News is going viral that within the next month General Motors will release an online platform to market and sell their used-car inventory. You may not think this is the first of it’s kind, but they have further released news about the additional features that will be offered to customers. AutoRemarketing states that some of those features include bumper-to-bumper warranties, flexible exchange programs, and bonus features added to the car itself such as an OnStar Guidance Plan, roadside assistance and satellite radio packages. General Motors also issued car history reports readily available to customers and a vast amount of information varying from numerous pictures of the car to how quickly the car can be available for delivery. This program has acquired highly acclaimed reviews by associates at Kelley Blue Book and is gaining interest by the day.
In addition, General Motors is releasing a car-sharing service to different demographics throughout the nation. This will enable a customer to acquire personal mobility at their convenience on their smart phone, just like Uber or Lyft, but without the additional service of a driver. The service will not be recognized as General Motors. Rather, it will be defined under a new identity brand named Maven. As mentioned by AutoRemarketing, this is a new start up in the industry and there are countless competing ideas and services being brought to the public each and every day. With this being said, take into consideration how millennials are approaching the automotive industry as it comes time for them to get behind the wheel.
It is becoming more prevalent that there are major differences among baby boomers and millennials on their views about common life occurrences. Take Harley Davidson, for example. Harley Davidson Motorcycles are struggling to remarket to millennials because their current target, which is baby boomers, has defined their brand as a desired, edgy lifestyle. This fad did not catch on as easily as it once did and is drastically declining revenue. Another lifestyle difference between baby boomers and millennials is the first car buying experience. Millennials are not seeing this occurrence of buying your first car as something to symbolize their freedom or holding enough importance to strike-up a conversation about. Rather, this experience is becoming passing small talk as told by AutoRemarketing.With this being said, millennials will steer more towards General Motors’ upcoming programs because they coincide with millennials’ needs of postponing the initial “first car experience” with car-sharing and dimming the excitement with used-car buying online. With millennials being targeted by mass media now more than ever before, should more companies start looking with the same social approach as General Motors? Have you ever considered the online aspect of your company? MyDealerOnline may have you covered.
At yesterday’s Tech.Co Cocktail in Arlington, VA, MyDealerOnline placed second as D.C.’s Startup of the Year. We would like to congratulate D.C. Startup of the Year winner, RouteHero, for their innovative traffic and transit alert app, which helps Washington, D.C. commuters avoid traffic jams and delays before they encounter them.
As the members of MyDealerOnline socialized with other inventive startups from the area, we realized we were all there for one common reason: to save individuals time and money as well as ease people's lives through the use of technology. MyDealerOnline’s product provides more of all three of these facets; time, money and convenience. Here is how.
Car dealers maintain an inventory of vehicles available for purchase for interested car buyers. Currently, dealers look to sellers such as leasing companies, banks, car manufacturing and financing companies, fleets, rental companies, and insurance companies to obtain these vehicles. Dealers must guess which vehicles their prospective customers would be willing and eager to buy.
In turn, consumers search their local dealer’s websites or lots hoping to find the car that they want. Oftentimes, they discover that their local dealer does not have their desired vehicle. They then go to the next dealer and continue this process until they hopefully find the car that they want or they comprise to find a vehicle that is at least somewhat similar at a reasonable price. This is a time consuming and option-limiting process, one that can be frustrating for an eager car buyer.
MyDealerOnline has revolutionized the car buying and selling process for all parties involved.
For dealers, MyDealerOnline lists thousands of cars on dealer’s websites, providing them with enough inventory to satisfy any customer that comes their way. Since the dealers no longer need to invest the money to buy cars blindly up front, they are then able to sell those cars to consumers for much cheaper. For consumers, more cars are available locally at a close to wholesale price. This reduces the hassle of car hunting at multiple dealerships and saves consumers money on the car that they want. Sellers in turn can expose their cars to more buyers and sell them in a shorter period of time.
MyDealerOnline is here to revolutionize the car buying and selling process by making it more cost and time effective, convenient and satisfying. Are you ready to change the way we buy and sell vehicles?
6 Neshaminy Interplex, Suite 310
Trevose, PA 19053 August 24, 2015
P R E S S R E L E A S E
Philadelphia-Based Startup, MyDealerOnline®, Raised $1.6 Million to Allow Car Dealers to Sell Cars Before They Buy Them
Trevose, PA (August 24, 2015) - MyDealerOnline® is a wholesale to retail digital product that allows car dealerships to broker wholesale auto auction inventory straight from their own websites. MyDealerOnline® partners with auction houses, takes their available inventory feed and places it directly onto the car dealer's website. Developed by Alteso®, a company that prides itself on accelerating the auto remarketing industry, MyDealerOnline® removes the guessing game from the wholesale car buying experience and enables dealers to “Sell Before You Buy.”
After three rounds of funding, MyDealerOnline® has received 1.6 million investment dollars; 1.1M in October of 2013, 200K in December of 2014 and 300K in August of 2015. These investments have allowed MyDealerOnline® to develop the technology, submit a patent, pursue and establish auction inventory partners and begin marketing to auto dealers around the globe. "It starts with the inventory.", stated Cheryl Munce, Chief Executive Consultant at Alteso®. According to Munce, the beauty of such a product is that, “It essentially puts the retail transaction ahead of the wholesale transaction.” She went on to say that, "Consumers can now shop a dealer's website and browse 'virtual' inventory to look for the car of their dreams. Of course the wholesale price is NOT displayed to the consumer so the dealer can protect their profit margins and handle the acquisition and sale directly to their customer."
MyDealerOnline® is an invisible technology that seamlessly integrates off-site auction inventory within a dealership website, thereby keeping shopping consumers engaged on the dealer's website. The dealer can sell more cars, maximize their digital marketing expense by attracting and retaining more customers and minimize inventory acquisition risk. With plans to obtain a greater amount of inventory vehicles and cater to a broader client base of car dealers, MyDealerOnline® aims for a promising and prosperous future. MyDealerOnline’s® vision is to revolutionize the way auto remarketers and car dealers do business by giving every dealer a "virtual" showroom of FREE inventory.
MyDealerOnline® is an auto remarketing product of Alteso. Founded in 2002, Alteso® develops revolutionary digital solutions that accelerate and enhance automobile remarketing programs. Alteso’s® commitment to the auto remarketing industry is delivering timely, easily integrated, on-demand digital solutions supported by best-in-class employees. With a lifetime of experience in technology and nearly a century of combined automobile remarketing expertise, Alteso® has products that meet the rapidly changing demands of the industry while delivering value for all stakeholders. For more information, visit Alteso’s® website at www.alteso.com/