Lyteflo Raises $3 Million in Seed Funding to Revolutionize EV Sales
Transforming EV Dealerships
Lyteflo, a cutting-edge electric vehicle (EV) merchandising solution, has announced the successful closure of a $3 million Seed funding round. Co-founded by Ryan Osten (CEO) and Dominick Rivard (CTO), Lyteflo aims to redefine how dealerships manage and sell EV inventory. By seamlessly integrating advanced tools into dealership websites, the platform accelerates EV sales and provides precise EV battery appraisals. This innovative approach positions Lyteflo as a one-stop solution for dealerships transitioning to an electrified future.
Strategic Backing and Market Opportunity
The funding round was led by Diagram, with additional participation from Whitecap Venture Partners and Amplify Capital. The backing reflects confidence in Lyteflo’s mission to empower dealerships during a time when EVs are gaining dominance in the automotive market. According to industry projections, EVs are set to account for over 50% of total vehicle sales by 2035. Despite this, many dealerships face challenges in adapting to the sale of electric vehicles, given their long history of selling internal combustion engine (ICE) vehicles. Lyteflo addresses this gap by equipping dealerships with data-driven tools tailored to the EV ecosystem.
Key Features of EV Revenue Platform
At the heart of offering is its EV Revenue Platform, which provides an array of tools designed to enhance both dealership operations and customer experience. Key features include:
- VIN-Specific Savings Calculations: Transparent insights into fuel and maintenance cost savings for specific EV models.
- Incentive Details: Comprehensive information on state, federal, and local tax incentives.
- Charger and Trip Planning Tools: Helping potential buyers navigate their EV ownership journey.
- Personalized Ownership Reports: Tailored reports that highlight cost benefits and environmental impact.
- EV Data Enrichment: Adding critical EV-specific details to dealership vehicle listings.
Future enhancements to the platform include EV battery health testing and diagnostics, ensuring dealerships stay ahead in offering value-driven solutions.
Enhancing Dealership Success in the EV Era
Dealerships integrating platform have reported significant improvements in lead conversions, showroom performance, and overall EV sales. By embedding these tools directly into their websites, dealerships can address the most pressing questions of potential EV buyers, paving the way for faster inventory turnover and enhanced customer satisfaction.
“While innovators and disruptors led the first wave of electric vehicle adoption, the next wave is going to fall on dealerships and more traditional retail channels,” said Ryan Osten, Lyteflo’s Co-Founder and CEO. “EVs represent a generational opportunity for dealerships. Lyteflo provides the tools they need to seize this moment and thrive in the EV marketplace.”
Leadership Expertise Driving Innovation
Ryan Osten’s leadership and deep industry expertise have been instrumental in shaping Lyteflo’s vision. As a seasoned automotive tech entrepreneur, Osten previously served as COO at Gubagoo, a pioneer in messaging and digital retailing solutions for dealerships. During his tenure, Gubagoo partnered with over 6,000 dealerships, including 90% of the top 150 dealer groups in the U.S., before being acquired by Reynolds and Reynolds in 2021. Osten’s experience in scaling automotive solutions ensures Lyteflo’s trajectory toward transformative growth.
Partnerships Amplifying Impact
Lyteflo’s recent partnership with DealerOn, a leading provider of automotive website and marketing solutions, further strengthens its market reach. DealerOn’s network of 7,000 dealerships now has access to Lyteflo’s innovative tools, enabling a seamless integration that enhances the EV buying experience nationwide.
Paul Manias, Partner and Co-Head of Diagram’s ClimateTech Fund, emphasized the significance of Lyteflo’s approach: “No one else is executing on both sales tools and battery intelligence like Lyteflo. Their solutions will help dealers get EVs off their lots and onto the road more quickly, accelerating the transition to e-mobility.”
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Read more: Lyteflo Secures $3M Seed Funding to Transform EV Sales Landscape
