Tuesday, May. 08, 2012, 10:39 AM UPDATED 9:43 AMBy Auto Remarketing Staff
NEW YORK -
Mojo Motors — a website that aims to connect dealerships with qualified local buyers who are ready to make a purchase — recently landed $3 million in funding to fuel expansion beyond its test markets in the Northeast.
The site also plans to use the funds to scale marketing efforts and further develop the platform.
Officials indicated the newest funds are coming from Atlas Venture, as well as existing investors including RPM Ventures, NextView Ventures and others. Mojo Motors also noted Ryan Moore of Atlas Ventures will join the company’s board of directors.
After rolling out early last year in Boston and Providence, R.I., Mojo Motors moved into the Massachusetts cities of Worcester and Springfield; two of New Hampshire’s larger communities, Nashua and Manchester; as well as Hartford, Conn.
“What we are doing is unprecedented among used-car shopping sites. Mojo gives members free and private access to upfront discounts on used cars,” stated Paul Nadjarian, chief executive officer of Mojo Motors and a former eBay Motors executive.
“Mojo does the hard work, finding great deals on used cars while providing extra savings to members,” Nadjarian continued. “Just join, surf the cars that you like, and we’ll start sending you deals as they happen.”
To recap, here is how Mojo Motors is intended to operate:
—It's always free as a Mojo member
—Dealers only pay when a Mojo member buys one of their vehicles
—All vehicles feature an up-front discount price available only to our members
—Mojo sends personalized price alerts to members informing them in real-time as prices change and vehicles are sold
With a presence already in Massachusetts, Rhode Island, Connecticut and New Hampshire, Mojo Motors plans to expand into more major markets later this year.
“Mojo Motors brings real innovation to the used-car marketplace,” Moore said. “With nearly 40 million used cars sold per year, it’s a huge market ripe for disruption.”