US-based car buying service CarWoo! closes down

January 21
11:38 PM 2014

Car buying service CarWoo is joining Outbox and Canvas/DrawQuest in the list of companies that will be shutting down, wrote TechCrunch.

CarWoo is a service that allowed potential car buyers to negotiate with dealers in a semi-anonymous manner. This method allowed buyers to walk away from high-pressure deals any time they wanted. Buyers would key in details about the kind of vehicle they were looking for, and dealers would pitch in their offers. Buyers could then negotiate without revealing their identity. After a buyer accepts a deal, the dealer could now access the buyer's details, the report explained.

CrunchBase says the company has raised around $11 million since it was launched in late 2008, the report added.

The car buying service ended its last business day yesterday. In addition, some of its employees are heading to its rival TrueCar, which the CarWoo team says is the superior product between the two. The team posted an announcement of the shutdown on its website this morning, according to TechCrunch.

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