CHICAGO, Sept. 21, 2016 /PRNewswire/ -- DRIVIN, a premier service for automotive dealers that utilizes data to help sell, source, acquire and deliver quality used vehicles for its dealer partners, today announced that it is expanding its partnership with Silicon Valley Bank (SVB), the bank of the world's most innovative companies and their investors, with a new $6.5 million senior debt facility.
With more than 500% growth in monthly transaction volume from January to July 2016, DRIVIN's current dealership partners are realizing the value of working with a partner that utilizes data and human capital to solve one of the industry's biggest pain points – acquisition of quality used vehicles. This new financing will accelerate DRIVIN's growth initiatives and enable DRIVIN to continue its growth trajectory with its current dealer partners while simultaneously establishing new relationships with dealerships nationwide. In addition, DRIVIN will be announcing the launch of DRIVIN Marketplace, the industry's first intelligent marketplace, this fall. The full-service solution will enable dealers to acquire recommended inventory optimal to their lot, while also remarketing unwanted inventory to DRIVIN's nationwide network.
"We selected Silicon Valley Bank because they can provide us with the enhanced customized resources and capabilities that we need to keep up with the rapid growth we are experiencing," said Kayne Grau, co-founder and CEO. "DRIVIN is disrupting the traditional way that dealers acquire and dispose of used cars. Our relationship with SVB allows us to further our growth with the acquisition of additional inventory, while continuing to build services that change the way dealers move metal on their lots – first helping them sell aged inventory and then helping them replace those units with strategically selected vehicles that meet the needs of their target audience and their dealership brand position."
"Silicon Valley Bank is pleased to partner with DRIVIN to support the company's continued growth," said Dennis Grunt, Managing Director for Silicon Valley Bank in the Midwest. "DRIVIN has achieved impressive growth in a short period of time and is guided by a leadership team focused on innovating and disrupting one of the country's largest industries. Our objective is to provide DRIVIN with the right financing, connections and services to achieve continued success."
For more information on DRIVIN, please visit the recently updated website at http://www.drivindealer.com.
DRIVIN is redefining the used vehicle industry by bringing data and technology together in a first-of-its-kind, high-touch fashion to help automotive dealers sell and acquire the right used cars, at the right price, right now. Combining highly personalized service with cutting edge technology and local market analytics, DRIVIN casts a nationwide net to find and vet quality, whole-sale priced vehicles, and connect them with dealers all across the country. Launched in 2015, DRIVIN is powered by CarCo Technologies.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
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