Digital Motors completed $10 million Series A to finance future growth
Digital Motors, the groundbreaking online sales platform for automotive dealerships and manufacturers, announced its expansion into Canada. The company is financing its international expansions with the proceeds of a $10 million Series A funding round led by DN Capital based in London, Berlin, and San Francisco.
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“Dealerships and auto makers alike need fully transactional online stores and marketplaces”
Digital Motors’ dealer-based platform allows customers to go through all or portions of the entire automotive-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 to 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 individual customer virtual garages, which let them 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.
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“Digital Motors’ highly configurable SaaS platform can unlock massive scalability at attractive unit economics,” stated Steve Schlenker, Managing Partner of DN Capital. “The company is well-positioned as a key enabler given the automotive industry’s global trend towards digitalization and online sales.”
DN Capital is joined by several other high-profile investors, including Autotech Ventures and Jaguar Land Rover’s InMotion Ventures.
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.
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