Gauge, a Salt Lake City, UT- and Tempe, AZ-based based provider of an online auction for dealers to buy vehicles directly from consumers, raised $5.3M in Seed funding.
The round was led by Maniv Mobility, with participation from Proeza Ventures and FJ Labs. In conjunction with the funding, Nate Jaret, a partner at Maniv Mobility, joined Gauge’s board.
The company intends to use the funds to expand into new cities while continuing to build its technology.
Launched in September 2020 and led by Josh Hirahara, CEO, Gauge helps for-sale-by-owner sellers get more for their vehicles, while providing a solution for dealers to buy high-quality vehicles from private sellers. The company inspects each vehicle, puts the condition report in its online auction (StockUp) and brings the highest offer possible back to the consumer, requiring no commitment to sell. The buyer pays the fees associated with purchasing the vehicle that are in line with traditional auction fees, so the full offer goes to the seller and Gauge only makes money when they successfully help a buyer and seller transact.
Both small independent dealers and large franchised dealer groups like Ken Garff, Larry H. Miller, Tim Dahle, Bill Luke, and more, have been buying vehicles from Gauge.
Gauge currently operates in Salt Lake City and Phoenix, and plans to open 10 additional markets in the next 24 months.
FinSMEs
24/02/2023