The former GM CEO is further jumping back into the automotive world in a big way, invests and is advising YourMechanic, a mobile mechanic app.
The service industry is rapidly changing by the day and that includes the way we repair our cars. As per Automotive News on their latest update on what CEO Rick Wagoner got himself into earlier this week (Oct. 9, 2018) the 65-year-old Harvard grad and titan of industry is back at it again, this time in Silicon Valley. Dubbed YourMechanic and in operation as an app since 2012, YourMechanic is benefiting from a cash injection from the aforementioned Wagoner and is also getting insight and advice on how to move forward big picture.
The #1 repair to occur during #fall is Air Springs! ? The road trips over the summer likely had an effect on the suspension in cars. Here are the other top seasonal repairs in fall ? https://t.co/MJvsclGRbV #firstdayoffall #carcare pic.twitter.com/QTsy6o97yz
— YourMechanic (@yourmechanic) September 22, 2018
Oftentimes the biggest hurdle when getting your car fixed is finding someone trustworthy. Supposedly, by implementing an in-app rating system for customers who’ve used certain mechanics, YourMechanic takes the guesswork out of choosing someone with the right experience.
Auto News reports that YourMechanic, just by the numbers, appears to be doing OK at the moment with 1.3M vehicles already on the app and mechanics scattered over 5,000 cities. Among oil changes, brake pad swaps, and fluid-top offs, there are an additional 800 services that YourMechanic can do for you through their app.
Although Rick Wagoner didn’t disclose just how much money he’s invested, its presumably in the millions. Xconomy reports that they’ve received $10.6 million recently culminating a Series B funding round that already has a total of $38.5 million. Among those investing are big dogs like Verizon Ventures, Data Point Capital, Softbank Capital, and Hollywood star Ashton Kutcher.
Currently, there are two things YourMechanic is getting right. First, it’s lowering the barrier of entry for young mechanics who want to start working now. With the right certs, tools, and know-how, no longer are they tied to traditional shops.
YourMechanic also offers a $70 flat rate diagnostic fee which they call a breakdown diagnosis, taking the guess work out for DIY mechanics. It gives the option for car guys who want to repair their own car a heads up on what’s wrong without hunting around aimlessly.
Beyond these two points and the myriad of other services they offer, this app is a potential goldmine for these investors, they just need someone who knows how to scale up operations.
Enter Rick Wagoner.
With YourMechnanic already being somewhat successful, I look forward to seeing how Rick Wagoner’s input improves on a potential hot ticket.
We are a towing service in The Orlando are and have recently establish a local partnership with Yourmechanic to tow customers that are not in a safe area. Definitely believe this is a great customer that will change the auto repair industry. With advise from some of the most elite mind in the auto industry I look forward to great partnership.