Autodaq
Infrastructure to facilitate the trade of used cars on the internet.
| Date | Investors | Amount | Round |
|---|---|---|---|
$33.0m | Early VC | ||
| Total Funding | 000k | ||
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Autodaq Corporation was established in 1999 as an online platform for the business-to-business buying and selling of used vehicles. The company was founded by a group of Stanford Graduate School of Business students, including Peter Kelly, who envisioned a way to improve the wholesale automotive auction experience using digital technology. Initially headquartered in Menlo Park, CA, Autodaq operated within the internet retail sector, providing auto retail services focused on streamlining the upstream remarketing process for its clients.
The company's primary clients included vehicle manufacturers, leasing companies, rental and fleet companies, and wholesalers. Autodaq's platform served as a marketplace, enabling these commercial entities to more efficiently manage and sell their vehicle inventories. The business model was centered on providing a comprehensive set of upstream remarketing services through its internet-based portal. Throughout its operation, Autodaq successfully raised $38 million in funding from investors such as August Capital, FCA Venture Partners, Madison Dearborn Partners, and Zilkha Venture Partners.
A significant milestone in the company's history occurred in October 2002, when Autodaq finalized a merger with AutoTradeCenter.com, Inc. The merged entity, named AutoTradeCenter, Inc., aimed to combine the strengths of both companies to offer a more robust set of services to the automotive remarketing industry. Following the merger, Autodaq's then-president and CEO, Adam Boyden, became the chairman of the board of the new company. The journey of Autodaq and its subsequent mergers eventually led to the formation of the OPENLANE brand in 2008. In 2011, OPENLANE was acquired by KAR Auction Services (KAR), which further solidified its position in the market.
Keywords: Autodaq, OPENLANE, online vehicle auction, automotive remarketing, wholesale vehicles, business-to-business auto sales, fleet vehicle sales, lease vehicle remarketing, AutoTradeCenter, Peter Kelly, Adam Boyden, KAR Auction Services, vehicle marketplace, used vehicle platform, automotive digital sales, auto fleet management, car auction software, upstream remarketing, vehicle logistics, automotive e-commerce