- Gettacar — an online car buying company that makes the car buying and ownership process easier — recently announced it raised $25 million in funding. These are the details.
Gettacar — an online car buying company that makes the car buying and ownership process easier — recently announced it raised $25 million in funding. This brings the total funding raised to $48 million. This funding round was led by 3L and Luxor Capital with additional participation from Torch Capital. And Gettacar will use the new funding to continue investing in the customer experience, expand into additional markets, and product development.
Since Gettacar launched in 2018, the company has focused on building proprietary technologies and consumer-first guarantees that are unparalleled in the online car buying industry. And car buyers can buy online in as little as 12 minutes, get real-time online financing options, and have 7 days to decide whether they’d like to keep the car. Plus every Gettacar vehicle comes with the Gettacar Guarantee, the 365-day bumper-to-bumper protection, and maintenance package.
Gettacar’s vertically integrated business model is also unique and enables the company to quality control their inventory by keeping inventory acquisition, logistics, reconditioning, and merchandising in-house. And last year, the company saw a 186% year-over-year increase in sales growth. And in 2021, the projected sales growth is 210% year-over-year. And Gettacar plans to launch in additional U.S. markets in 2021.
KEY QUOTES:
“Buying a car is a huge decision for nearly every person going through the process, and that’s just the first step. 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 & ownership experience. With 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, Gettacar is a unique online car buying platform that is entirely focused on the customer experience from day one and represents the future of car buying.”
— Yossi Levi, Founder and CEO of Gettacar
“Consumers now expect a fully digital and seamless car buying experience. Gettacar delivers tremendous value for its customers by controlling every aspect of retailing in house, and we are thrilled to continue partnering with Yossi and team.”
— Shawn Colo, Co-Founder of 3L
“Yossi and the Gettacar team have done an incredible job combining their deep understanding of the traditional used car space, their obsession with user satisfaction and impressive tech acumen to create a seamless, world-class consumer experience and change the way people buy cars for many years ahead.”
— Jon Keidan, Founder and Managing Partner, Torch Capital
