An auction marketplace for pre-owned vehicles. Sellers (auto dealers, credit unions, fleet/rental) use eDealer Direct to sell to the buyers (wholesalers, auto dealers, volume buyers).
Business model - charge buyers and sellers $100 flat fee per deal, profit margin per vehicle of 1-10% above an agreed sale price
• 2.2M vehicles repossessed in 2019, up 22% from 2017
• 7M+ Americans are delinquent in 90+ days
• For every 2.4 cars sold, 1 car is repossessed
• Credit unions finance ~28% of all auto purchases
• 2020 Covid-19 impact → repossessed vehicles are expected to 2x through 2021
$10M in topline revenue, $1.5M in profit (2019)
Units sold - 433 (2018), 819 (2019), 1000+ (2020)
Customers - 26 Credit Unions in 19 different cities throughout the Southwest
Signed a partnership with the largest CU League in the USA (Cornerstone League) and the NM CU League to help grow footprint through 2021, 700+ dealerships on platform (Aug 2020)
$150K cash in the bank, 12 months of runway
LatinX and veteran founder
eDealer Direct App launching in 2021
