Electric vehicle (EV) merchandising solution Lyteflo announced $3 million in seed funding. Launched by Ryan Osten (CEO) and Dominick Rivard (CTO), Lyteflo seamlessly integrates into dealership websites to help auto dealers move their EV inventory faster and appraise EV batteries with precision: a one-stop shop to help dealerships win the electric future. And Diagram led the oversubscribed round, with participation from Whitecap Venture Partners and Amplify Capital.
With manufacturers and consumers continuing to drive the transition to EVs, the automotive industry has to adapt to the changing landscape. And after spending the last 100 years selling internal combustion engine (ICE) vehicles, many dealerships are struggling to pivot their strategies to an entirely different vehicle type. Lyteflo helps dealerships thrive in the EV era by providing data-backed sales tools to answer customers’ most prominent questions.
Lyteflo’s EV Revenue Platform offers a suite of tools that communicate VIN-specific EV savings including fuel and maintenance savings, state, federal and local tax incentives, a charger and trip planner, personalized ownership reports, and EV data enrichment, adding critical EV information to the dealership vehicle detail pages. And the team is working on integrating additional tools including EV battery testing and health reports as part of their EV Revenue Platform. Dealerships are embedding Lyteflo into their website to increase EV lead conversion, level up their sales team in the showroom, and ultimately sell EVs faster.
As a Canadian automotive tech entrepreneur, co-founder and CEO Ryan Osten spent the last decade in the industry gaining significant expertise in the automotive retail customer experience. He was previously the COO at Gubagoo, a leader in messaging and digital retailing solutions for automotive dealerships. And Osten helped steer Gubagoo to partnerships with over 6,000 dealerships, 90% of which are America’s top 150 dealer groups and certified OEM programs. Osten has helped lead Gubagoo to be acquired by Reynolds and Reynolds in 2021, staying on board for three more years to support the transition and expedite additional growth.
Lyteflo also recently announced a partnership with DealerOn, which is a leader in automotive website and marketing technology solutions. And the collaboration enables DealerOn’s 7,000 dealers to connect with Lyteflo, putting its innovative tools in the hands of dealers nationwide to revolutionize the EV shopping experience.
KEY QUOTES:
“While innovators and disruptors led the first wave of electric vehicle adoption, the next wave is going to fall on dealerships and more traditional retail channels. EVs are a generational opportunity for dealerships. We created Lyteflo to help dealerships sell millions of EVs by providing the tools they need to capitalize on the EV movement rather than get left behind.”
– Co-Founder and CEO Ryan Osten
“No one else is executing on both sales tools and battery intelligence like Lyteflo. Their solutions will help dealers get EVs off their lots and onto the road more quickly, which is key to accelerating the e-mobility transition.”
– Paul Manias, Partner and Co-Head of Diagram’s ClimateTech Fund
