12:53 pm, November 23, 2015
TOOTLE has announced it has received seed funding of almost £2m to develop its online used car sales platform.
The website allows people to buy and sell cars privately. Every car on the Tootle platform must have passed an independent mechanical inspection by a qualified mechanic.
Extra safety is provided for buyers through background checks and a six-month warranty on every car. To make life easier for sellers, Tootle handles advertising and inquiries as well as the financial transaction, and can ease the handover to a new buyer.
The development in the UK follows significant successes of similar platforms in the US. The $3m in funding came from Hambro Perks.
Tootle CEO Al Taylor said: ‘Buying and selling a car privately gets you the most money in the used car market but there are risks. Tales of woe from buyers who have bought unsafe cars and sellers who have fallen victim to financial scams are all too common. The sector is crying out for a more safe and secure way to bring buyers and sellers together – which is where Tootle comes in.
‘There is little protection under consumer rights laws if things go wrong in a private sale. Tootle is providing some much-needed peace of mind by only selling cars that have passed an independent mechanical inspection. We also manage the financial transaction and provide warranties on every car, so consumers can feel confident they’re making a sound investment through a safe channel.’
Dominic Perks, the CEO of Hambro Perks, said: ‘Hambro Perks invests in high-growth businesses, always looking for disruptive technology solutions to large analogue industries. We have seen a massive trend in the US, and with Tootle we look to capitalise on the opportunity to bring a smart, trustworthy solution to the UK used car market.’
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