RepairSmith is a new startup that provides car repair and maintenance solutions in a full-service digital format. The company has been making the news recently with its influx of venture capital funding. It is on a mission to become the largest provider of digital maintenance solutions in the world. If you're not yet familiar with this interesting automotive enterprise, here are 20 things you probably didn't know about RepairSmith.
1. RepairSmith is a young company
According to Crunchbase, RepairSmith is a business that is still in its early stages of development. The company was founded in 2018 and has only been active for three years as of 2021. The headquarters is located in El Segundo, California.
2. RepairSmith is a versatile enterprise
RepairSmith has developed a unique platform for delivering its automotive maintenance and repair services. It is listed across three different industries including Information Technology, Home Services, and Automotive. What makes it stand out from most other companies of its type is the convenience that it offers customers. Car owners may opt to have their vehicles repaired in their driveways or they may drop them off at the RepairSmith shop. The business offers online booking with upfront price estimates after-hours support for customers, and a full warranty on all of the services performed.
3. RepairSmith has a five-member core executive leadership team
There are five members of the core executive leadership team at RepairSmith. Joel Milne is the chief executive officer. David DeMember is the head of design. Andreas Biebl is the CMO. Amanda Kifer is the senior director of product management. Jessica Chou is the content marketing manager. Although the team is small they are supported by other staff members. The group has a strong track record for achieving success.
4. RepairSmith uses 23 technology products and services
The RepairSmith website is powered by 23 technology products and services. The complex array of these IT products provide users and website visitors with a smooth and seamless experience. Some of these products and services include Google Fonts, Google Analytics, HTML5, and several others.
5. RepairSmith's website traffic is growing
According to the analytics maintained for RepairSmith's website, the number of monthly visits to the site has grown in the past 30 days. The number of monthly visits was 297,110, which represents a growth rate of 6.46 percent. This has resulted in the RepairSmith website being ranked as number 122,913 of the millions of websites registered on the world wide web. These numbers are useful for key decision-makers at RepairSmith for strategic planning, growth, and expansion.
6. Interest in RepairSmith is highest in the United States
The analytical data for the RepairSmith website shows that the highest amount of web traffic volume is from visitors who live in the United States. People from this country make up ninety-four percent of the monthly web visits, reflecting a growth rate in the number of visits by 5.98 percent. Three percent of the web traffic comes from Canada, with one percent from Germany. There are also visitors from Italy and Australia which each makes up less than one percent of the web traffic.
7. RepairSmith acquired CarDash
On February 26, 2020, RepairSmith announced its plans to acquire a company called CarDash. This company is headquartered in Menlo Park, California. It offers services for the automotive industry. The total amount of funding that CarDash received before being acquired by RepairSmith was $5.3 million. The transaction has been completed and now CarDash functions in its original location as a subsidiary of the parent company. Other details of the agreement were not disclosed, nor was the purchase price of the acquisition.
8. RepairSmith acquired More Automotive Group
The second acquisition that RepairSmith made was announced on June 10, 2020. It acquired a company called More Automotive Group. More Automotive Group is a startup that has its headquarters in San Francisco, California. It is a mobile repair and maintenance service, provider. The enterprise serves corporate office parks, property managers, and fleets. No other details of the transition have been disclosed. We do not yet know if the acquisition is still pending, or if the deal has been completed. RepairSmith has not disclosed the amount of the merger, but we assume that the company acquired will continue to function in its current location as a subsidiary of the parent company. The acquisition of this second business was a part of the fulfillment of RepairSmith's growth and expansion strategies. It is purchasing established companies that provide services that are in line with the mission of RepairSmith.
9. RepairSmith is a venture capital-funded business
RepairSmith has participated in one round of venture capital fundraising. The Series B round was completed on August 19, 2021, and brought in a total of $42 million in funds. RepairFund has secured the interest and support of four investors. The investors are Porsche Ventures, TI Capital, Mercedes Benz, and Spring Mountain Capital. The amount of funding that was raised in the first round suggests that the investors have a high level of confidence in the company's ability to provide them with a strong return on the funds invested. The precise details of the funding agreements have not yet been disclosed. It is assumed that RepairSmith has provided each investor with a stake in the future profits of the startup.
10. RepairSmith is capitalizing on its convenience platform
According to Techcrunch, part of the reason for the great and early success of RepairSmith is the convenience factor of its service delivery platform. Customers may access the necessary information for booking a consultation or repair/maintenance services online. They may arrange for RepairSmith to meet them in their driveways to complete the necessary tasks. Consumers do not need to leave the convenience of their homes unless they choose to drive to the shop. Mechanics are willing to make house calls, which is a service that is getting harder to find these days.
11. RepairSmith is expanding throughout the United States
RepairSmith began its operation in the state of California. In less than three years it has expanded its operations into seven states. Its recent round of $42 million in VC funding has provided the necessary finances for it to continue growth and expansion. The strategic plan for RepairSmith is to take its operations further into the entire United States by placing services in every major metropolitan area of the country by the close of 2022.
12. RepairSmith is disrupting the auto repair industry
RepairSmith has the potential to become a serious disruptor in the automotive repair industry. The kind of services it provides is far different from conventional services. They're setting the bar for other companies to a greater standard to meet. Some will not be able to economically rise to the occasion with at-home services and this could become the factor that puts them in the lead of the industry.
13. RepairSmith is a Mercedes-Benz prodigy
The RepairSmith company was accepted as a part of an incubator program for Mercedes-Benz. The famed automaker provided the first couple of funding rounds for the new startup. It grew from this startup and has grown into a full-fledged enterprise in its own right. Other investors became interested and supported the new company and the concept took off with the funding to continue the development of its infrastructure and expansion.
14. RepairSmith is a multi-brand solution
The RepairSmith platform is not designed strictly for the Mercedes-Benz brand of automobiles. This was never the intent. It is a multibrand operation that services and repairs all kinds of vehicles. Some repairs may take one or two days, but RepairSmith reports that all but ten percent of the cases may be taken care of with all tasks completed at the home of the consumer within one to two days. Some of the more complicated issues require the vehicle to be towed to a body shop for more extensive repairs.
15. RepairSmith serves individuals and businesses
RepairSmith is a versatile company that began its services with a focus on serving individual consumers. Recently, it has expanded its target group of customers to include businesses. Twenty-five percent of its customers are now rental car agencies, dealerships, and fleets with its B2B platform. It serves both markets but intends to more fully develop its B2B market.
16. RepairSmith does not hire third-parties
One of the complaints that consumers have about larger automotive repair companies is that they farm out the work to third-party providers. This is never the case with RepairSmith. They hire all their technicians and mechanics as employees versus contracted service providers. When RepairSmith runs a campaign for hiring new help, they focus on recruiting the top talent for the jobs. They take pride in doing a job well done to keep their customers happy with the services and the results that they receive.
17. RepairSmith is a privately owned company
RepairSmith is not listed on any of the public stock exchanges. This is because the owners have opted to keep it as a privately held enterprise. It is funded by Daimler, the parent company of Mercedes Benz. Unfortunately, you won't be able to purchase, trade, or sell shares of RepairSmith stock, at least not yet. We researched this business and have not yet seen any news releases or indications that it plans to go public. It's unlikely to take this route because RepairSmith receives all the funding that is required through private investors and Mercedes-Benz, a subsidiary company under Daimler.
18. RepairSmith plans to double its workforce
According to its LinkedIn profile, RepairSmith is following through with plans to double its current workforce. Before making new hires, there are 124 employees listed as working for the enterprise. We learned from the LinkedIn website that there are currently 124 open positions with the company. Earlier we learned that RepairSmith has plans to expand its reach within the United States into all fifty of them. At the time of this writing, it only had a presence in 7 of them. It's going to take substantially more workers to accomplish this goal. We assume that the doubling of the workers is just the first phase in their growth and development plan. There are new positions with RepairSmith open in various key metropolitan areas of the United States. The CEO of RepairSMith has confirmed that the overarching plan for the company is to become a national organization that covers every state in the union. They ha a lot of ground to cover and it's going to be an interesting year for them.
19. Employees at RepairSmith would recommend it to others
According to Glassdoor, the majority of people who have either worked at RepairSmith or who currently work there have given it positive reviews. Eighty-one percent of them would recommend it to others who are interested in working there.
20. There are pros and cons to working at RepairSmith
A summary of the reviews that employees provided for RepairSmith reveals that there are pros and cons to working for the company. On the plus side, workers believe that the company is empathetic to its employees. They provide opportunities for personal and professional growth. They only hire people they believe to be top-notch at their jobs. They also point out that the management is fast to recognize when there are product or internal issues. No employer is perfect and there are also a few downsides to working there. It's a new company that is still going through its growing pains. Scaling the company during a pandemic is stressful for some workers. Some workers would like to see the management keep their workers engaged with the vision and reassure them that they are there to give them support. Their employees work hard to build the new company and need to be recognized.
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Written by Allen Lee
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