- SureSale, the first and only certification-as-a-service platform to create a high-quality standard for used vehicles, announced it raised $7 million
SureSale — the first and only certification-as-a-service platform to create a high-quality standard for used vehicles — announced it raised $7 million in Series A funding. This round of funding was led by Upfront Ventures. And the funding round includes participation from Coffin Capital and Ventures.
Launched by automotive and technology entrepreneurs, Jeffrey Schwartz and Donny Hall, SureSale is redefining the Certified Pre-Owned (CPO) category with a platform that expands the availability of CPO inventory for the 40 million consumers who purchase a used vehicle each year while meeting the consumer demand for Certified Pre-Owned vehicles.
“SureSale’s unique platform, and recognized quality standard, bridges this certification gap by providing auto dealers with expanded opportunities to certify their inventory to increase profitability and meet the needs of the growing population of used car buyers who want to “be sure” about their used vehicle purchase,” said Hall.
As new car costs skyrocket, consumers have shifted their attention to quality used vehicles. And as a result, buyer interest in Certified Pre-Owned (CPO) vehicles — which come with a guarantee of quality and reliability has increased 25% since 2016 and OEM CPO programs are experiencing their ninth consecutive year of record growth.
But since existing CPO is limited to OEM programs, only a small fraction of the quality used car supply is available as CPO. And this means that auto dealers are unable to effectively meet what comprises an estimated two-thirds of used car buyer demand.
“The used vehicle industry is the largest retail segment of the US economy that, surprisingly, still has major untapped potential to create an independent, gold standard brand and maximize value for both dealers and consumers,” added Upfront Ventures partner Kobie Fuller. “Donny and Jeffrey are veteran entrepreneurs who are bringing unmatched industry expertise and a technology-first approach to disrupt the traditional certified pre-owned category. We are excited to be their partners in this journey, especially as it’s happening in LA.”
SureSale Certified provides independent and franchise dealers with a state-of-the-art certification and marketing platform that allows them to certify more of their used vehicle inventory across 30 makes and hundreds of models. And the SureSale platform provides vehicle history data, mobile vehicle inspections, and VIN specific data, including recalls as well as current warranty coverages, available coverages and detailed purchase protection.
This is through SureSale’s proprietary Comprehensive Auto Report (CAReport). And each vehicle that uses the SureSale platform also benefits from VIN level digital marketing and point of sale merchandising support.
“With SureSales’s standardized ‘proof-of-quality’ and nationwide distribution, CPO buyers can have assurance that their vehicles have been checked, inspected, and protected,” stated Hall. “And this provides benefits to auto dealerships as well: studies show that CPO vehicles turn faster, are considered higher value by consumers and increase customer satisfaction.”
With this round of funding, SureSale is going to further tap into the used vehicle market, expanding its proprietary certification-as-a-service platform, its distribution into franchise and independent dealerships across the country, and its partnerships with key automotive brands, product providers and indirect lenders.