RepairPal Drives Forward With $13M in Funding From Cars.com, Castrol innoVentures
Funds Accelerate Transformation of Auto Repair Industry With Top Shops, Tools for Consumers
SAN FRANCISCO, Calif., February 11, 2013-- RepairPal (www.repairpal.com), the leading online source for auto repair, today announced the completion of a $13 million round of funding led by automobile industry leaders Cars.com and Castrol innoVentures. This investment will allow RepairPal to add more product enhancements and additional Top Shops to an expanding network that has quickly grown to more 200 shops nationwide.
Since its launch, RepairPal has developed content and tools, including its leading RepairPrice Estimator, to help consumers as they own their cars longer than ever before. Last fall RepairPal set out to solve the age-old problem of finding a trusted place for car repair. After considerable research and technology development, RepairPal created its Top Shop network of high quality repair shops with guaranteed fair pricing. The Top Shop network includes only shops that meet extremely stringent standards for quality, price and customer satisfaction. Shops must pass a rigorous screening by certified master mechanics, provide great service as measured through in-depth surveys with verified customers, guarantee their parts and service for a minimum of 12 months or 12,000 miles, and charge fair prices within the range of the RepairPrice Estimator™.
"Cars.com and Castrol are two names that almost every car owner knows and trusts," says RepairPal CEO Art Shaw. "Having two leaders in the industry fund the growth of our network of auto repair shops is a tremendous validation of the role RepairPal will play in the lifecycle of car ownership and maintenance. This investment will accelerate our efforts to help customers find and choose the right repair shop for their car needs."
Cars.com is an award-winning destination for consumers seeking information on what to buy, where to buy and how much to pay for a car. Cars.com values RepairPal's focus on providing the best repair shops the ability to promote their service through the Top Shop network, while also aiding car owners in their hunt for quality repair work at a fair price. With this investment, Cars.com seeks to further RepairPal's growth as a leader in the automotive repair sector.
"RepairPal is doing for auto repair what Cars.com did for car purchasing," says Greg McGivney, General Manager and Vice President, Strategy and Business Development at Cars.com. "When transparency, expert advice and high standards reign, the customer wins. RepairPal has its priorities in the right place and we believe they will transform the auto repair industry."
Castrol innoVentures is the new investment arm of the global motor oil and lubricant giant, Castrol. This is Castrol innoVentures' first investment in technology start-ups that stand out for their innovation and contribution to the automotive industry.
Roy Williamson, Managing Director of Castrol innoVentures states, "We're looking for leaders in the automotive industry that will help us achieve our goal of moving the Castrol brand beyond oils and lubricants and into the technology world. RepairPal, with its online and mobile tools for consumers and its transformative Top Shop network of trusted repair shops, is in the sweet spot of helping improve the auto repair experience for customers. We see this as a global opportunity."
"Support and funding from respected industry brands like Castrol and Cars.com solidify RepairPal's leadership position in the global auto repair industry," says Dave Whorton, Managing Partner at Tugboat and RepairPal's Chairman. "Low trust in the auto repair industry has not only hurt consumers but also impacted the best shops and car manufacturers. RepairPal is dedicated to being the trusted source for consumers, quality independent shop owners and dealerships, and key industry players. This funding will help us expand the Top Shop network and introduce new products and services faster."
RepairPal is the definitive source for trusted auto maintenance and repair and sets the bar for quality work, fair prices, and customer satisfaction through the RepairPal Top Shop network. RepairPal is the only company that independently and rigorously screens repair shops for quality, skill, parts, price and a proven track record of customer satisfaction -- well beyond traditional consumer reviews. RepairPal further empowers consumers with expert advice from certified mechanics and fair price estimates that are also licensed by NAPA®, Consumer Reports®, and AOL Autos®. This network-wide commitment to quality, unbiased information and integrity brings unprecedented transparency to the industry and ensures that consumers get excellent work and save money. RepairPal is located in San Francisco, California with Top Shop locations in more than 35 states. Find more at www.repairpal.com and or download the app from the iPhone App Store® or Google Play.
Cars.com is an award-winning online destination for car shoppers that offers information from consumers and experts to help buyers formulate opinions on what to buy, where to buy and how much to pay for a car. Cars.com offers thousands of new and used vehicle listings, consumer reviews, side-by-side comparison tools, photo galleries, videos, unbiased editorial content and many other tools. Cars.com put millions of car buyers in control of their shopping process with the information they need to make confident buying decisions. Cars.com is a division of Classified Ventures LLC, which is owned by leading media companies, including A.H. Belo, Gannett, The McClatchy Company, Tribune Company and The Washington Post.
About Castrol innoVentures
The Castrol innoVentures group was created as a separate unit by British Petroleum owned Castrol Lubricants to focus on step-out innovation and new business development beyond lubricants. Their objective is to develop material businesses beyond today's lubricants products. The group makes strategic investments in technology start-ups and also runs a broader program of open innovation across a number of sectors. Castrol innoVentures held the Castrol 20/20 technology competition in London and Shanghai earlier in 2012 honoring innovative companies.
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