CarDr.com Raises $5M to Launch Artificial Intelligence-Powered ‘MRI for Used Cars’

Auto lenders, dealers, and car buyers turn to next-gen inspection technology to detect fraud and better understand the health of second-hand vehicles

Oak Brook, Illinois, UNITED STATES


CHICAGO, Dec. 10, 2020 (GLOBE NEWSWIRE) -- The used car market in the U.S. is worth $89 billion, and continues to grow every year. But even with 41 million used cars changing hands annually, consumers, dealers, and lenders struggle to know their true value before purchase or sale.  

To give lenders, dealers, and buyers a more comprehensive picture of vehicle health and a more accurate valuation of used cars, CarDr.com today announced its launch and seed funding of $5M from Red Fort Capital.

CarDr.com’s artificial intelligence-powered (AI) used car inspection is the first of its kind. CarDr.com’s proprietary On-Board Diagnostic (OBD) scanner pulls 300+ vehicle diagnostic data points and generates a comprehensive vehicle inspection report and reliability rating.

“The combination of CarDr.com’s state-of-the-art AI-powered inspection protects used car buyers, dealers, and lenders from unnecessary risks and costly mistakes,” said Parry Singh, chairman and founder of CarDr.com.

“CarDr.com provides deep insight into a car’s health and protects a buyer from purchasing a faulty or overpriced used car," Singh added. "CarDr.com’s AI Suggested Fair Market Valuation gives buyers, dealers, insurance companies, and lenders more confidence in their used car purchase or financing decisions."

CarDr.com pulls and analyzes vehicle health data to detect:

CarDr.com’s vehicle inspections benefit:

  • Banks and Credit Unions – CarDr.com brings more certainty to auto lenders by giving better insight into what a car is worth, allowing banks and credit unions to capitalize on the $89 billion used-car market.

  • Auto Dealers – CarDr.com provides a competitive advantage for car dealers by enabling them to accurately appraise trade-ins and existing used car inventory, as well as detect odometer and VIN fraud.

  • Buyers – CarDr.com gives buyers greater transparency into the health of a used car to avoid car trouble down the road and negotiate a fair market price for the vehicle.   

“You can think of a typical car inspection as a routine wellness check or physical exam,” said Singh. “CarDr.com gives a much more comprehensive look into car health by providing the equivalence of an in-depth MRI.”

To learn more about CarDr.com and the science behind AI-powered car inspections, visit CarDr.com.  

About CarDr.com, Inc.

CarDr.com provides transparent and comprehensive used car inspections for auto lenders, dealers, buyers, and sellers nationwide. Its fleet of trained auto inspectors leverage CarDr.com’s state-of-the-art AI to analyze vast amounts of car diagnostic data to more accurately assess vehicle health, prevent fraud, and determine a car’s true value.

The CarDr.com On-Board Diagnostic (OBD) scanner, when coupled with the CarDr.com Vehicle Inspection App, detects odometer fraud with 99% accuracy, VIN fraud with 100% accuracy, and generates a vehicle inspection report, reliability rating, and fair market valuation within minutes.

Launched in 2020, Chicago-based CarDr.com is backed by Red Fort Capital, the $1.2 billion private equity firm and S&P investment grade finance company Singh founded in 2003. 

About Red Fort Capital  

Founded by Parry Singh in 2003, Red Fort Capital is a $1.2 billion real estate fund that has financed over 30 million square feet of residential and commercial space worldwide. The firm, ranked by PERE Magazine as a Top Ten Emerging Manager, has an investment strategy uniquely focused on transaction structuring, execution, and asset management expertise.

Red Fort Capital has multiple financing vehicles, including private equity funds, non-bank finance, and a global special situation principal group. Red Fort Capital NBFC, a regulated non-bank finance company that focuses on corporate debt, senior debt for logistics, education, bridge financing, and more, is an S&P investment grade-rated company.

Media Contact:

Siri Morrone
siri@cardr.com
(800) 932-1120

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/818dc12d-5fb1-408b-8f85-1859ce4f6129

A video accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0edc8afd-3b26-4f3f-9d61-9d17fc9d5753


CarDr.com On Board Diagnostic Scanner