The Israeli UVeye takes over the vehicle inspection market in the USA (UVeye)
The Israeli company UVeye, which developed a system that diagnoses the condition of a vehicle from a quick external scan, is on its way to taking over the pre-purchase inspection market in the US. After signing contracts to install its systems in General Motors and Volvo dealerships in the US, it will also install them in CarMax branches, One of the largest American used car trading companies.
Carmax, which last year sold more than 1.6 million used vehicles, already invested in BVY a year ago and is now also becoming its customer, in a contract that should provide it with revenues worth tens of millions of dollars a year.
In the coming years, when the contracts with General Motors and Carmax are realized, the Israeli company is expected to reach revenues of more than 100 million dollars a year, including districts with Toyota's used car trading company in Japan and with Hyundai.
Amir Hever, CEO of UVeye (Photo: UVeye)
Carmax, which last year sold more than 1.6 million used vehicles, already invested in BVY a year ago and is now also becoming its customer, in a contract that should provide it with revenues worth tens of millions of dollars a year.
In the coming years, when the contracts with General Motors and Carmax are realized, the Israeli company is expected to reach revenues of more than 100 million dollars a year, including districts with Toyota's used car trading company in Japan and with Hyundai.
Following the outbreak of the Corona epidemic, in 2020 Car Max made a conversion to online auctions, already using several of its sites in the Israeli company's systems to inspect the exterior parts of the vehicle, the components of the lower part of the vehicle and the tires in order to quickly produce inspection reports that include high-resolution images and identification of damage to the chassis, for the brake and exhaust systems, and various fluids.
Carmax is traded on Nasdaq at a value of 10.6 billion dollars.
good to know (in advance)
A revolution in the world of facial treatments: AI and radio waves in a home device at a special price
Served on behalf of B Cure Laser
Overview of the car in seconds and while moving (Photo: UVeye)
UYA was established by Amir and Ohad Hever in 2016, and began its journey with security scans.
The company has developed a scanning arc and a scanning strip that the vehicle travels over, and using artificial intelligence and machine learning, they provide information about the condition of the vehicle within seconds and without contact.
"Our goal is to promote integrity by maintaining honesty and transparency in every interaction," said Dave Younis, Carmax vice president of promotional operations.
"Our partnership with YMCA allows us to provide customers and dealers with highly detailed images of the vehicles offered for sale at online auctions."
Amir Hevar, CEO and founder of UVA, told Walla that "huge companies use our system to create a uniform standard of rapid inspection.
Car dealerships also use them to examine a car before treatment, identify problems, and point out parts that need replacing, such as tires, which saves arguments between the customer and the team."
The end of the stories, not a "little scratch" and not a "rub on the tampon" (photo: Keinan Cohen)
In addition to Carmax, General Motors, Volvo, Toyota and Hyundai have invested in the company, which has so far raised about 100 million dollars, in addition to Menorah Mivathim, and the Mor and Meitav Dash investment houses.
The company employs about 120 people in Israel and about 50 in the US.
How do you get through the hi-tech layoff crisis?
"We recruit, not fire.
In the past year, we added 27 jobs in the US, and we are in contact with Israeli workers whose employment with American companies has ended, to examine the possibility of them moving to us. We are recruiting software people, artificial intelligence and computer vision experts, support people and field engineers."
You specialize, among other things, in locating engine faults based on leak detection.
What will you do in the era of the electric vehicle?
"Already today we detect external damage to the battery and leaks from its cooling system, and we are developing technology that can provide us with additional information about its condition from an external scan."
vehicle
car news
Tags
Volvo
Toyota
Hyundai
