The company lets users list and sell cars to over 700 certified dealers in a two-hour live auction. Dealers compete to offer a price, and listing is free.
The company lets users list and sell cars to over 1,000 certified dealers in a two-hour live auction. Dealers compete to offer a price, and listing is free.
Bidbus raises $15 million in Series A funding led by Ibex Investors. Mucker Capital, FJ Labs, Motley Fool Ventures, Data Point Capital, Walter Ventures, and Yossi Levi also participate.
Los Angeles-based Bidbus operates a digital marketplace where dealerships compete to buy used cars from private sellers without requiring sellers to visit dealers. The company says its auctions generate average offers $2,000 to $3,000 above Carvana’s, and it has helped sell around 10,000 cars. To expand beyond California and Texas, Bidbus raises a $15 million Series A led by Ibex Investors, with participation from several other investors.
Bidbus raises $15 million in a Series A round to scale its consumer-to-dealer digital marketplace. The funding will support expansion beyond California and Texas.
Bidbus says it has sold more than 5,000 vehicles and reached $120 million in annualized gross merchandise value. The company attributes this growth, achieved five months after its seed round, to rapid dealer adoption across California franchise networks.
