The online vehicle marketplace company quadrupled its sales in just one year after beginning operation in January 2021.
Carmigo, a Tupelo, Mississippi company, hit a milestone recently in its operations.
Carmigo is an online vehicle marketplace connecting individual sellers with dealerships. The company’s founders say Carmigo began out of the frustration of consumers looking for a more transparent and convenient way to sell their vehicles and seeing dealers look for a better source of inventory than traditional auctions.
Founded in January 2021, Carmigo sold just over 1,000 cars in its first year of operations. In 2022 – just one year later – it has quadrupled its sales, selling its 4,000th car.
“Last year was an exciting ride, seeing the used car market reach stratospheric highs before plummeting back to earth,” said Carmigo CEO and Founder Andrew Warmath. “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.”
Instead of holding inventory like most online used car buyers, Warmath explains that Carmigo simply facilitates the transaction, making it easier for both buyer and seller.
“What makes us different is that we’re not focused on the sale. We’re focused on making the transaction easy and beneficial for both parties,” Warmath said. “Coming from a dealership background, we know how hard it is to inspect and stock quality used cars, so we want to bring lot-ready cars to our dealership partners. We also know how hard it can be to sell your car. So Carmigo works to make it easier for everyone by connecting these two needs at scale.”
Carmigo charges a flat buyer and seller fee instead of relying on margins that fluctuate from transaction to transaction.
Frank Corder
