Israeli start-up Pickoto has raised $500,000 in funding for its newly-unveiled platform aimed at transforming the dynamics of the used car industry. With a focus on transparency and reliability, Pickoto’s goal is to provide both buyers and sellers with a secure and transparent experience, addressing the longstanding challenges of uncertainty and lack of clarity that have plagued the industry.
Pickoto’s platform is an integrated part of the transaction process, guiding customers through every step of buying or selling a used car. In order to ensure safe, fair, and transparent transactions for customers, Pickoto assumes full responsibility for every vehicle that enters its platform, regardless of whether it’s sold through private individuals, directly from dealerships, or via partner agencies. Each vehicle undergoes a comprehensive set of checks before being listed on the platform, and if a vehicle doesn’t meet the criteria, it simply won’t be shown to potential buyers.
For sellers, Pickoto offers three options: an immediate sale to the listing company, showcasing the vehicle with Pickoto’s full suite of services, or listing the vehicle with minimal Pickoto involvement. The selling process begins with users visiting the company’s website, entering their vehicle’s details, and allowing Pickoto’s algorithm to assess hundreds of market parameters. Following this, users answer a series of questions about the car’s condition, resulting in three price proposals tailored to each service package. Pickoto determines prices based on the most relevant market factors for each vehicle.
How will Pickoto change the used car industry?
In addition to its core features, Pickoto offers a report-generation feature designed to empower buyers and sellers who choose to gather information from alternative sources. This feature provides a detailed report — which costs users NIS 20 — about the vehicle, including its identification numbers, original cost, and insurance history.
Founded in 2022, Pickoto is making its debut in the market with a team of founders including Omer Lahat, Yahav Winkler, and Gilad Arditi.
“We all came purely from the consumer side, none of us came with any background or connection to the automobile trade industry, and we came because we recognized a real opportunity to revolutionize the way people buy and sell second-hand vehicles,” noted Arditi. “Our vision is about creating trust in the market which has long since become synonymous with an open market. We are based on values of reliability and transparency.”
