KeySavvy facilitates secure peer-to-peer vehicle transactions by acting as a licensed dealer to process payments and manage title transfers. The platform verifies buyer identity and seller ownership to eliminate title and payment fraud risks associated with private party sales. This service provides necessary documentation, including temporary permits and bills of sale, ensuring a compliant and protected exchange for both parties.
Funding
$6.3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
BVDIEVPVFounders
Product
Problem
Private party vehicle sales are often hindered by the risk of fraud, including title inconsistencies and payment scams, creating distrust between buyers and sellers. Traditional payment methods like cash or checks lack security, and navigating the necessary paperwork can be complex and time-consuming.
Solution
KeySavvy provides a secure platform designed to streamline private vehicle transactions, mitigating fraud risks for both parties. By acting as a licensed dealer, KeySavvy verifies the seller's ownership and the buyer's identity, ensuring a safe exchange. The platform facilitates online payments, eliminating the need for cash transactions and providing a secure method for buyers to pay sellers. KeySavvy also generates necessary documentation, including a bill of sale, and offers guidance on title transfers, simplifying the overall transaction process.
Target Audience
KeySavvy primarily serves individuals buying or selling used vehicles in private party transactions, as well as peer-to-peer vehicle marketplaces seeking to offer secure transaction services.
Features
- Secure online payment processing via bank account, credit card, or Zelle
- Title verification to protect buyers from title fraud
- Identity verification to ensure the legitimacy of both parties
- Automated bill of sale generation and e-signing
- Assistance with title transfer paperwork and instructions
- Temporary permit issuance
- Loan payoff management for sellers with financed vehicles
- Eligibility assessment and facilitation of the federal used EV tax credit