Swap Motors
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Swap Motors[edit]
Swap Motors LLC is an American automotive e-commerce platform based in Chicago, Illinois. Founded by [1]Alex Johnson and Sanjay Patel in 2015, Swap Motors is a startup in the peer-to-peer automotive sales industry. [2] In 2017, Swap Motors launched an online live auction platform where consumers sell their vehicles to automotive dealers.[3] In 2018, Swap Motors launched their marketplace, which connects private car buyers and sellers via the Swap Motors website. Swap Motors' marketplace features digital listings which include vehicle details, vehicle evaluation results, pictures and videos, and vehicle history reports. The Swap Motors marketplace is free for buyers and sellers. The Swap Motors live auction charges consumers a tiered success fee for sold vehicles.
History
Co-founder and CEO Alex Johnson got the idea for Swap Motors when he attempted to sell his used 2011 BMW online. He was disappointed at the low offers he received from automotive dealers, and how much time he spent trying to line up showings with potential private buyers.
[4]"I was hurt, then sad, then let down by the offer that I got," he said. "I had to do something to change it. … I realized there was a big hassle selling the car."
Realizing the opportunity in front of him, Alex gave his childhood friend Sanjay Patel a call, who at the time worked for IBM as an Account and Sales Executive in their Analytics and IOT department.
Platform Description
Sellers have the choice of listing their vehicle in Swap Motors' peer-to-peer marketplace or utilizing Swap Motors’ live auction.
After a seller creates a profile, they can schedule a time for a Swap Motors technician to come to a location of their choosing, and perform a vehicle evaluation to determine the value of their car. Swap Motors then creates an online vehicle listing which consists of vehicle details, photos and videos, and a vehicle history report provided by InstaVIN, a company that sources data from NMVTIS, state DMV, police records, fire & insurance records, and other data aggregators to create vehicle history reports.
Buyers and sellers can communicate through the Swap Motors dashboard, schedule test drives, and make and accept offers on vehicles.
Partnerships
Swap Motors partners with automotive listing sites. Current existing partnerships include
Swap Center
On August 16th, 2018 Swap Motors opened up their first "Swap Center"- a physical location for buyers and sellers to schedule test drives, receive assistance from onsite staff, and close their transactions. Their first and currently only "Swap Center" is located in Skokie, Illinois.
Employees
Swap Motors retains 7 employees at their main office headquartered in Skokie, IL and 10 employees who work remotely in Hyderabad India, and other locations throughout the globe.
Funding
Swap Motors has yet to accept venture capital funding, and was reportedly started with a joint investment of [5] $500,000 from co-founders Alex Johnson and Sanjay Patel. This is a notable exception for the industry, as platform competitors like Tred, Shift, and Vroom have raised [6] 2.8 million, [7] 112 million, and [8] 329.3 million in venture capital funding.
C-Suite Leadership
Alex Johnson - CEO and Co-founder. Alex also serves as managing partner at Level Construction, a commercial construction company, and E-Network Supply, a business networking company.
Sanjay Patel - Head of Product and Co-founder. Sanjay was formerly an Account and Sales Executive in IBM’s Analytics and IOT department.
Media Appearances
[9] Bootstrapping in America
[11] American Inno
[12] Built in Chicago
- ↑ Press, Pioneer. "Shout Out: Alex Johnson, business owner and fan of all Chicago sports". chicagotribune.com. Retrieved 2018-09-22.
- ↑ Jackson, Cheryl V. "Startup Swap Motors wants to make selling a used car easier for everyone". chicagotribune.com. Retrieved 2018-08-20.
- ↑ "Chicagoland startup mimics dealership elements to facilitate private-party sales". Auto Remarketing. 2018-08-17. Retrieved 2018-08-20.
- ↑ Jackson, Cheryl V. "Startup Swap Motors wants to make selling a used car easier for everyone". chicagotribune.com. Retrieved 2018-08-20.
- ↑ Jackson, Cheryl V. "Startup Swap Motors wants to make selling a used car easier for everyone". chicagotribune.com. Retrieved 2018-08-21.
- ↑ "TRED | Crunchbase". Crunchbase. Retrieved 2018-08-21.
- ↑ "Shift | Crunchbase". Crunchbase. Retrieved 2018-08-21.
- ↑ "Vroom | Crunchbase". Crunchbase. Retrieved 2018-08-21.
- ↑ Alex Johnson and Sanjay Patel of Swap Motors, 2018-07-31, retrieved 2018-08-20
- ↑ "Simplifying the car buying and car selling app". WGN Radio - 720 AM. 2018-08-09. Retrieved 2018-08-20.
- ↑ "https://www.americaninno.com/chicago/this-chicago-online-car-selling-startup-wants-to-take-on-carmax/". www.americaninno.com. Retrieved 2018-08-20. External link in
|title=(help) - ↑ "Swap Motors is making it easier to sell your car to the dealer". Built In Chicago. Retrieved 2018-08-20.
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