Tyler's dealership inventory company nearly collapsed when COVID shut down auto manufacturing, but Porsche invested in him two days after closing their German factory for the first time ever. The pandemic had created a perfect storm: demand for used cars surged while new supply vanished.
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Covid happens, Boom. Shuts the whole industry down. At this time, we had a company that was so interested in our technology, they were looking at acquiring us at that time, not for a lot of money, but it was hard and I was open to it. And joining this company would have been super interesting. We're getting really close to doing a deal. Covid happens, whole deal falls apart. Oh, and by the way, I'm out of money again. What it is that we did is we helped car dealerships acquire consumer vehicles as a source of sustainable supply for their lots. And you remember Covid, you had an all time high consumer demand for vehicle purchases because the government was paying everybody money. And you had an all time low supply of inventory because manufacturers had shut down. It actually created a perfect storm for us for what we did. Porsche came in in the middle of COVID two days after they shut down their German factory, their main factory, for the first time in history because of COVID Two days later, they write a check into my company.