Rodo secures $18M in series B funding

Leasing and financing app Rodo completed an $18 million series B financing round this week, led by Holman Enterprises and Evolution VC Partners . The New York-based car-leasing company also gained support from participating investors including media conglomerate IAC , McLarty Diversified Holdings Chief Executive Franklin McLarty, comedian Kevin Hart’s HartBeat Ventures , RML Automotive Vice Chairman Mack McLarty, and Place Automotive Group former Chairman Ken Schnitzer. “Just overall a really good round,” Rodo Chief Executive Nathan Hecht told Auto Finance News . “The right amounts of money, with excellent partners for us to continue to expand the business.” Rodo’s total funding now clocks in at $45 million, according to a company release. The company plans to increase customer acquisition and strengthen its dealer network in Florida, Illinois, Massachusetts, New York, Philadelphia and Southern California , Hecht told AFN . Rodo partners with more than 1,200 dealerships to offer leasing , and retail financing options to consumers via the Rodo app and website. Rodo’s young demographic has responded well to the platform , helping the company’s leasing volumes flourish during a time where industry wide leasing is down overall. Leasing volume currently sits at 26% of the market, down from pre-pandemic levels of around 30%, according to data from JD Power . “Our consumer base, being a typically younger consumer base, is attracted more to lease than they are to finance and holding onto a vehicle longer,” Hecht said. The younger generation is more interested in online transactions and the ability to trade in and out of vehicles quickly, Hecht said. For Rodo, leasing is the most popular option for its customer base. Along with high lease volumes, the company is coming off its “best year ever,” Hecht said, noting that he expects the company to grow by more than 500% in 2021. Auto Finance Summit, the premier industry event, returns October 27-29 in Las Vegas. The Summit continues to bring together the best and brightest in the industry year after year for unparalleled networking and professional education. To learn more about the 2021 event and register, visit www.AutoFinanceSummit.com .

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