SpinCar now has more financial resources to enhance its marketing solution for dealer inventory.
The digital automotive merchandising software provider announced on Thursday that it has closed a $22 million financing round led by Wavecrest Growth Partners, with participation from auto and tech industry veterans David Metter and Harpreet Grewal.
SpinCar highlighted the new capital will be used to fund company growth and continued investment in product innovation to meet accelerating market demand for digital automotive merchandising technologies.
SpinCar’s digital automotive merchandising platform leverages advanced 360-degree display technology and proprietary behavioral data to reinvent the way in which dealers, OEMs and third-party automotive marketplaces can engage with vehicle shoppers. The platform can transform static online merchandising content into immersive, VR-enabled experiences, complete with virtual interior and exterior tours as well as tagged, touchable hotspots that allow consumers to explore key vehicle features in rich detail.
By capturing precise vehicle and feature interaction data in real-time, SpinCar can enable dealers to personalize every consumer touch based on the specific needs and interests of individual shoppers. SpinCar’s VINtelligent Retargeting solution can deliver personalized digital ad units for greater marketing effectiveness along the entire car buying journey.
The company mentioned dealers using the SpinCar platform report greater than 30 percent increases in online consumer engagement and conversion rates, as well as 20 percent to 30 percent faster inventory turnover, particularly for used and certified pre-owned vehicles.
“In a world where consumers are just a click or swipe away from a myriad of information sources and alternative purchasing options, every digital interaction for a car shopper represents a critical moment in the purchase journey. SpinCar is enabling local and national auto dealers to bring the personalized showroom experience directly to prospective car buyers wherever and whenever they want. Our platform is generating measurable results for dealers of all sizes, and this investment will enable us to expand our industry reach at an even faster rate,” SpinCar co-founder and chief executive officer Devin Daly said.
“Wavecrest’s customer-first approach and unrivaled B2B SaaS experience make them the perfect partner for our next phase of growth,” Daly continued. “We’re excited to work with their team and network of operators as we accelerate our efforts. This capital will allow us to bring new products to market faster, enhance the services we provide to our customers and partners and expand our world-class team.
Describing the investment, Deepak Sindwani, managing partner at Wavecrest Growth Partners added, “SpinCar provides market-leading technology to a very large industry in the throes of digital disruption. We were impressed with the company’s value proposition, business performance and unique data assets. We look forward to partnering with Devin and his team to transform the way that vehicles get purchased.”
In addition to Sindwani, Grewal and Metter have also joined the company’s board of directors.
Harpreet is a 30-year veteran of SaaS businesses. Most recently, he served as general manager and CEO of Constant Contact after the company’s $1.1 billion sale to Endurance International in 2015. Previously, he was a chief financial officer of public and private SaaS companies.
Metter is the co-founder and president of AutoHook, which was acquired by Urban Science in 2015. He is a frequent speaker on the topic of digital innovation at dealer conferences.
Presidio Technology Partners acted as the financial adviser to SpinCar on the transaction.