PureCars Closes $5 Million in Series B Funding
PureCars®, the automotive industry’s leading provider of digital dealer solutions announced today that it has received a second round of equity funding from Gemini Investors and Stage 1 Ventures.
CHARLESTON, SC, January 7, 2014-- PureCars®, the automotive industry’s leading provider of digital dealer solutions announced today that it has received a second round of equity funding from Gemini Investors and Stage 1 Ventures. This financing will continue to support PureCars on their path of unparalleled growth, and allow them to further expand upon their mission of providing more relevant information to improve the car buying experience.
PureCars is capitalizing on the majority of car buyers who rely on digital media, as purchase decisions are now being made online prior to visiting a dealer showroom. Responding accordingly, progressive stores are reallocating their media budgets to digital as a result of relating studies showing in-market car buyers spending nearly seven times as much time online as they do on traditional media. PureCars’ innovative digital marketing solutions deliver relevancy and value for both consumers and dealers.
Dealerships are furiously competing to "Win the Click" online and make their vehicles stand out. PureCars’ suite of products allows dealers to showcase the value in their vehicles in the most effective way possible. The PureCars Value Report® starts with inventory data and seamlessly analyzes proprietary value data points for each VIN, resulting in highly relevant information for a better consumer experience, more eye-catching VDP’s, and far more opportunities to match a consumer’s search.
SmartAdvertising™, the newest addition to the PureCars product line, combines the intelligence of the Value Report® with the sophistication of new digital marketing capabilities. The platform is seamlessly designed to deliver dynamic online advertisements based on a dealer’s in-stock inventory and a specific consumer’s online behavior. The fully automated solution has been piloted by hundreds of dealers, including all 79 stores of the Asbury Automotive Group. Dealers are reporting significant ROI, more relevant ads and landing pages, and increased web traffic as a direct result of SmartAdvertising. PureCars has infiltrated the digital market by creating a more relevant solution for paid search and display advertising in the automotive arena.
As a company, PureCars resonates innovation, with an established track record of dealer solutions designed to inform the new-age consumer. As a product, SmartAdvertising has defined industry standards after being awarded 2013’s Most Innovative Product at the DrivingSales Executive Summit this past October.
"PureCars has more than surpassed our expectations for growth over the last year. With the continued progression of their current products and the addition of SmartAdvertising, the company has demonstrated an advanced grasp of the digital shift as well as great intuition for future development," says David Millet, Partner at Gemini Investors. "What impresses me most about PureCars is the company’s enduring, internal drive towards simplification and improvement of the car buying experience. I’m honored to work with individuals who genuinely want to help both dealers and consumers alike," added David Baum, Managing Partner at Stage 1 Ventures.
In the 2013 study, Digital Drives Auto Shopping, Google reveals that dealer websites are responsible for 83% of purchase influence. PureCars solutions are meticulously designed to enhance the relevancy of information found on dealer sites. Jeremy Anspach, PureCars President and CEO, is an individual driven by an unyielding vision that the car buying experience can be improved. To date, PureCars has become the industry authority and demonstrated a consistent, repeatable formula for success. "What our team has accomplished is more than just positive results, we’ve created an element of comfort between consumers and dealerships that has been missing from the information age," says Anspach. The wake of the digital world is here to stay. "Winning The Click" is the first step in creating potential sales and standing out from informational clutter.
Downloadable Venture Capital Database