Automotive Online Sales Platform Digital Motors Expands into Canada
Summary
The company is financing its international expansions with the proceeds of a $10 million Series A funding round led by DN Capital based in London, Berlin, and San Francisco. “Dealerships and auto makers alike need fully transactional online stores and marketplaces,” said Andreas Hinrichs, Chief Executive Officer of Digital Motors. “Digital Motors’ highly configurable SaaS platform can unlock massive scalability at attractive unit economics,” stated Steve Schlenker, Managing Partner of DN Capital. DN Capital’s experience in the automotive space includes leading the Series A investment in Auto1, which completed an IPO on the Frankfurt stock exchange for €7.9 billion earlier in 2021. Based in Irvine, Calif., the company’s revolutionary technology serves the growing needs of dealerships, dealer groups, auto lenders, and vehicle manufacturers to provide a secure end-to-end online purchasing and financing journey to their customers.