Jaguar Land Rover’s venture capital fund. We invest in early-stage technology companies from Seed to Series B that change the face of urban mobility, support an active outdoor lifestyle and deliver unique travel experiences. We are based in London and invest globally. Our current portfolio comprises 17 portfolio companies.
InMotion’s mobility services arm Studio 107 works closely with our parent company Jaguar Land Rover to build new services in the urban mobility sector. The name Studio 107 is a nod to the 107% rule in motorsport. In qualifying, drivers who fail to set a lap within 107% of the fastest qualifying time are not allowed to start. Our goal is to select the ideas that play to our strengths and develop them into winning businesses.
About Digital Motors
Digital Motors Corporation is an automotive retail and financial technology (FinTech) platform that enables digital retailing for the automotive industry. With its state-of-the-art SaaS technology, Digital Motors allows car dealerships to transform the car buying experience – turning online car shoppers into satisfied buyers.
Based in Irvine, Calif., Digital Motors was founded in 2018 by an award-winning team of digital executives and entrepreneurs with a proven track record on a global scale.
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