Porsche Ventures, the group self-described as one that “seeks strategic investments in business models relating to customer experience, mobility and digital lifestyle, as well as in future technologies such as artificial intelligence, blockchain and virtual and augmented reality,” has invested in Drivably, a self-described “advanced AI company that helps dealers acquire private party inventory from the right markets at the right price,” according to a press release from the group.
This money will go toward Drivably and help it “further develop its technology and expand its footprint,” the release notes.
Drivably “uses deep analytics to bridge the gap that has long existed between car dealers and the private party marketplace, in which over 40 million vehicles exchange hands each year. The company enables its dealer partners to buy consumer vehicles at scale, while providing extensive market data to help them understand which cars are the best for their business,” the release notes.
Speaking on the matter is Tyler Hall, the CEO of Drivably, who said:
“It makes perfect sense that an innovative brand like Porsche would invest in progressive technology to improve the way we connect and engage with private party sellers. Having the right mix of inventory acquired at the right price has always been essential for dealers. With today’s market challenges, it takes on greater importance. The investment by Porsche Ventures enables us to add exciting new functionality and features to help dealerships optimize their operations and grow their businesses.”