WAS GOING THROUGH EVERYBODY'S
HAD GREAT ANALYSIS GREAT
REPORTING OUR
HOPE KING JOINING US LIVE FROM
LA SALLE LATER HELPED COULD
STOP ALL RIGHT, MEANWHILE GUYS
THE STARTUP IN UPSTATE NEW YORK
IS THOUSANDS OF MILES FROM
SILICON VALLEY. AND IT UNICORN
STATUS FOR THEIR DIGITAL
MARKETPLACE FOR USED CARS WERE
TALKING ABOUT ACV AUCTIONS
WHICH ISN'T ONLINE WHOLESALE
MARKET FOR DEALERS TO BUY AND
SELL USED CARS THROUGH 20
MINUTE AUCTIONS ACV
AUCTIONS SCENE GIORGIA MELONI
IS JOINING US NOW GEORGE GREAT
TO HAVE YOU HERE WITH US YOU
JUST SECURED YOUR LATEST ROUND
OF FUNDING FOR A 150 MILLION.
SO HOW DO YOU PLAN TO USE THAT
MONEY.
>> THINK THINKING ARE THEY CAN
MAKE IT TOUGHER FOR HAVING US
ON AND WE HAVE A
GREAT BUSINESS. WE'RE HERE TO
RIDE TRUST AND TRANSPARENCY
IN THE ALSO MARKET AND IT'S A
MASSIVE BUSINESS THERE'S OVER 2
20 MILLION CARS PURCHASED BY
DEALERS A YEAR THAT ARE THEN
SOLD
TO CONSUMERS SO AND YOUR
QUESTION WE'RE LEVERAGING OUR
RESOURCES TO IT ALLIE EXTEND
OUR PRODUCT AND TECHNOLOGY
TO BE THE MOST TRUSTED WAY TO
BUY A CAR BUT IN ADDITION TO
EXPANDING OUR TEAMMATES ACROSS
THAT THE US SO THAT 1000
TEAMMATES
140 TERRITORIES AND WE'RE
OPENING UP SEVERAL NEW
TERRITORIES A MONTH ACROSS THE
U S.
>> SO WHY THESE 20 MINUTE
AUCTION SPECIFICALLY HOW DOES
THIS
FIT INTO PEOPLE THINK ABOUT A
PSYCHOLOGICALLY HOW THEY DO
WANT TO GO ABOUT BUYING USED
CARS.
>> SURE SO KEEP IN THE ITS
DEALERS PURCHASING CARS ANY CV
NOT CONSUMERS.
THE WITH WHERE WE CAUGHT THAT A
CONSUMER WOULD BE A CONSUMER
GOING TO EAT YOU OR TO TRADE IN
THEIR VEHICLE.
20 MINUTES IS PLENTY OF TIME
FOR A DEALER TO BUY A CAR AS
THEIR PROFESSIONAL
CAR BUYERS, HISTORICALLY BOUGHT
PHYSICAL ACTIONS THAT WERE YOU
KNOW, LARGE LAND TONS
OF CARS AND THAT'S WHAT THEY'VE
BEEN DOING FOR YEARS BUT ALL
WE'VE DONE IS
WE'VE INSPECTED THE CARS FOR
THE DEALERS WE CREATED THE MOST
TRUSTED WAY TO PIE THE
PRODUCTS LIKE AND BY A MOTOR
FOUND VIRTUAL F
AT THE SCRIBE A CAR THE WAY
DEALER NEEDS TO HEAR IT AND
SEE IT AND SO 20 MINUTES IS
PERFECTLY ENOUGH TIME FOR THEM
TO BUY A USED VEHICLE.
>> I GEORGE AS WE MENTIONED YOU
KNOW WE HEAR A LOT YOU CALLED
UNICORNS COMING AND SPROUTING
FROM SILICON VALLEY MAY BE
OTHER PARTS OF
THE COUNTRY BUT NOT TYPICALLY
IN BUFFALO NEW YORK. SO HOW
DOES IT FEEL TO BE BUFFALOES
FIRST CONFIRMED UNICORN THIS IS
A PRETTY BIG DEAL.
>> IT'S GREAT FOR BUFFALO, IT'S
GREAT FOR ALL OF UPSTATE NEW
YORK.
I GREW UP IN
SYRACUSE CAME TO BUFFALO IN
SCHOOL AND IT'S WONDERFUL TO
PLACES LIKE UPSTATE TO
HAVE THEY TO REALLY BE ON THE
MAP AND MAKES A LOT OF YOU'VE
GOT
GREAT UNIVERSITIES. YOU'VE GOT
UNBELIEVABLE TEAMMATES THAT
WORK FOR US. WE THINK
OF BUILDING A LARGE PLATFORM,
A LARGE COMPANY THAT REALLY
GOES AFTER AND ANSWERS THE
NEEDS OF A OF
THEIR CUSTOMERS PLACE LIKE
BUFFALO MAKES A TON OF SENSE AS
YOU'VE GOT.
GREAT PLACE
TO LIVE GET HOUSING THAT'S
REASONABLE TEAMMATES HERE CAN
WORK HARD BUT ALSO HAVE A GREAT
QUALITY OF LIFE
YOU KNOW WE REALLY STARTED TO
IT AS A LOT OF VALUE IN
BUILDING A GREAT BUSINESS SENSE
FOR THE LONG RUN.
>> RIDE SHARING PROLIFERATES
RUNNER
RENTAL CAR. I MEAN A LOT OF
DIFFERENT INDUSTRIES, WHAT
TRENDS HAVE YOU SEEN IN
TERMS OF HOW PEOPLE THINK ABOUT
CAR OWNERSHIP HASN'T DECLINED
AT ALL AND WHAT HE KIND OF
LOOKING TOWARDS THE FUTURE IN
TERMS OF THE DESIRE TO OWN A
CAR.
>> SHARES OF THE EU'S CAR
SEGMENT IS AT AN ALL TIME HIGH
THERE IN THE
US, THEIRS.
>> 42 MILLION USED CARS SOLD A
YEAR
COMPARED TO. LET'S A 16 TO
17 MILLION NEW CARS, A MATTER
OF FACT LAST MONTH A FEW
DIFFERENT MEDIA
SOURCES REPORTED THAT THE EU'S
CAR SEGMENTS
AS LARGEST. WE THINK THAT YOU
MENTION UBER AND LEFT ANOTHER
TO RIDE SHARING. THOSE ARE
POTENTIAL CUSTOMERS
ABUSE CHARGE. THEY'RE NOT
TYPICALLY BUY NEW CARS THAT YOU
KNOW SO WE THINK ABOUT THE
SEGMENT WE WILL SEE THE USED
CAR SEGMENT
CONTINUE TO GROW ACROSS
DIFFERENT AGE DEMOGRAPHICS
CROSS DIFFERENT SEGMENTS AND SO
FOR US WE'RE PART
OF THAT IF YOU LOVE HEWITT
ALLOWING FOR USED CARS BE
PURCHASED FROM DEALERS AND
WE'RE TRUSTED WAY.
>> I GEORGE I WANT TO TALK
ABOUT THIS PATENT FOR THIS
DEVICE THAT YOU I'VE BEEN
WORKING ON ESSENTIALLY IT TAKES
PHOTOS OF THE CAR FROM THE
UNDERBELLY OF THE CAR DEATH
PLAN AREA THAT A LOT OF NOT A
LOT OF PEOPLE DEFINITELY LOOK
AT WHEN IT COMES TO THEIR
INSPECTIONS. SO TELL US ABOUT
THIS AND WHY WAS THAT A
PRIORITY TO KIND OF GET THIS
DEVICE GOING.
>> CHER
OR SO WHEN WE THINK THE
INDUSTRY WE CAME INTO WHICH IS
DEALERS BUYING OF VEHICLES FROM
OTHER DEALERS OR FROM ALL THESE
ARE OFF UNTIL ANOTHER SEGMENTS.
YOU NEED TO KNOW WHAT YOU'RE
BUYING BECAUSE ALTON THEY'RE
GOING TO TURN AROUND AND OFFER
IT TO THEIR CONSUMERS
AND EVEN ENSURE THAT THERE
ISN'T BRAIN DAMAGE OR OTHER
DAMAGE WITH
THE VEHICLE. SO WHAT WE HAD TO
DO IS INVENT
A WAY AND OUR 400 INSPECTORS
THAT ARE FULL-TIME EMPLOYEES
ACROSS THE COUNTRY.
AND BY THE WAY WE'RE HIRING
OVER 20 A MONTH JUST IN THAT
PART OF OUR ORGANS ASIAN CAN GO
OUT INSPECTING CAR AND HAVE IT
IN THE MOST TRANSPARENT WAY AND
THE UNDER CARRIAGE IS LIKE THE
OTHER HALF. BUT THE COP.
PART OF
THE CAR THAT WE CAN'T SEE SO WE
FIGURED OUT A
WAY TO LEVERAGE SOME GREAT
TECHNOLOGY DRIVE OVER OUR
DEVICE TAKES THOUSANDS OF
PHOTOS STITCHES TOGETHER
INCREASE THE HIGH RESOLUTION.
OUTPUT OF THE OF THE
UNDERCARRIAGE SO IT'S HELPING
DEALERS. IT WAS ALL TO
HELP CONSUMERS KNOW EXACTLY