myKaarma Company Profile

Background

Overview

Founded in 2012, myKaarma is a cloud-based software company specializing in enhancing the retail experience for both consumers and dealer personnel at franchised car dealerships across the United States and Canada. The company's mission is to revolutionize automotive service interactions by providing seamless communication and payment solutions that improve customer satisfaction and operational efficiency. myKaarma's platform integrates digital conversations—including text, email, and voice—with smart payment systems, all designed to work cohesively with existing Dealer Management Systems (DMS).

Key Strategic Focus

Core Objectives and Specialization

myKaarma focuses on delivering exceptional customer interactions through its comprehensive service lane technology platform. The company's core objectives include:

• Enhancing Communication: Facilitating seamless digital conversations between dealerships and customers.

• Streamlining Payments: Implementing efficient, mobile-friendly payment solutions.

• Improving Scheduling: Offering advanced scheduling tools to optimize service appointments.

• Integrating Video Inspections: Providing video multi-point inspections to build trust and transparency.

• Enabling Pickup & Delivery: Offering convenient vehicle pickup and delivery services.

Key Technologies Utilized

The platform leverages cloud computing to ensure scalability and accessibility, integrating seamlessly with over 50 DMS providers. This integration reduces operational costs and enhances data transfer efficiency.

Primary Markets Targeted

myKaarma primarily serves franchised automotive dealerships in North America, aiming to improve service department operations and customer engagement. The company's solutions are tailored to meet the unique challenges of the automotive retail environment, serving over 1.2 million consumers annually.

Financials and Funding

Funding History

myKaarma has raised a total of $15 million in funding over multiple rounds. The capital has been utilized to expand product offerings, enhance technological capabilities, and grow the customer base.

Revenue and Financial Performance

The company's estimated annual revenue is approximately $27 million, with a revenue per employee of around $139,800. This financial performance underscores myKaarma's strong market position and operational efficiency.

Technological Platform and Innovation

Proprietary Technologies

myKaarma's platform is built upon a robust cloud-based infrastructure that integrates various service solutions, including communications, payments, scheduling, video inspections, and pickup & delivery services. This comprehensive approach ensures a seamless and efficient workflow for dealerships.

Significant Scientific Methods

The company employs advanced analytics and machine learning algorithms to provide actionable insights for dealers, enabling data-driven decision-making and improved customer engagement.

Leadership Team

Executive Profiles

• Ujj Nath: Chairman and CEO. Prior to founding myKaarma, Ujj co-founded Syncata Corporation, a business and technology consulting firm serving automotive industry OEMs.

• Gaurav Sharma: President and CTO. Gaurav also co-founded Syncata Corporation and brings extensive experience in technology and automotive consulting.

• Jeff Ranalli: Chief Operating Officer. Jeff oversees daily operations and strategic initiatives to drive company growth.

Additional Leadership

• Mark Bures: Vice President, Finance.

• Animesh Pathak: Vice President, Engineering and R&D.

• Matt Bateman: Vice President, Marketing.

• Mike Reeves: Vice President, Operations.

• Shawn Morse: Vice President, Sales.

• David Crawford: Vice President, Sales.

• Joe Schumacher: Vice President, OEM Special Projects.

• Kiran Udeshi: Vice President, Business Development.

• Garrett Jockel: Vice President, Customer Experience.

Leadership Changes

In May 2021, myKaarma acquired PocketExpert, a dealership communication and online payments platform. As part of the acquisition, PocketExpert's founder, Garrett Jockel, joined myKaarma as Vice President of Customer Experience.

Competitor Profile

Market Insights and Dynamics

The automotive customer interaction management market is highly competitive, with a focus on enhancing customer experience and operational efficiency. The global automotive software market is projected to reach $37 billion by 2025, indicating significant growth potential.

Competitor Analysis

Key competitors include:

• CDK Global: Offers a comprehensive suite of dealership management solutions, including CRM and service management systems.

• Reynolds and Reynolds: Provides software solutions for automotive dealerships, focusing on CRM and service management.

• Elead: Specializes in automotive CRM and dealership management software, offering solutions for customer engagement and lead management.

• DealerSocket: Offers CRM and dealership management software solutions, focusing on customer engagement and service scheduling.

Strategic Collaborations and Partnerships

myKaarma has established significant partnerships to enhance its service offerings:

• Sunbit: Integrated financial technology solutions to offer flexible payment options to customers.

• UVeye: Partnered to bring AI-driven vehicle inspection reports directly to drivers' phones, enhancing transparency and trust.

• STELLA Automotive AI: Collaborated to integrate AI capabilities, improving customer-dealer interactions.

Operational Insights

Strategic Considerations

myKaarma's comprehensive platform offers a distinct competitive advantage by integrating multiple service solutions into a single, user-friendly interface. This integration reduces operational complexity and enhances customer satisfaction. The company's focus on continuous innovation and strategic partnerships positions it favorably against competitors.

Strategic Opportunities and Future Directions

Future Business Directions

myKaarma aims to expand its market presence by:

• Enhancing AI Capabilities: Developing predictive analytics to further personalize customer interactions.

• Expanding Internationally: Exploring opportunities in markets where automotive customer management is less developed.

• Strengthening Partnerships: Collaborating with automotive manufacturers and dealership groups to offer bundled services.

These initiatives align with the company's mission to revolutionize automotive service interactions and drive growth.

Contact Information

Website

mykaarma.com

Social Media

• LinkedIn: myKaarma LinkedIn

Headquarters

100 W. Broadway, Suite 300, Long Beach, CA 90802, United States