Online car-buying startup Gettacar has announced $25 million in funding toward its goal of making the car buying and ownership process more streamlined, a press release says.
The total raised by Gettacar is now $48 million.
The backers of the round, according to the release, include 3L and Luxor Capital, and Torch Capital has also participated. And with the new funding, Gettacar plans to keep expanding into other markets, investing more in the customer experience and more product development.
Gettacar was founded in 2016 and has focused on building proprietary technologies to help speed up the process of buying a car online, as well as getting real-time financing options and giving consumers a week to decide whether they want to keep the car.
The Gettacar vehicles also come with a guaranteed protection and maintenance package.
Yossi Levi, founder and CEO of Gettacar, said the purchase of a car will be a big decision for almost anyone.
“Then there’s the stress of car upkeep and maintenance, which is why we built Gettacar around a simple philosophy: create the best car buying and ownership experience,” he said.
Gettacar will offer “consumer offerings car buyers can’t get anywhere else, including 48 hour deliveries, at home test driving, and an unparalleled 365-day bumper-to-bumper protection and maintenance package included with every car.”
In addition, Gettacar has a vertically integrated business model to boost quality control its inventory through keeping “inventory acquisition, logistics, reconditioning, and merchandising” in-house, the release says.
Online sales for cars have been bolstered in the last year alongside sales for anything else online, PYMNTS writes, with Carvana reporting revenues of over $1 billion. Carvana Founder and CEO Ernie Garcia said COVID-19 had caused everyone to re-evaluate their strategies as the idea of buying a car online has broadened in appeal. Investors have expressed interest in the disrupting factors of online car sales as well.
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