The company’s founders, who have a combined 30+ years of experience in the automotive industry, realized the convoluted vehicle marketplace was begging for an overhaul. “The new car shopping space is very complicated and can be daunting for the average consumer,” says Steve Greenfield, Automotive Ventures’ CEO. “Pricing structures for new cars can be confusing and different based on region, brand, and time of year.”
In 2014, Greenfield and his co-founders launched CarLingo.com. The user-friendly website walks buyers through every step of their vehicle selection and purchase, translating the automotive industry’s mumbo-jumbo along the way. The information empowers buyers and eliminates frustrating negotiations with dealers. Greenfield says, “Consumers using CarLingo feel confident that they can take their information – the CarLingo summary of their entire car deal – directly to dealers.”
The benefits are just as clear-cut for the dealerships. “Dealers get access to high-quality, transact-ready consumers, at a higher profit margin,” explains Greenfield. Buyers are informed when they walk into the showroom, which means the amount of time the dealer spends selling the product is drastically reduced.
CarLingo is also changing the 26 billion-dollar car advertising game. With the current model, vehicle dealers and manufacturers have no clear way to measure the impact of their advertising investment. CarLingo spells out the return on investment for its subscribed dealers. “We’ll provide them with crystal-clear ROI, so they can better understand how their advertising dollars are being spent and make every dollar more accountable,” Greenfield explains. “They only pay if they actually sell more cars as a result of our service.”
Atlanta was a natural location for the startup’s headquarters. Three of Automotive Ventures’ founders have worked with Atlanta-based Cox Automotive companies in the past. “There are a lot of professional connections here, both on the dealer side and in automotive software,” Greenfield tells us.
Now that they’ve established visibility within the industry, Automotive Ventures will be expanding its team. The company is looking to hire software developers, marketers, and sales people in the coming months.