DriveBid, with Black Book data, helps dealers find, bid and buy vehicles direct from consumers.  -  IMAGE: Black Book

DriveBid, with Black Book data, helps dealers find, bid and buy vehicles direct from consumers.

IMAGE: Black Book

CHARLOTTE, N.C. – Capstone Technologies Group, Inc (OTC: CATG) a company that acquires, operates and organically develops disruptive technologies, provided an update with respect to its minority interest in data technology and media company, DrivenIQ.

Black Book has announced the integration of its VIN-specific valuation and VIN Decoding data into DrivenIQ’s new DriveBid™ platform.

DriveBid, the first consumer-driven Live Trade-in Marketplace, helps dealers sell more cars while sourcing valuable inventory direct from the consumer. At NADA, DriveBid signed over 250 dealers onto their new platform.

“Integrating Black Book’s data into DrivenIQ’s DriveBid platform provides dealers with the data they need to increase their revenue and maximize their profit,” said Jared Kalfus, President of Black Book. “Dealers will have up-to-date, precise data so that they can more competitively bid for new inventory, make more desirable trade offers and sell more vehicles.”

The DriveBid marketplace allows consumers to place their vehicle into a virtual garage and receive Black Book’s trade-in valuation or valuation range for their vehicle. Dealers can then bid on the vehicle or make a purchase offer. At the same time, dealers can display their inventory and enable it to be shopped by consumers.

“It was great to be back to in-person events, and we’re thrilled with the success that we saw in Las Vegas at NADA, our industry’s largest convention,” said Albert Thompson, CEO of DrivenIQ. “DriveBid connects dealers who need inventory with consumers who are looking for the best offer for their vehicle in a real-time, easy-to-use online platform. DriveBid empowers consumers to watch live bidding and simultaneously communicate with dealers to ask and answer questions, as well as to explore inventory for their next vehicle purchase. Black Book’s data allows us to create transparency in the trade-in and vehicle purchasing process that until now, has never existed.”

DrivenIQ is a data-driven intelligence technology firm. Late last year, Capstone Technologies Group, Inc (OTC: CATG), a company that acquires, operates and organically develops disruptive technologies, acquired an initial minority interest in DrivenIQ and has invested additional capital to further accelerate the company’s growth.

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