If you’ve been in the market for a new vehicle within the last 10 years or so, chances are you’ve watched at least one video by Doug DeMuro. DeMuro’s YouTube channel currently has over 4.5 million subscribers and is one of the largest and most popular when it comes to new car reviews. Meanwhile, its auto auction platform, Cars & Bids, has amassed more than $230 million in cars sold since 2020. The two business entities will now be combined into a single business after a massive $37 million investment.
The investment comes from The Chernin Group (TCG) and as part of the deal, Ro Choy takes on the role of Chief Executive Officer. Some of Choy’s previous positions include CEO of Eaze – an on-demand cannabis marketplace – CEO of BitTorrent, and CEO of Luxe, an on-demand valet parking app acquired by Volvo. His first career steps were at eBay Motors and Bain & Company.
“Cars & Bids provides a great digital auction experience for auto enthusiasts, and we auction some of the coolest cars in the world – and TCG’s investment ensures it gets even better,” commented Doug DeMuro of the deal. “I’m also excited to merge my YouTube channel and Cars & Bids into one entity, creating one great place for enthusiasts to buy, sell and learn about cars.”
The new business will focus on accelerating growth through increased investment in content and technology. DeMuro is already one of the most popular car reviewers in the United States with between 15 and 20 million views each month. Its auction platform, in turn, has hosted more than 10,000 auctions so far, including rare and expensive machines such as the 2006 Ford GT (sold for $395,000), Lamborghini Murcielago Coupe (sold for $417,000), and others.
In recent years, Cars & Bids has become much more than an auction site. This is a place where you can find electric vehicles like the Rivian and Tesla, enthusiast vehicles like the Ford Bronco, and even rare sports cars like the Nissan Skyline GT-R 2000 for sale on the site for $125,000. With this new investment, the team’s goal is “to bring more content and a best-in-class auction experience to car lovers everywhere”.
