The world of automotive journalism has been taken by storm with the rise of YouTuber Doug DeMuro and his captivating car reviews. Now, DeMuro’s online-auction platform, Cars & Bids, is about to reach new heights thanks to a staggering $37 million investment from the esteemed Chernin Group. This infusion of cash is set to propel DeMuro’s venture into the next chapter of success and allow him to refocus on creating even more engaging content for his YouTube channel.
A Game-Changing Investment
Describing this deal as a game-changer would be an understatement. The Chernin Group will take a majority stake in a newly formed company that merges DeMuro’s YouTube work and Cars & Bids into a single entity. Ro Choy, a renowned expert in business transformation, will assume the role of CEO. For DeMuro, it’s a chance to take his passion project to new heights with the guidance and expertise of TCG.
“I’ve been wearing two hats for the past three years, building up Cars & Bids while also creating YouTube videos,” DeMuro explains. “To fuel our growth, we needed the help and knowledge of TCG, who truly understand the business.”
The Power of Doug DeMuro
Since the inception of his YouTube channel back in 2013, Doug DeMuro has become the most-watched car reviewer in the United States. His “Quirks and Features” segments and “Doug Score” ratings have garnered over 1.7 billion views and an impressive 4.5 million subscribers. Partnering with tech entrepreneur and fellow car enthusiast Blake Machado in 2019, DeMuro developed Cars & Bids, an online-auction platform that caters to enthusiasts looking to buy and sell vehicles from the 1980s to the present day.
With total sales exceeding $230 million, Cars & Bids has quickly become a go-to destination for those seeking unique and often rare late-model cars. It has emerged as a formidable rival to the well-established Bring a Trailer collector-car site. So, what can we expect from the TCG investment? DeMuro anticipates an expansion of the auction team, which currently consists of 18 dedicated individuals. Additionally, DeMuro aims to review more of the vehicles being auctioned, especially the ones with a touch of quirkiness.
The Vision for the Future
DeMuro assures us that the current format of Cars & Bids, loved by many, will mostly remain untouched. However, he hints at the addition of new features that will enhance the bidding experience for users. His active involvement will continue to play a significant role, ensuring that the platform maintains its essence while constantly evolving.
Joining DeMuro on this exciting journey is Ro Choy, a savvy CEO with an impressive track record. Choy previously held executive positions at Eaze, BitTorrent, and Luxe. His leadership at Eaze resulted in a staggering sales increase from $20 million to $200 million. With his passion for cars and business acumen, Choy is the perfect fit to lead Cars & Bids into a prosperous future.
The Chernin Group: A Perfect Partner
The Chernin Group is an affiliate of a prominent Los Angeles-based private equity firm known for its expertise in rejuvenating consumer businesses. Their portfolio includes successful ventures like Barstool Sports, Epic Gardening, Food52, and Hodinkee, a renowned watch-collector website. Their involvement with Cars & Bids is a testament to the platform’s remarkable success.
“I remain astonished by the success of Cars & Bids,” confesses DeMuro. “We launched in May 2020, just as the pandemic was taking hold. I honestly thought we would fail, but we were fortunate to enter the booming car market at the right time.”
The Road Ahead
With a substantial investment secured, it’s only fitting that DeMuro treated himself to a special car. Surprisingly, he opted for a 2022 Mercedes E450 Wagon, rather than his dream car, the Porsche Carrera GT. DeMuro humorously admits that parenthood can influence car-buying decisions.
As Cars & Bids embarks on this thrilling new chapter, we can’t help but anticipate the incredible developments that lie ahead. The fresh injection of funds, combined with DeMuro’s infectious enthusiasm and dedication, promise to elevate the platform to unprecedented heights. To stay up-to-date with Doug DeMuro and his latest automotive adventures, visit Ratingperson.