Clutch

“We had to double, we effectively doubled the business in order to do that.”

“I think that's where I think a lot of these companies went wrong, because you can't control the full experience if you don't own the asset.”

“We raised our series B, and that was like a seventy-five million dollar round. And then, you know, our competitor raised a hundred”

“After we raised that round I think we hired 250 people within six months.”

“You know, we'd raised, we've, at this point, we've raised one hundred ninety million because it's just, you need the equity to support the debt.”

“From our 30 person leadership team of people managers and folks that are kind of in, in leadership positions, we didn't have anyone leave for two years.”

“What we were doing back then when I joined initially was we were basically providing vehicle car, it was called car enthusiasts or car concierges That if you wanted to test drive a car, we would bring you a car to test drive in your, like, in your neighborhood…”

“Car sales went to zero the next month. We were scrambling, trying to figure out where we're going to do the business, and furloughed some employees, kind of really turned off anything that, that you know, wasn't helping sell cars.”

“No, we're now double our peak, so we're at four hundred million of revenue now.”

“I think we doubled revenue that year, and then we raised a series A in late 2020. Investors got super excited about the category, and then we Quadrupled revenue the next year”

“We just one day woke up and we're like, we have to turn it off. Like we just turned off test drives. Like we didn't test it. We just had, we just turned it off.”

“It created a bunch of uncertainty, and at that point, that was, like, the early part of twenty-twenty-three, we actually had to contemplate potentially selling the business. And so we did get a pretty lowball offer that we considered for a hot second.”

“It was a twenty million dollar kind of bridge in the summer of 2023 and that, and it did what it was designed to do and get us to that milestone.”

“Steve literally flew to Halifax, had never been there before. It was the province, the only, there's the closest province that had the least amount of regulations that allowed us to sell used cars online.”

“Peak was three 50, and then 87 was our, kind of, low point.”

“We had the term sheet in hand pre-Halloween but signed it on the fourth, and then we were working towards, it was a ninety-five million dollar CREC round. We were working to try to close it, and then on January fifth the lead investor called us and said, look,…”

“I had a personal guarantee on a small loan, you know, Steve founder at a Personal guarantee on the loan. We wrote fully secured assets. We were thinking, I think we were paying like 15, 16% interest rate.”

“I think we buy about a million dollars worth of cars daily. And, you know, at any given point, we have, you know, almost a billion dollars of offers outstanding in the business. And, you know, on a big weekend, you know, we'll flip five million of cars.”

“We were like six weeks away from cash out.”

“In Canada, there's massive white space where there's no retail brand for used cars in this country.”

“And then we spent a lot of time on CAC efficiency, and so that helped us drive down costs, increased profit gross profit, and, you know, ultimately last year we got to profitability.”