July 13, 2024
Doug DeMuro’s Quirky Car Empire Gets M Investment, New CEO From Cannabis Industry

If you’ve been on the market for a new vehicle in the last 10 years or so, chances are high that you’ve watched at least one video by Doug DeMuro. DeMuro’s YouTube channel currently has more than 4.5 million subscribers and is one of the largest and most popular when it comes to new car reviews. Meanwhile, his automotive auction platform Cars & Bids has gathered more than $230 million in cars sold since 2020. The two business entities will be now combined into one single business after a huge $37 million investment.

The investment comes from The Chernin Group (TCG) and as part of the deal, Ro Choy takes the role of Chief Executive Officer. Some of Choy’s previous positions include CEO of Eaze – a cannabis on-demand marketplace – CEO of BitTorrent, and CEO of Luxe, an on-demand valet parking app acquired by Volvo. His first career steps were at eBay Motors and Bain & Company.

“Cars & Bids provides a great digital auction experience for automotive enthusiasts, and we auction some of the coolest cars in the world – and the investment from TCG ensures it’s only going to get better,” Doug DeMuro comments on the deal. “I’m also thrilled to combine my YouTube channel and Cars & Bids into one entity, creating one great place for enthusiasts to buy, sell, and learn about cars.”

The new business will focus on accelerating growth through increased investment in content and technology. DeMuro is already among the most popular car reviewers in the United States with between 15 and 20 million views each month. His auction platform, in turn, has so far hosted more than 10,000 auctions, including rare and expensive machines such as a 2006 Ford GT (sold for $395,000), Lamborghini Murcielago Coupe (sold for $417,000), and others. 

In recent years, Cars & Bids has become much more than just an auction site. It’s a place where you can find electric vehicles like Rivian and Tesla, enthusiast vehicles like the Ford Bronco, and even rare sports cars like a 2000 Nissan Skyline GT-R sold on the site for $125,000. With the new investment, the goal of the team is “to bring even more content and a best-in-class auction experience to car lovers everywhere.”

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