RALEIGH — Joydrive OEM LLC, a Raleigh-based online car retailer, has raised $3 million, according to a filing with the Securities and Exchange Commission.

Joydrive logo

Joydrive

Joydrive filed the Form D on Feb. 26. According to the filing, the company raised its funds through equity, option, warrant or other right to acquire another security and security to be acquired upon exercise of option, warrant or other right to acquire security.

Joydrive offers both new and pre-owned automobile purchasing processes that can be completed entirely online in order to make shopping more efficient and convenient.

Customers can search for and choose a vehicle from the company’s website, get a trade-in offer from the dealership, arrange financing from the dealership and arrange delivery to a place of their choosing.

Hunter Gorham, founder and CEO of Joydrive, focuses the company’s efforts on dealerships that have already prioritized modernizing their business model.

Gorham said, “Relationships matter and working with dealers, rather than circumventing them, may actually lead to a simpler solution.”

In April 2018, Joydrive raised $1.05 million in the form of equity, options and securities from one investor.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism

Other WRAL TechWire stories about Joydrive:

Raleigh startup Joydrive expands its online marketplace for new and used cars

Raleigh startup Joydrive expands its online marketplace for new and used cars

Raleigh startup Joydrive (buy your car without a dealer) raises $500,000