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E - commerce heavyweight eBay hasannouncedplans to acquireCaramel , a inauguration that helps machine seller and purchaser dispatch the final steps of the dealings — including verification , financing , paperwork , ownership transferral , insurance policy , and more .
As eBay has farm through the years , it has had to evolve to remain competitive — last year , for case , the companyremoved seller fee in the U.K.to forestall a newfangled undulation of market place startups . In the automotive realm , specifically , eBay has acquired several startups to stay beforehand of the breaking ball , includingadvertising and marketing tech company Cargigi , as well asU.K. classifieds site Motors.co.uk .
Last month , eBay ’s honest-to-goodness foe Amazon also get in the online car sale business with thelaunch of Amazon Autosin partnership with Hyundai . While that is all about find and buying new vehicles directly from the dealership , it ’s imaginable that Amazon could expand its scope to cover used vehicles in the futurity .
Ultimately , eBay wants to guarantee it stay on a go - to duct for secure , speedy used car cut-rate sale , at a clip when consumers have more selection than ever .
plant out of Los Angeles in 2021 , Caramel formallylaunchedlast year with some $ 19 million in funding from backers includingFJ Labs , Hearst Ventures , Zeev Ventures , and Primera Capital . Last July , the ship’s company also raised a hitherto unannounced $ 21.3 million Series A one shot as perthis SEC filing , which VC firm FirstMark Capital hasnow revealedit lead on .
Caramel can be used to nail sales initiate through independent dealerships or marketplace , admit eBay . At the dot of checking out , Caramel is provided as an option to verify the individual ’ identities , handle title transfer and registrations , and transfer funds . buyer are also able to choose funding options , and arrange delivery of the vehicle .
While eBay already offers someguidanceand Robert William Service to ease on-line motorcar sales event , such asescrow for holding funds , bringing Caramel in - mansion will enable it to hasten the procedure by take care of a huge ball of the nerve-wracking post - sale giving medication .
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But more than that , Chris Prill , general manager at eBay Motors , says the attainment is all about “ creating corporate trust ” in the vehicle purchasing procedure , helping vendee and seller avoidscams .
Neither ship’s company revealed an attainment price , but eBay said it expects the deal to close in Q1 2025 .
This article was updated with extra item on Caramel ’s Series A turn of funding in July , 2024 .
