Roadster Announces $15M in Funding to Satisfy Demand for Modern Omnichannel Commerce Solution
Round led by Costanoa Ventures will help Roadster accelerate growth and deliver its branded suite of commerce solutions to even more dealers, dealer groups, and OEMs
San Francisco — June 27, 2018 — Roadster, the leader in commerce solutions for car buying and leasing, today announced it has raised an additional $15 million in funding, led by existing investor Costanoa Ventures.
These funds will be used to help Roadster scale its operations, expand its field and sales teams, amplify marketing efforts and further evolve its suite of Express Storefront products to meet and serve explosive customer demand from major dealerships, dealership groups and OEMs.
“Over the past year, Roadster has transformed from a Silicon valley startup into a powerful force in the automotive industry,” said Andy Moss, Roadster’s CEO. “Our suite of branded Express products have helped dealers, dealer groups and OEMs significantly improve operating results and we have become the go-to omni-channel commerce solution for dealers looking to streamline their sales processes. With over 300 rooftops, including relationship programs with automotive groups like Lithia and our participation as one of four of Lexus’ certified digital retail partners, it’s clear we’re onto something big.”
Unlike other solutions in the marketplace that address one aspect of car buying, Roadster’s solution empowers dealerships and dealer groups to offer a streamlined, end-to-end car buying and selling experience. The company’s current suite of products include:
- Express Storefront, a branded online storefront and app that enables dealerships to seamlessly automate every step of the buying process by merchandising and selling all of their new, CPO and pre-owned inventory, from online to in-store
- Express Marketplace, a platform that empowers dealer groups large and small to maximize their regional advertising efforts by driving car buyers to the group’s own branded microsite where they can discover, shop for and purchase any of the dealer group’s inventory
- Express Trade, a solution that allows car buyers to submit their trade information prior to entering a dealership and dealerships to centralize the valuation process and gain complete control over what they offer their customers
“While Silicon Valley is investing heavily in companies that offer a modern approach to car buying, no one is approaching the industry like Roadster,” said Greg Sands, Founder and Managing Partner at Costanoa Ventures. “The company merges its deep understanding of commerce with its in-depth knowledge of how dealerships work to deliver a solution that brings new levels of efficiency, reach and transparency to car buying. We are proud to continue to partner with the Roadster team.”
Roadster currently works with some of the most progressive and well-known dealerships, dealership groups and OEMs in the marketplace. Current customers include: PMG’s Longo Toyota, the largest Toyota dealership in the world, Lithia, Paragon Honda and Acura and more. The company has also been named one of four of Lexus’ certified digital retail partners.
Roadster’s latest infuse of funds brings the company’s total money raised to nearly $30 Million. For more information about Roadster, its footprint and its current suite of Express Storefront, Express Marketplace, and Express Trade tools, please visit www.Roadster.com.