Caramel’s innovative online car selling platform is being scooped up by eBay to redefine peer-to-peer vehicle transactions.
eBay has announced its agreement to acquire Caramel, a TechNexus Venture Collaborative portfolio startup that's changing the way people buy and sell vehicles online. The acquisition is set to transform eBay’s automotive category, offering a streamlined, secure and user-friendly experience for peer-to-peer vehicle transactions.
Caramel, founded by Craig Nehamen and Ed Brojerdi, gained rapid traction in the automotive industry with its innovative platform designed to eliminate the complexities of traditional car sales. By integrating advanced technology and a consumer-first approach, Caramel provides a seamless process that automates paperwork, payment and ownership transfer for both buyers and sellers.
This vision resonated strongly with TechNexus, which invested in Caramel’s seed round in 2023.
"We love backing ambitious entrepreneurs that understand the inefficiencies of 'how it's always been done,' and the team leading Caramel proved they could disrupt the status quo," said TechNexus founder and CEO Terry Howerton. "Congratulations to eBay for acquiring both a platform and a team that will continue to move ahead."
Caramel's rapid success is credited to its ability to address a long-standing pain point in the automotive market: the outdated and cumbersome peer-to-peer car sales process. By prioritizing ease, safety and transparency, Caramel quickly gained the trust of consumers and partnered with major corporations to solidify its market position.
"Caramel's team understood that the old way of buying and selling cars was broken. They dared to disrupt a massive industry, and they succeeded," Howerton added. "eBay is gaining a powerful platform and a talented team that will undoubtedly drive the future of online vehicle sales."
The acquisition not only brings Caramel's cutting-edge platform under eBay’s umbrella but also secures its world-class team, which has consistently demonstrated expertise and innovation.
"Investing in Caramel was largely a bet on Craig and Ed being uniquely qualified to maneuver and win in the space," said TechNexus Senior Analyst Nathan Musso. "They quickly built a world-class team, secured mega-corporations as partners, and demonstrated product-market fit. Joining eBay is going to propel their product towards standardizing the peer-to-peer auto and RV sale process, and we couldn't be happier to have been allowed on this ride with them."
For eBay, this acquisition is a strategic step toward enhancing its automotive offerings and capitalizing on the growing demand for simplified, secure online vehicle sales. For Caramel, joining eBay’s platform provides the scale and resources needed to standardize and redefine peer-to-peer car transactions on a global stage.
Image credit: eBay