Carmigo, a site that lets private owners auction their cars to dealerships, announced its 4,000th car sold in two years of operation.

The company said it posted 1,000 sales during 2021, its first year of operation, and 3,000 since then.

“Last year was an exciting ride, seeing the used-car market reach stratospheric highs before plummeting back to earth,” Carmigo CEO and co-founder Andrew Warmath wrote in an announcement. “We got to experience that unprecedented growth. But then we were quickly forced to adapt and innovate in order to grow when other companies in our industry were struggling.” 

Based in Tupelo, Mississippi, Carmigo operates across the U.S. except for Hawaii and Alaska. However, its dealership network is more concentrated around its Southeastern home base, meaning sellers can expect more bids for their vehicles there.

The site lets sellers list for free. They can do so through a self-service interface that invites them to post photos of the car and answer a few questions about its condition and bottom selling price.

After posting, the seller waits for bids and isn’t required to accept anything below their minimum price.

The company charges sellers a fixed fee of $350 per sale and charges dealers a commission based on the sale price.

Carmigo processes paperwork, verifies vehicle condition and handles title and registration. Dealers are responsible for the pickup of purchased cars.

Carmigo closed a $7 million funding round in August, bringing investments to date to $10 million.

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