DriveBid™ Live Trade-in Marketplace Helps Dealers Find, Bid and Buy Vehicles Direct from Consumers

Rhea-AI Summary

Capstone Technologies Group (OTC: CATG) has announced the launch of DriveBid, a consumer-driven Live Trade-in Marketplace, during the National Automobile Dealers Association Show in Las Vegas. DriveBid connects consumers with dealers, enabling real-time bidding for trade-ins. The platform captures crucial vehicle data to aid inventory management. Capstone holds a minority interest in DrivenIQ, the company behind DriveBid, and has invested additional capital to support growth. DriveBid aims to streamline the trade-in process and enhance dealer inventory decisions.

Positive

• Launch of DriveBid to enhance consumer-dealer engagement.
• Real-time bidding for trade-ins increases competitive offers for consumers.
• Potential for data-driven insights for dealers to optimize inventory management.

Negative

• None.

DriveBid’s dealer pre-registration launch coincides with the National Automobile Dealers Association Show (NADA) in Las Vegas, Nevada

CHARLOTTE, N.C., March 14, 2022 (GLOBE NEWSWIRE) -- Capstone Technologies Group, Inc (OTC: CATG) a company that acquires, operates and organically develops disruptive technologies, today provided an update related to its initial minority interest in data technology and media company, DrivenIQ.

DrivenIQ, experts in data and data technologies to help businesses best reach their ideal customers, today announced it has launched automotive dealer pre-registration for DriveBid, its consumer-driven Live Trade-in Marketplace. DriveBid, launching in June 2022, empowers dealers to bid for and buy live trade-ins straight from consumers.

DriveBid’s dealer pre-registration launch coincided with the National Automobile Dealers Association Show (NADA) held in Las Vegas, Nevada on March 11 – 13, 2022.

“DriveBid connects consumers who want the best offer for their trade-in with dealers who need inventory in a real-time, easy-to-use online platform,” said Albert Thompson, CEO of DrivenIQ. “Dealers configure criteria for the vehicles they need and compete with live bids or make cash offers for vehicles that match these criteria. Consumers launch their trades in an open competitive platform, communicate with dealers and get offers for their trades, all in real-time. DriveBid simultaneously captures key vehicle and consumer data to help dealers make smart vehicle buying and inventory management decisions in the future.”

Here's how DriveBid works.

1) DriveBid dealers customize specific buying criteria for the vehicles they need, including make/model/year/mileage and geographic parameters.

2) Consumers upload information about their trade-ins, answer basic questions, submit photos of their vehicles and complete a simple condition report. To streamline the process, VIN numbers and license plate capture technology automatically prepopulate key vehicle features.

3) Dealers are alerted in real-time when a vehicle matching their criteria has been uploaded to DriveBid. They compete via live bidding or make an immediate cash offer to buy a vehicle, depending on the preference the consumer has specified.

4) Consumers watch live offers coming into their platform and can access dealership information and the entire inventory of active and competing dealers in the marketplace. They can also communicate with participating dealers simultaneously.

5) To redeem their offer or Bidlock™, consumers visit the “winning dealership” for a final vehicle inspection, where the dealer can encourage the seller to purchase his or her next vehicle at their store.

DrivenIQ, the creator of DriveBid’s patent-pending technology, captures data along the journey – from trade-in to remarketing to new vehicle purchase – to provide dealers with the deep insight they need to purchase and manage the right inventory for their businesses.

DrivenIQ is a data-driven intelligence technology firm. Late last year, Capstone Technologies Group, Inc (OTC: CATG), a company that acquires, operates and organically develops disruptive technologies, acquired an initial minority interest in DrivenIQ and has invested additional capital to further accelerate the company’s growth.

Car dealers who are interested in pre-registering for DriveBid should visit http://www.drivebid.com to sign up. For more information, visit the DriveBid team at the NADA Show, Booth # 6943N.

About Capstone Technologies Group

Capstone Technologies Group, Inc (CATG) seeks to acquire, operate and organically develop disruptive technologies across several sectors where they have expertise aided by a network of experts and advisors. Capstone Technologies Group also intends to invest through a wholly owned subsidiary Capstone Venture Partners, LLC alongside best-in-class investors or directly in proven founders building companies with technologies that will shape the future.

About DrivenIQ and DriveBid

DrivenIQ specializes in first party data (information submitted, aggregated and analyzed directly from consumers versus third-parties) to help businesses best reach and engage with their ideal customers. Founded by Albert Thompson, a former car dealer and automotive digital advertising expert, DrivenIQ is best known for its automotive industry data solutions even though it helps small, medium, and large businesses across various industries.

DriveBid, created by DrivenIQ, is the world’s first and only Live Trade-in Marketplace that connects consumers who want the best offer for their trade-in with dealers who need inventory in a real-time, easy-to-use online marketplace. Dealers configure criteria for the vehicles they need, then bid or make cash offers for vehicles that match these criteria. Consumers watch the action, communicate with dealers and get competitive offers for their trades, in real-time. DriveBid simultaneously captures key data to help dealers make smart vehicle buying and inventory management decisions in the future.

Visit http://www.driveniq.com and http://www.drivebid.com for more information.

DrivenIQ Contact

Albert Thompson
President, Co-Founder
albert@driveniq.com
443-370-9143

Media Contact:

Jennifer Lange
DrivenIQ / DriveBid
949-460-3408
jlange@getsplashmedia.com 

FAQ

What is DriveBid and how does it work for dealers and consumers?

DriveBid is a Live Trade-in Marketplace that connects consumers wanting trade-in offers with dealers needing inventory. Dealers can bid on vehicles in real-time and make cash offers.

When did Capstone Technologies Group launch DriveBid?

DriveBid was launched during the National Automobile Dealers Association Show from March 11 to March 13, 2022.

What is the significance of Capstone's investment in DrivenIQ?

Capstone acquired a minority interest in DrivenIQ to support its growth and the development of the DriveBid marketplace.

How does DriveBid benefit car dealers?

DriveBid allows dealers to customize vehicle criteria and receive real-time alerts for matching trade-ins, improving their inventory management.

What competitive advantage does DriveBid provide to consumers?

DriveBid offers consumers a platform to receive competitive bidding offers from multiple dealers in real-time.