What Is The Money-Making Model Of Rodo?

Nov 25, 2023 By Susan Kelly

Customers can receive direct delivery of their car, which may take place on the same day as the order is made if it is done early enough. The Apple Store and Google Play make Rodo's mobile app for smartphones accessible to download.

Rodo's Manufacturing

Rodo operates in the automobile dealership industry, but the company operates in a more recent subsegment that enables customers to make purchases online without physically visiting a dealership. This is accomplished primarily through mobile applications on various types of smartphones. Rodo does not make pricey purchases or have expensive fleets or goods on hand. Instead, it forms partnerships with local dealers all over the United States. These partnerships extend the digital reach of dealerships while also providing customers with an on-demand experience. More than 80,000 cars from 25 different manufacturers are immediately available for lease or buy via the Rodo app or website. Rodo's partner network includes more than 1,200 dealerships in 10 different states.

Donations Received and Financial Statements

As a result of the recession brought on by the epidemic, Rodo money has seen phenomenal expansion. Consumers have been more diligent in their hunt for contactless car-buying choices, competitive pricing, and new inventory routes throughout this period. The corporation reported in July 2021 that both its revenue and volume had increased by more than ten times over the preceding two years. When those projections were made, the firm anticipated a growth rate of 500 percent in 2021, after a record year in 2020, with gross merchandise value (GMV) expected to surpass $1 billion.

So far, Rodo has successfully obtained finance in all three rounds. There was a total of $44.6 million raised between the seed round, which took place in October 2017 and raised $3.6 million, the Series A round, which took place in February 2018 and raised $23 million, and the Series B round, which took place in July 2021 and raised $18 million. Rodo money said that the most recent round had come to a successful conclusion "as the firm prepares to grow its dealership network countrywide and engage in marketing and customer acquisition."

The Past and Its Figureheads

The firm, first known as Honecker when it was established in 2016, later changed its name to Rodo in 2019. Nathan Hecht, founder, and CEO of the company has been placing bets on the trend toward online car purchasing, which he refers to as a "paradigm shift" in how people in the United States purchase automobiles.

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