Disruptive online car-buying platform company to aggressively accelerate sales, marketing and auto dealer installations
CHICAGO, IL, December 09, 2017 /24-7PressRelease/ — Fastlane (www.fastlane.car), developers of the online car-buying platform that enables car buyers to purchase a vehicle directly from the car dealer’s website and in-store sales while giving them an easy Amazon-like checkout experience, today announced it has completed a $1.5 million seed round of financing. Eagle Venture Fund led the investment round, along with several prominent angel investors. Eagle Venture Fund General Partner Wade Myers will join Fastlane’s Board of Directors.
The seed financing continues the exceptional momentum for Fastlane in its launch year in which the company is experiencing a rapidly-growing roster of dealers across the U.S., key executive appointments, and market momentum in the white-hot areas of online auto sales and ecommerce and the in-store dealer financing process.
“Fastlane’s offering is well-timed with the rapidly increasing demand for solutions that extend the reach of auto dealers, makes the auto buying experience much faster for consumers, and drives significant business results and a significant impact,” said Wade Myers, General Partner with Eagle Venture Fund. “We believe the market will continue to see a rapid shift in how cars are purchased and financed as consumers demand an “Amazon-like experience” in all aspects of commerce. Fastlane is a powerful solution for the auto industry and we are excited to collaborate with them as they work to build a great company in a massive market.”
Fastlane’s customizable platform handles nearly all the tasks associated with the purchase process: Year, make, model, specifications and price information on each vehicle, warranty and service contract options, aftermarket product options, trade-in evaluations and accurate retail and lease payment information. Savvy dealers are gravitating toward Fastlane because of its flexibility, customizability and ease of use.
“The auto industry is ripe for the type of transformation we enable, which saves dealers and car buyers a significant amount of time and streamlines the check-out and financing experience when buying a car,” said Fastlane Chief Executive Officer Brandon Hall. “Having the financial support and expertise of Eagle Venture Fund will help us execute our vision even more rapidly and broadly – and with the benefit of the experience, perspective, and relationships Eagle brings to our firm.”
Fastlane, with headquarters in Dallas, Texas, is a developer of innovative e-commerce and showroom technologies for automotive dealerships. Fastlane creates value for dealers by providing them with an online checkout experience and enhancing dealer’s in-store purchase experience, giving them the power to sell more cars, be more profitable and increase overall customer satisfaction. By offering Fastlane’s turnkey purchasing solution, dealers give customers a convenient way to complete the purchase transaction while the sales team focuses on engaging with customers and building long-term relationships that last well after the car is purchased.
Fastlane’s technical integration team, based in Dallas, Texas, customizes the Fastlane e-commerce platform to meet the specific and unique needs of individual dealerships and dealer groups.
About Eagle Venture Fund
Eagle Venture Fund is a global private equity fund that invests in early-stage to lower middle market companies with a focus on creating significant financial returns and significant impact for all stakeholders. The firm has offices in Annapolis, Dallas, and Zurich.
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