Eagle Venture Fund Announces Investment in Fastlane
Eagle Venture Fund is pleased to announce an investment in Fastlane. Fastlane is a SaaS and mobile app that that enables car buyers to purchase a vehicle directly from the car dealer's website, in-store sales, or consumer-to-consumer while giving them an easy Amazon-like checkout experience.
FastLane Value Proposition:
Automotive dealerships continue to experience slimmer profits year over year, leaving them looking for a way to generate additional revenue per vehicle. Automotive dealerships are also sitting with bloated inventories of about 20% higher than normal due to production outrunning demand. Dealers using Fastlane have experienced the following benefits:
5% increase in new and used car sales and leases
80% reduction in the overall time required to complete a purchase
70% increase in Finance and Insurance (F&I) products per deal
$400 more gross profit per sale
66% more F&I profit per sale
$172,000 additional gross profit per year
$11 average cost/sale for Fastlane app that is charged to the finance company
Fastlane's customizable platform handles nearly all the tasks associated with the purchase process: year, make, model, specifications and price information on each vehicle, warranty and service contract options, aftermarket product options, trade-in evaluations and accurate retail and lease payment information. Savvy dealers and consumer-to-consumer auto sales sites are gravitating toward Fastlane because of its flexibility, customizability, and ease of use.
Fastlane Market Opportunity:
Fastlane serves the enormous $1 trillion automotive market and facilitates a real-time financing process by bringing finance customers to the $113 billion auto finance market – a market segment that nets an astounding 30% net profits of $34 billion and is ready, willing, and able to pay for leads in a competitive finance world. Fastlane also upsells car buyers to the $259 billion auto insurance industry with an easy in-app purchase to make adding a warranty or collision policy a one-second sale which crushes the typical cost of acquisition.
Fastlane raised a $1.5m seed round and has gone live with dealerships in several states. The company is rolling out strategic partnerships with the largest auto ecommerce sites as the checkout and shopping cart engine for several brands. While the OEM captive finance arms are trying to maintain control of the financing process, Fastlane has focused on new car franchises without controlling finance arms, used-car dealers, ecommerce sites, and consumer-to-consumer transactions which heretofore have never had any built-in financing capability.
Fastlane is committed to living out faith in the marketplace, redeems several hours per car purchase for both car buyers and sellers due to its efficient process and provides financing products that are a better deal for both the buyer and the seller by charging acquisition fees to the deep-pocketed finance companies that have the highest profits in the profit chain.
Fastlane Valuation Milestone:
Fastlane recently completed a smaller add-on seed investment to fund additional consumer-to-consumer financing capability at a premium of 1.43x above Eagle’s investment valuation.
Eagle Venture Fund News
We will participate in the Lion's Den Dallas Fort-Worth in March. Here is a preview of the presentation Wade Myers will give at the event titled "What's Wrong With My Business Plan?"
Eagle Venture Fund shares - end of Q1 share price increase
We have decided to honor our early investors by marking up the shares in eagle venture fund based on recent valuation event in
FastLane. If you want to invest before the end of the month to participate in the bump up, please contact firstname.lastname@example.org.