SpinCar is a digital automotive merchandising software company that has raised $22 million in funding led by Wavecrest Growth Partners. David Metter and Harpreet Grewal also participated in this round of funding.
Grewal and Metter have joined the company’s board of directors in conjunction with the funding. And Grewal has been a 30-year veteran of SaaS businesses. And he was the General Manager/CEO of Constant Contact after the company’s sold for $1.1 billion to Endurance International in 2015.
SpinCar will be utilizing the funding for company growth and to continue investing in product innovation to meet the market demand for digital automotive merchandising technologies.
The company’s digital automotive merchandising platform utilizes advanced 360° display technology and proprietary behavioral data to change the way that dealers, OEMs, and third-party automotive marketplaces engage with consumers.
For example, SpinCar’s platform is able to transform static online merchandising content into immersive virtual reality enabled experiences featuring interior and exterior tours with touchable hotspots that allow consumers to explore vehicle features.
“In a world where consumers are just a click or swipe away from a myriad of information sources and alternative purchasing options, every digital interaction for a car shopper represents a critical moment in the purchase journey,” said SpinCar co-founder and CEO Devin Daly. “SpinCar is enabling local and national auto dealers to bring the personalized showroom experience directly to prospective car buyers wherever and whenever they want. Our platform is generating measurable results for dealers of all sizes, and this investment will enable us to expand our industry reach at an even faster rate.”
SpinCar also enables dealers to personalize consumer touch based on the needs and interests of individual shoppers by capturing vehicle and feature interaction data in real-time. The company’s VINtelligent Retargeting solution delivers personalized digital ad units for greater marketing effectiveness along the car buying process. And so far, more than 140 million virtual WalkArounds have taken place by car shoppers across 14 countries.
And the company points out that dealers that use its platform have been reporting a greater than 30% increase in online consumer engagement and conversion rates along with a 20-30% faster inventory turnover, especially for used and certified pre-owned vehicles.