SAN FRANCISCO, Calif. – RepairPal has announced the completion of a $13 million round of funding led by automobile industry leaders Cars.com and Castrol innoVentures. This investment will allow RepairPal to add more product enhancements and additional "Top Shops" to the company’s rapidly expanding network, which now includes more than 200 shops nationwide.
Since its launch, RepairPal has developed content and tools, including its leading RepairPrice Estimator, to help consumers as they own their cars longer than ever before. Last Fall, RepairPal introduced its Top Shop network, designed to assist motorists in locating a trusted place for car repair. After considerable research and technology development, RepairPal created the Top Shop network of high-quality repair shops with guaranteed fair pricing. The Top Shop network includes only shops that meet stringent standards for quality, price and customer satisfaction. Shops must pass a rigorous screening by certified master mechanics, provide great service as measured through in-depth surveys with verified customers, guarantee their parts and service for a minimum of 12 months or 12,000 miles, and charge fair prices within the range of the RepairPrice Estimator.
"Cars.com and Castrol are two names that almost every car owner knows and trusts," says RepairPal CEO Art Shaw. "Having two leaders in the industry fund the growth of our network of auto repair shops is a tremendous validation of the role RepairPal will play in the lifecycle of car ownership and maintenance. This investment will accelerate our efforts to help customers find and choose the right repair shop for their car needs."
Cars.com is an award-winning destination for consumers seeking information on what to buy, where to buy and how much to pay for a car. With this investment, Cars.com seeks to further RepairPal’s growth as a leader in the automotive repair sector.
"RepairPal is doing for auto repair what Cars.com did for car purchasing," said Greg McGivney, general manager and vice president, strategy and business development at Cars.com. "When transparency, expert advice and high standards reign, the customer wins. RepairPal has its priorities in the right place and we believe they will transform the auto repair industry."
Castrol innoVentures is the new investment arm of the global motor oil and lubricant giant, Castrol. This is Castrol innoVentures’ first investment in a technology start-up in the automotive industry.
Roy Williamson, managing director of Castrol innoVentures, stated, "We’re looking for leaders in the automotive industry that will help us achieve our goal of moving the Castrol brand beyond oils and lubricants and into the technology world. RepairPal, with its online and mobile tools for consumers and its transformative Top Shop network of trusted repair shops, is in the sweet spot of helping improve the auto repair experience for customers. We see this as a global opportunity."
"Support and funding from respected industry brands like Castrol and Cars.com solidify RepairPal’s leadership position in the global auto repair industry," added Dave Whorton, managing partner at Tugboat and RepairPal’s chairman. "Low trust in the auto repair industry has not only hurt consumers but also impacted the best shops and car manufacturers. RepairPal is dedicated to being the trusted source for consumers, quality independent shop owners and dealerships, and key industry players. This funding will help us expand the Top Shop network and introduce new products and services faster."
