What is the latest auto model this year? Novum Auto Services. They harness technology to buy cars directly from consumers — all chrome and shiny paint jobs, no bricks and mortar! Novum is Latin for “new thing” and this innovative model is disrupting the retail automotive ecosystem.
William Coleman (’01BUS) and Michael Lasini, co-founders of Novum, identified a growing segment of consumers that want to sell their cars with the same speed and ease that larger institutions enjoy. Because Novum provides instant payment and free vehicle pickup, the transaction is hassle free for the consumer. In fact, Novum’s websites allow consumers to sell any car, anywhere, regardless of condition or lien status:
- CarBuyerUSA.com caters to consumers that don’t want to visit a dealership or put a “for sale” sign on their car
- DamageMAX.com caters to consumers with damaged or inoperable vehicles that they are unable or unwilling to repair
Previously, Mr. Coleman was an executive of Manheim, the world’s largest automotive auction company. He co-founded Manheim’s damaged vehicle subsidiary, Total Resource Auctions (TRA), in 2005. TRA grew to more than $100 million in revenue, with nearly 40% of transactions generated online. Mr. Coleman has an MBA from Columbia University and a BS from Georgetown University where he was a varsity football letterman. He lives in Atlanta with his wife and 2 children.