HopDrive Raises $8 Million in Series A Funding Round to Support Nationwide Expansion of Its Best-In-Class Short Distance Vehicle Delivery Solution
Strategic Investors Cox Enterprises, ACERTUS, and Ally Ventures see opportunity for HopDrive to become the industry’s go-to provider for short haul logistics
RICHMOND, Va. – January 24th, 2023 – HopDriveTM, a pioneer in short distance vehicle delivery solutions for automotive dealerships, independent service centers, and fleet management companies, today announced the closing of its $8 million Series A funding round. The round was led by Cox Enterprises, Inc., parent company of Cox Automotive, Inc., a market leader in automotive technology, logistics and mobility solutions. Other investors include HopDrive's previous lead investor, Overline, automotive logistics platform ACERTUS, and Ally Ventures. Funding will be used to accelerate development of HopDrive’s technology platform, to make key hires to support its fast-growing customer base, and to fuel a significant increase in the company’s nationwide footprint.
Founded in 2018, HopDrive provides automotive businesses a turnkey solution for short distance vehicle transportation. Common use cases include concierge service appointment pickups, at-home consumer test drives, vehicle purchase deliveries, and more, all seamlessly executed on demand with the HopDrive platform. HopDrive customers avoid having to hire dedicated delivery staff or take existing staff away from selling cars and servicing customers.
“Moving cars short distances is hard and very inefficient for most automotive businesses to handle on their own. Yet, demand for these services has grown exponentially in recent years as the industry has moved toward an omni-channel sales approach and as consumers increasingly expect more convenience in their shopping and service experiences,” said Nick Mottas, HopDrive CEO and co-founder. “Rob and I started HopDrive with the sole mission of solving the challenges of short distance vehicle delivery, enabling our dealer and fleet customers to focus on growing their core business without having to make capital investments or add headcount.”
Along with the investment, HopDrive also announced the addition of Joe Kichler, vice president and general manager of Manheim Logistics, a Cox Automotive brand, and automotive industry veteran David Metter to its Board of Directors.
Mottas continued, “We are thrilled to welcome industry leaders Cox Automotive, Ally Ventures, and ACERTUS to our cap table, and Joe and David to our Board. Their endorsement of what we are building is as exciting as it is humbling, and their involvement will help us ensure that we stay ahead of the changing needs of our customers and partners.”
“The importance of vehicle home pickup and delivery has grown considerably in today’s on-demand economy, and the need for these services will only increase in the months and years ahead,” Kichler added. “I’m excited to work with the team at HopDrive as they bring the promise of fast and efficient short distance delivery to more dealers and consumers.”
In 2022, HopDrive doubled its geographic footprint from 4 to 9 markets, including Richmond, Charlotte, Raleigh-Durham, Atlanta, Philadelphia, Chicago, Phoenix, Dallas, and Houston. The company plans to expand to Orlando, Baltimore, and Nashville in the next 90 days, and to a total of 20 additional markets over the next two years.
Join HopDrive at the NADA conference in Dallas, TX January 27-29th, where they will be located in Booth #6349.
About HopDrive
Richmond-based HopDrive specializes in short distance vehicle delivery solutions for automotive dealerships, independent service centers, and fleet management companies. The Company’s solutions are delivered on-demand, without the need to purchase expensive car haulers or to sidetrack staff from selling and servicing cars or customers. Common use cases include concierge service appointment pickups, at-home consumer test drives, vehicle purchase deliveries, and more. For more information about HopDrive, visit www.hopdrive.com.
About Cox Automotive
Cox Automotive is the world’s largest automotive services and technology provider. Fueled by
the largest breadth of first-party data fed by 2.3 billion online interactions a year, Cox
Automotive tailors leading solutions for car shoppers, automakers, dealers, retailers, lenders
and fleet owners. The company has 25,000+ employees on five continents and a family
of trusted brands that includes Autotrader®, Dealertrack®, Kelley Blue Book®, Manheim®,
NextGear Capital™ and vAuto®. Cox Automotive is a subsidiary of Cox Enterprises Inc., a
privately-owned, Atlanta-based company with $21 billion in revenue. Visit coxautoinc.com or
connect via @CoxAutomotive on Twitter, CoxAutoInc on Facebook or Cox-Automotive-Inc on
LinkedIn.