Since COVID-19 struck the world and forced market evolution across all industries, the automotive segment, in particular, has been significantly impacted. Due to lockdowns across the world, car manufacturing at times crashed to a halt, resulting in substantial supply-chain interruptions. Dealerships were not receiving any new cars for some periods. With lockdowns easing, the general public was back on roads, many of whom were opting for personal transport over public trans and busses. As such, demand rocketed while supply crashed.
Enter CarSwap, a solution where car dealerships could maintain stock levels by entertaining trade in’s (often plus cash), as some individuals sought the opportunity to upgrade their cars after recovering confidence in the industry with news of the COVID-vaccine and lockdowns ending. Dealerships could profit while maintaining stock levels thanks to CarSwap.
In 2018, CarSwap acquired one of its primary competitors, CarSwapper. This resulted in great synergy as CarSwapper was ‘website first and CarSwap was ‘mobile-first. Soon after, there was no comparison between CarSwap and any other car trading platform.
One cannot deny the relentless drive, visions, and passion of young entrepreneurs and creators, whose contributions have taken their industries to the next level. In this instance, the auto-tech space was specifically rocked by Cyrus Rafizadeh, the visionary who created ‘CarSwap’ with several of his best friends (including crypto star Kane Ellis as co-founder). Together, the team’s mobile app provided a fast, free, and fun solution to enable car lovers, buyers, and traders to interact on both iOS and Android devices.
For users too, CarSwap has come as a ray of light and advancement in the industry of digitally trading cars. Within just a few minutes, people can list the car they wish to trade. They can search the criteria for the care they desire, review different cars and match the same with their criteria, know more details and discuss them with other users and conveniently trade, sell or buy. Cyrus always had an attraction towards exotic cars since his childhood. Little did he know then that his desire to own one would eventually lead him to the business of car trading and make him an astute business personality (along with a collection of multiple exotic cars which he described as his ‘babies’).
Thanks to their achievements throughout the years, the CarSwap team has been able to comfortably raise substantial capital, resulting in millions of dollars of strategic investment into the organization primarily development and user acquisition. Furthermore, CarSwap had reached its ‘break-even point’ within the first 3 years (a feat achieved by roughly 15% of the startup industry). As a result of their efficiency under Kane Ellis as Chief Operating Officer, the team has even had the luxury of turning down multiple investors who lacked ‘strategic synergy’.
CarSwap truly stands as a winner in the car trading space with their one-of-a-kind app aimed to make car trading uncomplicated. To know more, follow it on Instagram @carswap.