Monday 08 August 2022, 14:59
Automotive Ventures announced Monday that it has added Wholesale Auto Supply Co., Inc. as a strategic investor.
WASCO, based in Hackensack, NJ, is a tri-state (New York, New Jersey, Connecticut) dealer-owned buying cooperative and provides a resource for dealers to purchase business supplies, including chemical supplies /cleaning/office supplies, heavy duty equipment, OEM compliant furniture and more.
WASCO’s membership as a strategic investor helps grow the Automotive Ventures DealerFund, which is designed to help dealers “navigate through the next decade of unprecedented change, invest and financially participate in autotech startups that they help to develop”, as detailed in this Automatic remarketing story.
“Automotive Ventures is committed to energizing the dealership community through the next wave of industry transformation,” Automotive Ventures Founder and CEO Steve Greenfield said in a press release.
“And today, I am honored to add Wholesale Auto Supply Company to a growing list of strategic investors in our first family of such funds,” said Greenfield.
The first DealerFund closing announcement was made this spring. The company also expanded its management teamadding three industry veterans to support the DealerFund as well as others in its portfolio.
Andrew Gordon, Adam Lafferty and Brian Reed are all now part of the Automotive Ventures leadership team, serving in various development and operational roles.