OneLot is driving into the lending space! They make it accessible for used car dealers to access credit. Oh, and they’ve just raised $4M in a pre-seed!

• Since launch this year, they’ve $1.3M+ in loans, financed more than 200 cars, and have seen 10x revenue growth through Q2 and Q3 2024.

Investor check. 468 Capital led the round. Kaya Founders, Crestone Venture Capital, 21yield, Founders Launchpad, and several angels joined in.

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🚙 How it works

They allow dealers to apply for loans to buy more cars they can sell. After submitting a few documents, you can access your first loan in just a few days!

• Interest is as low as 1.8% monthly, financing up to 70% of the car, and you’ll have a financing period of up to 90 days.

Once you’re onboarded, you can apply for an individual loan per car.

• Upload the details of each car, get an inspection by OneLot, and you’ll get a final loan amount and conditions.
• With their AI-enabled underwriting algorithm, they can disburse capital in just hours after approval.

And that’s not it! They also offer a dealership management system with multiple solutions.

• Manage inventory, access market insights on things like car pricing, get marketing tools, and more.

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💥 What’s next?

They’ll be using the $$$ to reach more dealers and speed up the development of their product and their AI.