Driver1 provides cars for young drivers through adjustable packages that include a warranty, breakdown, MOT, and road tax. The deal will see Driver1 buy more than 1,200 vehicles a year from Cox Automotive. It will use Manheim’s seller advance valuation services, providing trade-in cars through Manheim’s national auction center network. Manheim is owned by Cox Automotive.
Driver1 will also be able to use Manheim Vehicle Solutions service for storage, smart repair and vehicle refurbishment. It’ll use delivery and handover services from Manheim Inspection Services. Stock funding is available for Driver1 through NextGear Capital.
Driver1 CEO Tim Hammond was previously a successful technology entrepreneur and investor who founded his first Internet start-up in 1996 and sold it to a public company for $18 million.
“We’re excited to partner with Cox Automotive for our full wholesale to retail process,” he said. “Ours is the first product of its kind on the market, and we know that high quality of service at every stage is imperative to deliver on the customer experience we expect to offer through Driver1.”
“This is an exciting new partnership that really demonstrates how important it is for Cox Automotive to offer products and services across the full remarketing process,” Gerry Whittington, head of central sales at Cox Automotive, said.
“Driver1 offers many firsts for the online car industry, offering younger drivers an all-inclusive monthly subscription model.”