UK venture capital company Maven Capital Partners has invested £2.5m in Rockar, an online car retailer.
According to Maven, the investment will enable Rockar to form partnerships with more automotive manufacturers after its success with Hyundai. The company will also launch more digital stores in high-footfall shopping centres and continue to develop its technology platform.
Rockar's new retail proposition has created a unique car buying experience for customers, who can access all traditional dealership services online or at one of Rockar’s digital stores in Bluewater Shopping Centre in Kent, and the Westfield Shopping Centre in East London.
Designed to have a unique and engaging experience, customers are supported by in-store digital content, which provides information about cars and helps to explain the purchasing process. Conventional commission-based sales staff have been replaced with ‘Angels’, which put greater focus on product information and less on the sale. This means customers can view the cars at leisure without the pressure to buy.
Maven noted that Rockar has been a pioneer in the online car purchase market. While most automobile manufacturers present details about vehicles on their websites, they are hesitant to offer online purchase. Rockar has introduced a ‘Buy Button' on its website, which appears before offering finance and part-exchange options.
Rockar's chairman Simon Dixon said: “Following on from the success we have achieved to date, which has seen over half a million people visit our ground-breaking stores and experience our unique online retail platform, this investment is the latest endorsement of the Rockar proposition.
“From the outset, we have aimed to revolutionise the car-buying experience. Customers have proven the appetite for our service and now we have car manufacturers actively seeking to partner with Rockar to help them build their online retail presence, so it’s great to bring on board Maven to help develop this offering.
"Our investors share the same vision for our business and will help us deliver the service to a range of other leading car brands in the coming months."