Drive Motors announced a name change to Modal, as well as $5 million in venture capital fundraising from three resources: Peter Thiel, IDOM Inc., and Ally Ventures.
Since its launch in 2016, Drive Motors, now Modal, has been providing digital commerce for auto retailers and brands and has grown its overall volume through Modal's Checkout product to over $8 billion.
“In the past three years, we’ve grown our customer base from local dealerships to some of the world’s largest auto retailers and brands,” Modal chief executive officer Aaron Krane said. “With our new name and investors, we can build a global brand that shows our focus on technology and design.”
Referencing a software term, a modal is an interactive window that the users or visitors see on top of a software application page, examples of which are chat windows, shopping carts, and pop-up boxes.
Krane mentioned that selecting Modal as their new name directly communicates the company’s core values.
"Modal's products are designed to generate digital transactions as a transparent part of the retailer or brand's own experience. We use technology and design to turn the complex car sale into an easy, modal transaction that buyers love."
Modal will be utilizing its additional capital to further develop its commerce platform which can streamline the auto purchase transaction.