Rodo is an online service that facilitates the purchase or leasing of vehicles without the need to go to a dealership. Through its website and smartphone app, the private company offers a choice of thousands of cars across dozens of major vehicle brands.

The service offers a price match guarantee, 100% transparent pricing—no hidden fees, no haggling—prices are pre-negotiated, a test drive upon delivery, and the option to return at delivery if you are not satisfied. Rodo's smartphone app is available through the Apple Store and Google Play.

Rodo's Industry

Rodo is in the auto dealership industry, but in a newer segment that facilitates purchases online, without the need for the consumer to enter a physical dealership, mainly through the use of smartphone apps. Among the top competitors of Rodo in this segment are Cars.com, Edmunds.com, Autotrader.com, TrueCar, CarGurus, Autolist, CARFAX, Shift, Carvana, and Lease Exchange.

Rodo does not buy or maintain expensive fleets or inventory. Instead, it partners with local dealers across the U.S., extending dealerships' digital reach while offering consumers an on-demand experience to instantly lease, purchase, and finance a new vehicle—entirely from their mobile device. Rodo has a partner network of more than 1,200 dealerships across 10 states and offers more than 80,000 vehicles from 25 manufacturers for immediate lease or purchase via the Rodo app or website.

Rodo's Fundraising and Financials

Rodo saw explosive growth during the pandemic as the pandemic squeezed the auto market. During this period, consumers intensified their search for contactless car-buying options, competitive pricing, and new avenues for inventory.

In July 2021, the company said that revenue and volume surged more than 10-fold in the previous two years. At that time, the company forecasted 500% growth in 2021 after a record 2020, with gross merchandise value (GMV) projected to exceed $1 billion.

Key suppliers of 澳洲幸运5官方开奖结果体彩网:venture capital to 澳洲幸运5官方开奖结果体彩网:privately owned Rodo include IAC/InterActiveCorp (IAC), Evolution VC Partners, Lead Edge Capital, Holman Enterprises, HeartBeat Ventures, and Sand Hill Angels. Other investors include Mack McLarty, vice chairman of RML Automotive; Franklin McLarty, chairman and chief executive officer (CEO) of McLarty Diversified Holdings; and Ken Schnitzer, former chairman of Park Place Automotive Group.

IAC is the parent company of the Dotdash Meredith✅ family of websites, which include𒉰s Investopedia.

Rodo has received funding in three rounds so far. The seed round in Oct. 2017 raised $3.6 million, the Series A round in Feb. 2018 raised $23 million, and the Series B round in July 2021 raised $18 million, for a total of $44.6 million. Rodo said the latest round was concluded "as the company prepares to scale its dealership network nationwide and invest in marketing and customer acquisition.

History and Leadership

Launched in 2016 as Honcker, the company changed its name to Rodo in 2019. Founder and CEO Nathan Hecht has been betting on car shopping becoming increasingly digital, what he has called a "paradigm shift" in how American consumers buy vehicles.

Recent Developments

The latest news from Rodo came in 2021 when the company expanded its business model by offering used cars for the first time. The business had previously only offered new cars for sale or lease, but in 2021 it took steps to incorporate used cars in order to expand its offering, gain new customers, and expand revenue.

The company took this step as the pandemic caused a shortage of new cars due to reduced microchip supplies, which resulted in increased demand for used cars. The used cars also come from Rodo's network dealership.