Annual Awards Program Recognizes Innovation in Automotive and Transportation Technologies Around the Globe
VANCOUVER, British Columbia, October 13, 2022 – MintList, a tech start-up that’s modernizing the way cars are bought and sold, announced it has been selected as “Car Buying App of the Year” in the third annual AutoTech Breakthrough Awards. The program is conducted by AutoTech Breakthrough, a leading market intelligence organization that recognizes the top companies, technologies and products in the global automotive and transportation technology markets today.
MintList is an AI-powered online marketplace enabling buying and selling of cars between consumers and dealers, online, within 24 hours. Consumers can sell their vehicle for the highest value possible via MintList and trade or buy a vehicle from MintList’s inventory of both new and used cars directly from its vast network of pre-approved dealers.
MintList’s AI-based technology empowers consumers to complete a guided vehicle inspection on a mobile device in three minutes. Using computer vision, the system picks up everything from scratches on a bumper to the condition of the tires and then enriches the vehicle information with relevant data pulled from multiple sources to determine the vehicle’s value and starting price for auction, after which it is presented to dealers in a short 15-minute and 45-minute auction format. The consumer has complete transparency and can watch bids in real-time. On average, sellers receive 100+ offers from hundreds of dealers in the process.
Once an offer is accepted, the seller can choose cash or use the funds to purchase another vehicle. Purchasers on MintList can research dealer inventory including all factory options, Carfax, condition report and reviews of other consumers. They can complete the transaction online or reserve the car they want with a refundable deposit. Purchasers can then head to the dealership for a test drive, where they can either buy the vehicle or get their deposit back. This is a huge advantage compared to online-only dealers that do not offer a test drive.
Additionally, using machine learning, MintList enables dealers to make intelligent buying decisions for their inventory mix, assist their sales team with follow-up, and make price recommendations all tailored to their particular market.
“We are thrilled that AutoTech Breakthrough is recognizing our commitment to revolutionizing the way cars are bought and sold. No one is doing what we’re doing: MintList is allowing consumers to sell their car to the highest paying dealer and use that as a trade-in across our network on any car from any dealer, saving consumers thousands of dollars in taxes,” said Mike Wood, co-founder and CEO of MintList. “By unlocking access to 99% of the automotive inventory in the market, consumers also have the ultimate choice of vehicles online, but without negotiation, fees, or obligation. For dealers, we’re providing direct access to qualified consumers – further than the purchase funnel can than ever before.”
Since January 2022, MintList has sold over $10M in vehicles, has seen a 1400% increase in marketing conversions, and has a waitlist of 10X the vehicle inventory of other solutions combined.
The mission of the annual AutoTech Breakthrough Awards program is to conduct the industry’s most comprehensive analysis and evaluation of automotive and transportation technology categories, including Connected Car, Electric Vehicles, Engine Tech, Automotive CyberSecurity, Sensor Technology, Traffic Tech and many more. This year’s program attracted more than 1,500 nominations from over 15 different countries throughout the world.
“Cars are the second largest investment for most people, yet 76% of consumers dislike the dealership experience. At the same time, dealers are losing market share to online-only models that improve the consumer problem but lack inventory. It’s important to remember that dealers own 99% of in-market inventory,” said Bryan Vaughn, Managing Director of AutoTech Breakthrough Awards. “Instead of using hundreds of millions of dollars to buy inventory, MintList bands car dealers together – unlocking access to 99% of the inventory and providing consumers with the ultimate choice and highest level of competition on their car, without negotiation, fees or obligation. This innovation makes MintList our choice for ‘Car Buying App of the Year.’”
MintList is an AI-powered platform for buying, selling, and trading cars. In addition to providing the easiest, fastest, and safest way for owners to sell their vehicle for the best possible price, MintList also enables consumers to leverage the value in their existing vehicle to trade up to another new or used vehicle while saving thousands of dollars on taxes. The MintList business model uses advanced technology, instead of expensive physical infrastructure, to deliver the best value for both automotive dealers and consumers. For additional information, visit MintList.com.
About AutoTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the AutoTech Breakthrough Awards program is devoted to honoring excellence in automotive and transportation technologies, services, companies and products around the world. The AutoTech Breakthrough Awards program provides a forum for public recognition around the achievements of AutoTech companies and solutions in categories including Connected Car, Electric Vehicles, Engine Tech, Automotive CyberSecurity, Sensor Technology, Traffic Tech, Vehicle Telematics and more. For more information visit AutoTechBreakthrough.com