MaxTradeIn, an Indianapolis-based website that gives car owners the ability to trade in or sell their used vehicle by selecting trusted local dealers to compete for their business, closed a $1.2m seed funding round.
The investment was led by Elevate Ventures with participation from private investors. In conjunction with the funding, Ryan Pfenninger, a venture partner with Elevate Ventures, joined MaxTradeIn’s Board of Managers.
The company intends to use the funds to continue to grow its operations into new markets, including its newest market in Columbus, Ohio.
Launched in late 2012 by Justin Bates, co-founder and CEO, MaxTradeIn provides consumers with a platform to receive multiple offers on their vehicle from trusted car dealers in their area during a free 48-hour listing period.
Nearly 100 franchise dealers located in Indianapolis, Cincinnati and Louisville, Ky. have used the platform.