View details of this raise on Seedstage

Walpole, MA

Raising funds to expand inventory, technology, and workforce in the growing online car sales market.

• Proven success: $15 million in sales in 2023 with a profitable business model.
• Innovative approach: Real-time virtual consultations for a transparent and efficient buying experience.
• Market growth: Positioned to scale within the $1.69 trillion used car market.
• Technological investment: Development of proprietary software to enhance operations.
• Strategic expansion: Plans to unify dealerships and integrate financial services under one brand.

Imotobank is raising funds to scale its innovative, technology-driven car sales and service operations, enabling the company to expand inventory, enhance its proprietary software, and invest in its workforce. As a profitable pioneer in online car sales, Imotobank has redefined the customer experience by offering real-time virtual consultations that prioritize efficiency, transparency, and customer care. The funds will be used to purchase additional inventory, develop software to improve operational efficiency, and strengthen the company’s position in the rapidly growing used car market, projected to reach $3.31 trillion globally by 2034.

Since its inception in 2001, Imotobank has sold over 5,000 vehicles and achieved $15 million in sales in 2023. With a vision to unify independent dealerships under one innovative brand, Imotobank plans to expand its national footprint and vertically integrate financial services, warranties, and other products. This investment will support the company’s efforts to grow its market share, increase its technological capabilities, and continue delivering exceptional customer experiences through a streamlined and collaborative approach to car buying.

Company Info

Imotobank is a car dealership that uses technology to create an efficient, personalized car-buying experience.

Imotobank is a car dealership that combines technology with a personal touch to enhance the car-buying experience. Founded in 2001, the company initially launched on eBay and has since grown into a leader in online car sales, selling between 600-800 vehicles annually. Imotobank differentiates itself by offering real-time, live consultations instead of impersonal online bots, providing a seamless and collaborative buying process. Their business model involves both selling cars directly and fulfilling customer orders for vehicles, using a highly efficient system that maximizes productivity and minimizes overhead costs. Their team focuses on building long-term customer relationships, which has led to substantial repeat business.

Imotobank is currently expanding its reach by offering a nationwide network of dealers and salespeople under one unified brand, with plans for vertical integration. By acquiring fintech, warranty services, and other related businesses, Imotobank aims to improve its service offerings and margins. The company operates with a national presence in mind, enabling quicker vehicle deliveries and better customer service. With a growing inventory and a model built on efficient, tech-driven processes, Imotobank is well-positioned for continued growth, aiming to become a dominant player in the independent dealership market.