Joydrive announces it expands and surpasses Carvana as nation’s largest online auto Marketplace again by releasing the following statement:
News Summary:
Joydrive is the first marketplace in the industry that lets customers buy NEW and used vehicles from their home, no dealer visit required
12,000 vehicle inventory establishes Joydrive as the industry leader in online car buying
Joydrive is a revolutionary marketplace, not merely a ‘buy button’ or middleman
(SEATTLE) - In less than seven months tech start-up Joydrive has expanded from one store and 500 used vehicles to approximately 50 dealerships and 12,000 new and used vehicles, creating the largest online auto marketplace in the country and surpassing Carvana--recently valued at over $6B.
Unlike Carvana and other competitors, Joydrive offers both new and used cars by sourcing inventory from select dealers. Follow-on vehicle service is also easily available with Joydrive’s dealer partners.
Furthermore, Joydrive shows no signs of slowing down and is forecasting to be the largest network of connected dealerships in the country by the end of 2018.
The future of car buying?
“We’ve built a marketplace that accomplishes two goals: 1. We have brought dealerships into the 21st century by offering them an easy-to-implement e-commerce solution; and 2. We offer consumers exactly what they want: the opportunity to buy a new or used car without ever stepping into a dealership,” says Hunter Gorham, CEO, Joydrive. “The result is a national marketplace where customers are offered competitive and haggle-free prices, nearly every brand with one consistent buying experience, fast home delivery, a 5-day return period, and follow-on service accessible after the purchase.”
Joydrive is built on a proprietary tech platform honed through Gorham’s experience as a 14-year auto finance industry veteran at Ally Financial. The result is an end-to-end solution which allows car buyers to price new and used cars from a variety of dealerships and purchase within Joydrive without ever visiting a dealership.
Says Gorham, “The data shows 99% of buyers want to buy both new and used cars online, on their time. The smartest and most farsighted dealers are joining us to give consumers what they want -- a buying experience on par with every other purchase of their modern life. No pushy salesmen or ‘checking with my manager.’ Joydrive offers car buying transparency and ease from the comfort of home.”
Adds Joydrive’s Michael Fitzpatrick, a former Nike executive, “Netflix made it possible for people to enjoy choice movies without leaving home. Similarly, Joydrive makes it possible for customers to shop for their dream car, new or used, buy it while relaxing in their family rooms and receive it at home a few days later. Joydrive is not a middleman, it’s not a ‘buy button,’ it’s not a lead generator. Joydrive is a revolutionary new way to buy a car.”
Joydrive is not a lead source or a buy button
"Joydrive is a digital marketplace akin to Amazon in that it creates a fully-online, consistent buying experience across different brands and products," says Gorham. "Joydrive is not a middleman like TrueCar or CarGurus. A middleman still makes you go to a dealership for six hours on a Saturday and go through 90% of the traditional car buying rigamarole."
Like Amazon, Joydrive customers can browse numerous dealerships in one easy to navigate marketplace, purchase their car in their pajamas on the couch while they catch up on the latest binge-worthy show.
Joydrive offers many customers delivery in as fast as one day and follow-up service as needed. Joydrive also offers a five-day return period, no questions asked -- although only one percent of cars purchased to date have been returned.
Joydrive, which maintains offices in Dallas and Seattle, and which will be nationwide by the end of the year, works in three easy steps (click here for a video):
Buy Online: The entire process can be completed online, from vehicle selection to delivery. After securing a vehicle with a $500 fully refundable deposit, a user-friendly dashboard shows all details of the transaction including trade-in, Vehicle Service Contracts, financing options and delivery schedules. Of Joydrive’s completed transactions to date, approximately 40% included a trade-in and 60% included financing.
Home Delivery: Communicating through the dashboard, customers coordinate the vehicle delivery date and time with their licensed dealer representatives. Because vehicles are located on dealer lots, delivery can occur as fast as one day.
5-Day Return Period: Buying a car can be the largest transaction customers make, so Joydrive and their dealer members offer a 5-day return period or up to 250 miles to ensure customers love their purchase. Customers can drive the car how they will actually use it.