Drivably, an advanced AI company that helps dealers acquire private party inventory, has received an investment from Porsche Ventures. This latest investment is designed to help Drivably further develop its technology and expand its footprint.
The U.S. start-up uses AI and advanced analytics to connect dealers directly to consumers who are interested in selling their vehicles. It also integrates deep market knowledge from all major automotive industry data providers to help dealers identify exactly which cars they should buy, at what prices, and from which markets.
Tyler Hall, CEO of Drivably, says: “It makes perfect sense that an innovative brand like Porsche would invest in progressive technology to improve the way we connect and engage with private party sellers. Having the right mix of inventory acquired at the right price has always been essential for dealers. With today’s market challenges, it takes on greater importance. The investment by Porsche Ventures enables us to add exciting new functionality and features to help dealerships optimize their operations and grow their businesses.”
He adds: “If it wasn’t clear enough, the pandemic reminded everyone about the importance of technology in our daily business operations. It also reminded us about the importance of customer engagement. Dealers who not only survived but thrived through COVID-19 embraced technology to help them connect with consumers at home. This is the future of our industry and Drivably is on the leading-edge of that.”
Stephan Baral, Head of Porsche Ventures Region USA, comments: “It is always exciting collaborating with entrepreneurs like Tyler who started a company to solve a pain point they have experienced first hand. With this investment, we want to create a win-win situation for Drivably, our dealer network and our customers.”
Porsche Ventures invests in business models relating to customer experience, mobility and digital lifestyle, as well as in future technologies such as artificial intelligence, blockchain and virtual and augmented reality.