RALEIGH — Joydrive OE, LLC, an online car retailer, has raised $1.05 million, according to a filing with the Securities and Exchange Commission.


The money was raised in the form of equity, options and securities from one investor, according to the filing. In January, the company raises $500,000 in equity.

Founded in 2016, Joydrive partners with dealerships to offer new and used cars through its website.

The Raleigh-based company advertises a new or pre-owned automobile purchasing process that can be done entirely online and is designed to make the shopping experience more efficient and enjoyable.

Joydrive has partnered with several dealerships – most of which are located in the Pacific Northwest – to allow customers to purchase a vehicle online from the company’s online marketplace and have the vehicle delivered to their home.

A customer pays a $500 refundable deposit to reserve a vehicle, receive financing if needed and trade in their current vehicle if they choose to do so.

Every vehicle listed on Joydrive is guaranteed to have an in-depth background check. Vehicles purchased through Joydrive are sold for the listed price and cannot be haggled.

Purchased vehicles are delivered to the customer’s home, where the customer has a five-day window or an allotted 250 miles to return the vehicle if they are not satisfied. Trade-in vehicles are picked up from the customer’s home at the time of delivery.

The company is led by Hunter Gorham, founder and chief executive officer, who spent 14 years working at Ally Financial, the largest automotive finance company in the country.

Gorham received his bachelor’s degree in finance and technology from Emory University and his MBA from Rice University.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism