Carmigo Hits 5,000 Cars Sold Milestone
5,000 Cars Sold latest in series of achievements for the automotive tech startup
We just sold our 5,000th car on the Carmigo Marketplace.
And this comes on the heels of a $7 million Series A fundraising round, recognition as one of the Emerging 8 companies making a difference in the technology and automotive space, and selection for the VillageX incubator in New Orleans.
The last two years of hard work are starting to pay dividends, even with month-over-month declines in the used car market.
We had an inkling the Carmigo Marketplace would work — which is why we’re all so invested in it. But to work this well, this fast feels exciting and affirming.
How We Did It
We did it by making things easier.
Sure, we’re oversimplifying, but that’s what we do, we take a complex process and handle the tricky parts so our buyers and sellers don’t have to.
With our online marketplace, used car dealerships all over the country have access to front-line ready consumer cars that we’ve already pre-inspected and vetted. They make offers on the inventory they want without having to inspect a bunch of drive-ups in person.
And our mobile scanning technology allows sellers to list their car from their phone, so they can sell their car without ever leaving their driveway.
Carmigo’s team handles the legal paperwork, title transfer, loan payoff, ACHs the money to the seller and picks up the car.
For our services, we charge a flat, $350 fee taken out of the final sale price. It’s a win-win-win.
Carmigo Named an Emerging 8 Company
Speaking of easier, Cherokee Media Group named Carmigo an Emerging 8 company, an award given to “companies that improve a specific aspect of the automotive industry through technology.”
That is certainly a validation of our mission statement: Make it easy.
Here’s what the Cherokee Media Group said about this year’s class — “We are thrilled to recognize and celebrate the accomplishments of this year’s honorees who are setting new standards for excellence in the automotive industry,” Cherokee Media Group president Bill Zadeits said. “The Emerging 8 award program was developed to fulfill our commitment to honor companies that push the boundaries of innovation.”
As a part of the recognition, Carmigo is featured in the April issue of Auto Fin Journal and will be recognized at the April 19 Auto Intel Summit in Raleigh, N.C. Our CFO, Daniel Kim, is going to be there to accept the recognition and speak on a panel.
Here’s what our CEO Andrew had to say —“Being named an Emerging 8 company is special to us because it reflects our mission,” said Andrew Warmath, Carmigo founder and CEO. “We have the words ‘Make it easy’ covering a wall in our office because we want to use our technology to make buying and selling cars easier. This recognition affirms our mission.”
We’ll leave you with one more quote from the kind folks at Cherokee Media Group:
“The 2023 Emerging 8 honorees are making significant contributions to the automotive industry through their innovative use of technology,” said Amanda Dunlap, EVP of events and marketing at Cherokee Media Group. “We are proud to recognize their ingenuity and we look forward to celebrating their success at this year’s Auto Intel Summit.”
Carmigo Selected for VillageX Incubator
Carmigo was also selected as a VillageX Incubator startup in 2023, giving our founders the opportunity to present to investors and learn from other innovators and entrepreneurs.
“The goal of the VILLAGEx accelerator program is to identify the entrepreneurs who are the future business leaders for our region and give them the tools needed to grow their companies,” said Jon Atkinson, CEO of The Idea Village, in a press release. “The results will be more good jobs, more investment in our city and more economic opportunity for the Gulf South.”
Carmigo was one of 13 startups selected from a pool of more than 60 based on market potential, growth trajectory, industry potential, product stage, team readiness and traction.
$7 Million Series A Fundraising Round
After a year-and-a-half of operation, Carmigo conducted a Series A funding round and secured $7 million from both the original investors as well as new investors.
This funding round brings the total investment in Carmigo to $10 million since its launch in January 2021.
Here’s what Andrew said, “This round-close is a significant milestone for Carmigo. Our team created Carmigo after recognizing a significant pain point in the automotive industry. Our virtual platform creates a convenient and competitive environment for consumers, while helping our dealers source quality inventory. We are proud of what we have built, but this recent investment makes us excited for what’s to come.”
A major investor in the round was Southern Bancorp in partnership with Advantage Capital.
“Our core values stem from our commitment to invest in small businesses and grow communities,” said Brian Anderson, Principal at Advantage Capital. “Carmigo is the perfect example of this dedication. They are committed to bringing jobs to Tupelo and fostering the job market.”
Bill Wright, CEO of Southern Bancorp’s Western Region added, “The investment by our revolving loan fund in Carmigo meets Southern’s commitment to make flexible lending available in markets where capital is less readily available.”
Thinking About Selling Your Car?
List your car on the Carmigo marketplace in 10 minutes or less and start getting offers in as little as a day.
Most sellers on the Carmigo marketplace get multiple offers and sell in less than a day.
It’s always free to list, and you don’t have to take a penny less than your bottom price.