German B2B used car trading platform 2trde has raised 7 million euros ($7.7 million) in a funding round led by Adevinta Ventures and Aster Capital, Adevinta said in a news release Wednesday (March 9).
The Munich-based company says it will use the funding — which also came from past investor Maniv Mobility — to fuel its international growth, hire new talent and develop its product.
The 5-year-old company provides software for car dealers, leasing companies and manufacturers designed to increase efficiency in the secondary used car market.
Working with 50,000 dealers in Europe, 2trde uses solutions like machine learning, which reduces the average time required to list cars to five minutes, and aggregate bidding technology, which lets sellers access multiple B2B marketing channels to maximize sales.
“During the Covid 19 pandemic, the global shortage of semiconductors stalled production of many carmakers, causing a record drop in registrations across the European car industry,” the news release said. “The market for new and leased cars has further reduced, driven by several factors such as employees continuing to work from home, rising demand for electric vehicles and the growth of the subscription vehicle market.”
The result is a coming wave of secondhand vehicle sales, requiring the need for better digitization to help car dealers manage the increase in sales volume. 2trade says it can provide that solution, while also helping simplify trade-ins for customers.
Related news: Car Ownership App Jerry Intros Auto Refi Service
2trade’s funding is part of a busy few days for the auto sales technology world. On Tuesday,
car ownership super app Jerry announced the launch of an auto refinancing service that limits the data gathering and loan application process to less than 10 minutes.
See also: TrueCar Launches Online Car-Buying Platform TrueCar+
Also on Tuesday, Online car retailer TrueCar, Inc. debuted its online car-buying platform, TrueCar+, which lets users to explore, confirm and complete their car purchases with a dealer and arrange financing and delivery from wherever they are.
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