Joydrive, an online auto retail company based out of Raliegh, North Carolina, recently fund raised just over $1 million.
That’s in addition to some $4.6 million that it raised earlier this year.
According to the filing, the company raised its funds through equity, options and security.
Joydrive offers both new and pre-owned automobile purchasing processes that can be completed entirely online.
The process is fairly simple: Customers can search for and choose a vehicle from the company’s website, get a trade-in offer from the dealership, arrange financing from the dealership, as well as delivery to a place of their choosing.
“We are the only marketplace that a customer can buy a new or used car without having to go to a dealership,”Joydrive’s CEO Hunter Gorham told WRAL TechWire last year.
Gorham founded Joydrive in Raleigh after 14 years in the auto financing industry at Ally Financial. He and his team first beta tested their marketplace in late 2016 and early 2017 in Seattle, Portland, and the Pacific Northwest, and have now launched an office in Seattle and recently in Dallas, as the company expands nationally.
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