PHILADELPHIA, PA — In a year marked by extraordinary achievements, Philadelphia-based online automotive marketplace, Motobyo®, has catapulted from a startup to an industry disruptor, generating a staggering $350 million in cash offers within its first 12 months of operation.
Responding swiftly and effectively to consumer feedback, Motobyo made significant platform enhancements that have streamlined the car buying and selling process. This commitment to customer satisfaction, combined with their powerful, proprietary technology, has positioned Motobyo as a force to be reckoned with in the automotive industry.
The CEO of Motobyo, Ron Averett, views their success as a return to basics. “It’s not a new formula, just a proven one – eliminate waste, empower the consumer, provide a better, more convenient experience,” Averett said. “We’re not a dealer, but a consumer-focused marketplace.”
Motobyo’s growth metrics are indeed impressive. The platform has experienced a surge in account holders across the continental United States and an increase in the daily availability of vehicles. With an average of 200 vehicles listed daily, Motobyo’s growth percentage defies industry norms, surpassing even the most optimistic projections.
Further bolstering its position, Motobyo has expanded its buying centers to seven states, including Maryland, Delaware, New Jersey, New York, Pennsylvania, Illinois, and Alabama. These centers now back a monthly cash offer value of $30 million, empowering consumers across these regions.
The $350 million in cash offers priced throughout 2023 doesn’t merely represent transactions but showcases Motobyo’s commitment to providing tangible value to its customers. Additionally, the platform has validated an extra $100 million in potential upside retail value for its users, reinforcing its dedication to maximizing returns.
Looking ahead, 2024 holds even greater promises for Motobyo. With plans to secure additional funding in its next capital round, the company aims to expand into three new markets, anticipating exponential growth in all aspects of its operations.
Motobyo’s journey from inception to a $350 million powerhouse in just one year is a testament to its dedication to customer satisfaction, continuous innovation, and ambitious plans for the future. Partnered with major brands such as Firestone, Meineke, Midas, J. D. Power, Credible, CARFAX, The Zebra, Acertus, AutoCheck, UShip, Ekata, and Peddle, Motobyo is set to redefine the retail buying experience for used car buyers and sellers.
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