Lessons Learned About Building a $250 Million Automotive Technology Empire With David Boice, CEO and Co-Founder of Team Velocity

The retail automotive sector has always been a complex network of services, solutions, and technology that aim to improve the consumer experience. However, fragmentation has been a chronic concern for the sector despite its many achievements over the years. For a variety of functions, including websites, digital advertising, email marketing, service scheduling, and more, dealerships frequently depend on a large number of vendors. What is the outcome? Customers end up with a disjointed journey, contradicting messaging, and an unpleasant purchase experience overall.

David Boice, a seasoned founder and CEO with 30 years of experience in the automotive industry, understands how crucial it is to have a solid, cohesive strategy. Recognizing the challenges of integrating various services in the industry, Boice and his team at Team Velocity set out to tackle this issue by combining the different services into a harmonious whole with Apollo, an AI-driven platform designed to enhance the customer car-buying experience.

The Path to Integration

At the age of 22, David Boice co-founded AutoMark, marking the beginning of his career in the automotive sector. This business, which was founded in the 1990s dotcom boom, was among the first to offer dealership inventory online, completely changing the way consumers looked for vehicles. Boice was recognized as one of the first in his field by the success of AutoMark and then CyberCar. However, the issue of dispersed solutions grew more noticeable as time went on.

“Over the last 30 years, the industry has seen hundreds of new technologies enter the market,” says Boice. “But this has created a fragmented system of siloed solutions that don’t work together.”

To solve this very problem, Team Velocity was established. Apollo, the company’s flagship product, manages everything from digital advertising campaigns and service scheduling to dealership websites by combining all key retailing tactics into one platform. By doing this, Apollo guarantees that clients will receive a consistent and tailored experience that is comparable to the effectiveness and ease of purchasing on Amazon.

Important Turning Points: Founders, Finance, and Sector Expertise

The common goal of the original partners of AutoMark, CyberCar, and now Team Velocity is fundamental to their success. Boice highlights how vital the founders’ alignment and sense of trust have been in overcoming the difficulties involved in starting a company. “It’s so important to work with people you not only trust but also genuinely like,” he notes. “When you’re in the trenches building a business, you can’t afford to have conflict among partners on key decisions.”

The fact that Team Velocity is not dependent on outside funding is another important factor in its success. Boice and his partners have completely supported their enterprises, in contrast to many entrepreneurs who seek funding as a way of validation. They have been able to keep control over their vision and make strategic choices about the expansion of the business thanks to this method. “When it’s your own money, every decision is even more critical,” Boice explains. “Although this may have initially led to slower growth, we didn’t have to answer to someone else’s vision and could avoid outside influences.”

Perhaps the most critical factor in Team Velocity’s success is the deep industry knowledge that Boice and his partners bring to the table. Their understanding of the automotive industry’s unique challenges has informed the development of Apollo, ensuring that it addresses the specific needs of dealers, OEMs, and customers. By focusing on the customer experience first, and working backward to the technology, Team Velocity has created a platform that not only fixes the fragmentation in the industry but also enhances the overall customer journey.

Gazing Forward

With Apollo already being used by more than 20 OEMs and close to 2,000 dealerships nationwide, Team Velocity is well-positioned to maintain its fast expansion. A single, integrated approach to retailing will only become more important as the automobile sector develops. Team Velocity is ideally positioned to spearhead this change and provide comfort and customization to contemporary e-commerce in the automobile purchasing process.

Source: Tech Bullion