Dorset Business Angels invest in digital car appraisal company
Boscombe-based digital car appraisal company AUTOi has secured financial support from Dorset Business Angels (DBA) to launch its new platform.
It has launched Wizzle, a web service and smartphone application which enables customers to create accurate and transparent vehicle appraisals with a view to selling their cars direct to interested dealers. The funding has supported the company with the national launch of the platform. It went live in August 2016 to a network of more than 3,500 dealer staff – representing 1,000 motor retailers.
AUTOi founder Sébastien Duval said: “The cash-for-car market has grown massively but often comes in for criticism in the consumer press for allegedly underpaying on the true value of consumers’ cars. We all know that dealers also need protection from unscrupulous sellers and misleading vehicle descriptions.
“At the same time, the number of premium quality vehicles hoovered up by the big cash-for-car names has added to the stocking pressures on dealers missing out on part-exchanges and needing other sources to keep their forecourts fresh.
“By bringing consumers and dealers together on the level playing field of a transparent appraisal, description and auction process, Wizzle aims to create a genuine win-win for both sides.”
DBA was formed in 2013 with the aim of being a catalyst in Dorset to bring together entrepreneurs and investors to help accelerate the growth of start-up businesses.
Dorset Business Angel Don McQueen added: “We were incredibly impressed with the team’s pitch and they generated a considerable amount of interest amongst the Dorset Business Angels.
“Further due diligence was undertaken by several of our members which resulted in DBA angels giving the Company 67 per cent of the substantial capital investment required, with the option to increase this to 100 per cent if the company meets its forecasts in its first 6 months of trading. We are delighted to be involved in Wizzle’s journey and have great confidence in their business.”
Source: Insider Media