Thursday, December 31, 2009

Mota Motors

(Post: English)
"On auction sites like eBay, there are generally two parties: the buyer and the seller. Reza Bundy wants to make it a threesome."

Last year, he raised $7.5 million from angel investors and venture capitalists and started a Web-based company, Mota Motors, that seeks to instill trust between online buyers and sellers and take advantage of the growing online used-car market.

The Venice (Calif.) startup runs basic background checks on both the seller and the car itself (via Carfax).

Mota also asks sellers 20 questions about their vehicles, including such basics as to whether the car has a spare tire or key, which can affect value.

Beyond collecting listing fees from firms like eBay Motors and payments from sellers, Mota also draws revenue from insurance companies who pay for customer leads that it provides from its list of buyers.

CEO Bundy won't give out revenue information, but says his 20-employee firm should turn profitable by yearend.

With Mota, Bundy, 37, is falling back on a business plan that has already worked well for him: In 1999, he founded IronPlanet, which grew into the largest online auctioneer of used construction equipment thanks in part to independent inspections that gave prospective buyers piece of mind.

Source: BusinessWeek

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