South African startup HiCarByeCar has received a capital injection to expand its reach aggressively across Gauteng and eventually grow nationally.
Disrupt Africa reported in June 2016 on the launch of HiCarByeCar, a car sales platform that gives potential sellers the opportunity to receive the best offers from dealerships in their city, within 48 hours.
Users list the details and variables of their car, and upload photographs. HiCarByeCar then uses a proprietary algorithm to match users and dealers in their area. Within two days, a seller will receive the three top offers made from dealers near to them.
The startup has now secured a funding round led by a prominent Swiss private-equity and venture capital investor, who founder and chief executive officer (CEO) Michael Zahariev said had shown a keen interest in growing the business.
“The HiCarByeCar platform is an automated solution for the middleman and creates the opportunity for dealerships to make informed purchasing decisions, focus on the stock they want, and make acquisitions directly from the seller,” he said.
“Research shows that when a dealership is making an offer on a car that fits their stock profile, they are willing to pay more for it. In the current business landscape, the necessity of providing a great customer experience for sellers and dealers cannot be overstated.”