To Modernize Car Dealerships, Prodigy Boosts Funding to $14.4M
The way people buy cars has changed. Before a customer ever steps foot in a dealership, they’re doing more than 20 hours of online research — whether it’s comparing safety features, calculating fuel economy, looking at accident history reports or weighing the best value on Kelley Blue Book. While the way people shop has evolved, the tools that dealerships use to interact with customers has remained the same for almost two decades.
Prodigy is the first end-to-end sales software that bridges the gap between how dealerships operate and the new way that people are shopping for cars. Since launching in 2016, we have welcomed some of the largest and biggest names in auto retail to the platform, including dealership groups like Germain Automotive, as well as local franchised dealers from top brands like Toyota, Honda and Ford. Prodigy was also recently selected as an official provider in the new Toyota Dealer Digital Systems 2.0 program, which will help bring our technology to more Toyota dealerships in the US. Over $2 billion in vehicle sales have been powered by Prodigy, which works out to over 90 thousand vehicles and puts us on track to complete $10 billion in sales by the end of the year!
To fuel the rapid adoption we’re seeing among forward-thinking dealerships, Prodigy has raised an additional $9 million in Series A funding from Tribe Capital, bringing total funding to $14.4 million. Additional investors include retail experts like the Yasunobu Kyogoku, the former COO of the global fashion empire Uniqlo and Ronnie Lott, the former NFL star who owns several California car dealerships, as well as Sam Hodges, founder of publicly-traded Funding Circle.
“What sets Prodigy apart from other companies we looked at in this space is that it doesn’t aim to upend auto retail, but instead provides an elegant solution that fits into existing dealership processes and systems. Because of this, the company has seen skyrocketing utilization rates: while other technologies touch about 2% of overall sales at dealerships, Prodigy touches between roughly 80% of all sales. The company is already having a tangible impact on dealership sales, and quickly becoming the backbone technology for major players in the auto retail industry.” – Jonathan Hsu, Co-Founder & Partner, Tribe Capital
We’re excited to share new updates to the Prodigy platform today, focused on:
Delivering a seamless, engaging experience for shoppers: When a shopper visits a dealership website, they can do more than just browse and compare cars available. With Prodigy, shoppers can also take action — whether it’s getting insight into discounts and sales, calculating loan options, applying for financing or picking a protection plan. Shoppers can even complete a transaction and schedule pickup or delivery immediately. Given that a majority of shoppers still choose to see the car in-person first, we allow the dealership to pick up right where the shopper left off by providing them with all of the actions that the shopper has taken up to that point.
Allowing salespeople to focus on the customer, not administrative work. Predictive inventory filters automatically narrow down cars based on the customers expectations, which cuts down the process by 60-90 minutes. Meanwhile, new communication tools allow salespeople to instantly get answers from managers on important questions, like whether they can offer a discount to close the deal.
Making the back office more agile and efficient. Prodigy is the only technology company with deep two-way integrations into all of the services that dealerships already use, which includes CRM software like DealerSocket, trade-in systems like vAuto and F&I solutions like DealerTrack. Because data flows both ways, the back office doesn’t need to spend several hours every day on data entry. Meanwhile, Prodigy’s digital credit application connects the dealer with over 1,300 lenders at the touch of a button, and a new real time reporting feature gives instant insight into trends around how each sales person is doing by tracking every step of the sale from test drives to credit applications and beyond.
Stay tuned as we continue to progress on our mission to help auto dealerships everywhere become more efficient while providing a better shopper experience. If you’re a member of the media that would like to learn more, email firstname.lastname@example.org and if you’re interested in using Prodigy at your dealership, email email@example.com or call 1-833-DEALER5 (1-833-332-5375).