CHICAGO, IL (October 26, 2016) – DRIVIN, a premier service for automotive dealers that utilizes data to help sell, source, acquire and deliver quality used vehicles for its dealer partners, has been named one of the winners of the 15th annual Chicago Innovation Awards.

The Chicago Innovation Awards is the Chicago region’s foremost recognition of the most innovative new products or services brought to market or to public service each year. A record-breaking 643 organizations were nominated for this year’s awards.

DRIVIN is a first-of-its-kind, intelligent marketplace that allows dealer partners to sell, search and buy the right used vehicles to optimize inventory on their lot and increase profitability. DRIVIN combines data science with an experienced, high-touch service model to make vehicle elimination and acquisition seamless and efficient for dealers.

“We are very proud to accept a Chicago Innovation Award, joining many fantastic Chicago-area companies that have been recognized over the years,” said Kayne Grau, co-founder and CEO of DRIVIN. “DRIVIN has seen incredible momentum over the past year with our commitment to disrupting the traditional methods for acquiring and selling used car inventory, and we look forward to continuing to drive value for our dealer partners.”

The winners were announced at an event held at Chicago’s Harris Theater on Tuesday, October 25, with nearly 1,500 business and civic leaders in attendance. The winning organizations receive a variety of honors including the opportunity to ring the NASDAQ Bell in New York City, and meetings with the Mayor of Chicago, Governor of Illinois and President of Cook County.

For more information on DRIVIN, please visit http://www.drivindealer.com. 

CHICAGO, IL (October 10, 2016) – DRIVIN, a premier service for automotive dealers that utilizes data to help sell, source, acquire and deliver quality used vehicles for its dealer partners, today announced the launch of DRIVIN Marketplace. As the industry’s first intelligent marketplace, DRIVIN offers dealers the ability to list and remarket unwanted inventory at wholesale prices to their established network of dealers – with no sell fees and an inventory specialist available to assist. The listed vehicle is then matched and recommended to more than 1000 open vehicle searches from dealers all over the country. DRIVIN handles payment, paperwork and transport of the vehicle to the buying dealer.

In addition, dealer partners have the ability to search and buy from DRIVIN’s exclusive database of highly sought after inventory – not found at auction. Their proprietary algorithm strategically recommends vehicles that best fit the individual needs of the dealer – utilizing over 900 data points, including lot, market and customer demands.

“Our Marketplace is a smart addition to the DRIVIN experience,” said John Manganaro, VP of Product & Analytics. “Our goal is to help dealer partners confidently sell, search and buy the right inventory to build their optimal lot in one seamless platform. This is an unprecedented opportunity to bring data science and innovation to an antiquated process and help dealers increase profitability across the lot.”

DRIVIN has pre-loaded a dealer’s inventory into Marketplace. The dealer must simply select the units to sell, answer a few condition questions and provide a wholesale price. DRIVIN then matches available vehicles to more than 1000 open vehicle searches and thousands of dealers nationwide. And there are no fees to sell on DRIVIN Marketplace.

“We are excited to bring Marketplace to our dealer partners,” said Lisa Killeen, VP of Marketplace. “Feedback from our exclusive pilot group was extremely positive and we are confident the platform will allow us to strengthen current partnerships and provide the opportunity for us to grow our dealer base. DRIVIN Marketplace is the next step of the evolution – helping dealers sell the inventory that isn’t resonating with their target shopper and replace it with units that better fit their needs. All backed by DRIVIN’s core value of personal service via payment, paperwork and transport.”

For more information on becoming a DRIVIN dealer, visit http://www.drivindealer.com. 

CHICAGO, IL (September 21, 2016) – DRIVIN, a premier service for automotive dealers that utilizes data to help sell, source, acquire and deliver quality used vehicles for its dealer partners, today announced that it is expanding its partnership with Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors, with a new $6.5 million senior debt facility.

With more than 500% growth in monthly transaction volume from January to July 2016, DRIVIN’s current dealership partners are realizing the value of working with a partner that utilizes data and human capital to solve one of the industry’s biggest pain points – acquisition of quality used vehicles. This new financing will accelerate DRIVIN’s growth initiatives and enable DRIVIN to continue its growth trajectory with its current dealer partners while simultaneously establishing new relationships with dealerships nationwide.  In addition, DRIVIN will be announcing the launch of DRIVIN Marketplace, the industry’s first intelligent marketplace, this fall. The full-service solution will enable dealers to acquire recommended inventory optimal to their lot, while also remarketing unwanted inventory to DRIVIN’s nationwide network.

“We selected Silicon Valley Bank because they can provide us with the enhanced customized resources and capabilities that we need to keep up with the rapid growth we are experiencing,” said Kayne Grau, co-founder and CEO. “DRIVIN is disrupting the traditional way that dealers acquire and dispose of used cars. Our relationship with SVB allows us to further our growth with the acquisition of additional inventory, while continuing to build services that change the way dealers move metal on their lots – first helping them sell aged inventory and then helping them replace those units with strategically selected vehicles that meet the needs of their target audience and their dealership brand position.”

“Silicon Valley Bank is pleased to partner with DRIVIN to support the company’s continued growth,” said Dennis Grunt, Managing Director for Silicon Valley Bank in the Midwest. “DRIVIN has achieved impressive growth in a short period of time and is guided by a leadership team focused on innovating and disrupting one of the country’s largest industries. Our objective is to provide DRIVIN with the right financing, connections and services to achieve continued success.”

For more information on DRIVIN, please visit the recently updated website at http://www.drivindealer.com. 

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About DRIVIN

DRIVIN is redefining the used vehicle industry by bringing data and technology together in a first-of-its-kind, high-touch fashion to help automotive dealers sell and acquire the right used cars, at the right price, right now. Combining highly personalized service with cutting edge technology and local market analytics, DRIVIN casts a nationwide net to find and vet quality, whole-sale priced vehicles, and connect them with dealers all across the country. Launched in 2015, DRIVIN is powered by CarCo Technologies.

About Silicon Valley Bank

For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.