INDIANAPOLIS -

MaxTradeIn — a free consumer website that aims to help owners trade in or sell their used vehicles at trusted local dealers that want another inventory source — finalized a deal on Tuesday for $1.2 million in seed money led by Elevate Ventures and private investors.

Officials highlighted that MaxTradeIn has experienced rapid growth since first launching in Indianapolis late last year. They mentioned more than $60 million in offers have been made by nearly 100 franchised dealers located in Indianapolis, Cincinnati and Louisville, Ky., that have partnered with MaxTradeIn to compete for sales and trade-ins.

The site indicated the investment will help fuel MaxTradeIn’s growth and continued expansion into new markets, including its newest market in Columbus, Ohio.

“Our goal from the outset was to eliminate the most stressful part of the new car buying experience: negotiating the trade-in or sale value of your old car,” said Justin Bates, co-founder and chief executive officer of MaxTradeIn.

“The staggering response we’ve received from consumers and dealerships during the past few months has been extremely gratifying, and we’re excited to have the support of Elevate Ventures and the investment community to amplify our growth,” Bates continued.

Bates went on to note that dealerships that subscribe to MaxTradeIn can receive high-quality consumer leads who want to trade in or sell their used vehicle and purchase a new one, facilitating a lower cost of acquisition for their used inventory.

Brett Rozzi, general manager for Penske Chevrolet in Indianapolis, shared his experience with the site.

“We’ve been able to increase our used car inventory without going to the auctions, which saves money by eliminating auction fees and travel expenses,” Rozzi said.

“What’s more, we’re able to acquire specific vehicles that we can’t always find via commercial avenues,” he went on to say.

End-user success at stores such as Penske Chevrolet is part of the reason money came from Elevate Ventures’ $9.5 million Indiana Angel Network Fund (IANF).

Ryan Pfenninger, a venture partner with Elevate Ventures, explained that the firm uses the IANF as a way of discovering companies that show the promise of solid market potential and are capable of accelerated growth to high-value exits.

“MaxTradeIn is a simple yet effective idea that aims to reduce transaction friction and increase marketplace transparency,” said Pfenninger, who also is going to serve on the site’s board of managers stemming from the investment.

“We were impressed with the market traction MaxTradeIn demonstrated early on, and we look forward to working with the MaxTradeIn team to achieve substantial growth,” he continued. “This is exactly the kind of high-potential company Elevate Ventures wants to work with and help succeed.”

Founded by a team with more than 50 years combined leadership experience in the automotive sales industry, MaxTradeIn wants to provide consumers with a way to receive multiple offers on their vehicle from trusted dealers in their area during a free 48-hour listing period.

To learn more about MaxTradeIn, visit www.maxtradein.com.

Continue the conversation with Auto Remarketing on both LinkedIn and Twitter.