Tire Agent, a Business owners Roundtable Accelerator-backed start-up that is wanting to bring the tire market into the 21st century, has today announced the close of a$5 million funding round led by American Family Ventures, with participation from AGE, Partner Fund, NY Angels and HBS Angels. According to Consumer Reports, the average tire costs about$97. Four new tires costs a little less than $400, and that does not consist of added expenses like taxes, charges or installation. Tire Agent wants to make tire shopping more available and convenient to clients, while likewise making the process more economical. The start-up deals with tire brands (more than 50, to be
precise)to give users a place to browse tires online. Tire Representative layers in instructional, easy-to-understand material about these tires to assist users comprehend the distinction in between brands, models and how get the best value. Tire Agent also helps users find an installer near them and shows the expense of setup upfront, so there are not a surprises.
Plaid founder and CEO Zach Perret just recently stated on an episode of Bonus Crunch Live that every company is a fintech company, and Tire Agent appears to concur.
The company has constructed out a tire financing platform called PayPair that connects customers of any credit rating and matches them with a variety of lending institutions, financing and payment plan companies to provide choices on how to cover the expense of new tires.
Tire Agent also has a partnership with AllState to offer service warranties to clients, including a warranty on installation, so their investment is protected.
“The biggest obstacle for Tire Agent is getting individuals to alter the habit of going to an old-school tire store and being so utilized to individuals pressing a brand name on them,” stated Tire Agent founder and CEO Jared Kugel. “On Tire Agent, you can review the content we’ve generated for each tire, even if you know absolutely nothing about a tire, and make an informed choice.”
Tire Representative has a network of 500+ tire distribution warehouses with 50 tire brands and 20 wheel brand names offered on the platform, with 15,000 partnered installation centers across the nation.
Though the company will not share concrete numbers, Kugel included that profits and tires sold grew by almost 300% from the very first half of 2019 to the very first half of 2020.
This latest round brings Tire Representative’s total financing to $6 million.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.