Coast Raises $40 Million Series B to Accelerate Adoption of Modern Fleet Payments
Coast, which offers a simple and smart way for companies in the United States to manage fuel and fleet spending, announced it has raised $40 million in new Series B financing, led by ICONIQ Growth.
ICONIQ Growth General Partner Yoonkee Sull has joined Coast’s board of directors as part of the new funding. The Series B brings Coast’s total equity financing to nearly $100M.
“Companies like Coast do not come along every day. We are incredibly impressed with Coast’s proven traction, leadership, and deep expertise in fintech,” said Yoonkee Sull. “We believe Daniel and team are using exceptional software to challenge incumbents in a massive market and making a difference in hundreds of thousands of American businesses.
IIHS-HLDI: Most Small SUVs Perform Well in Rear Autobrake Evaluation
Seven out of eight small SUVs tested performed well in the IIHS rear crash prevention evaluation, which addresses low-speed backing crashes that account for a large portion of insurance claims.
An IIHS study found that rear cameras, parking sensors and rear AEB combined reduced the incidence of backing crashes by 78%. “Rear AEB probably offers the biggest bang for the buck of any of the crash avoidance systems we monitor,” said HLDI Senior Vice President Matt Moore.
Automotive Big Data Can Drive Other Industries Forward
The impact of automotive big data extends much farther than the industry itself, fueling substantial growth and advances in several other sectors.
Real estate is a beneficiary of automotive big data, which can help inform property purchasing decisions.
When choosing a location for a new development project, developers can leverage data from smart mobility infrastructure to assess traffic patterns, commute times, or the availability of public transport to find the ideal places for new properties that would appeal to prospective customers. Consider that sales value for residential housing can increase as much as 24% when located in close proximity to public transportation stops.
ABM Tackles the Toughest Parts of EV Fleet Integration
ABM is a leader in the nation’s electrification efforts. It is the largest commercial installer of EVSE—and a sought after subject matter expert on preparing and maintaining eMobility infrastructure. In 2023, the company opened its Atlanta Electrification Center.
It serves four purposes: training a new generation of technicians, testing emerging technologies, and monitoring fleet ecosystem performance and warehouse equipment.
As ABM CEO Scott Salmirs explained, “The investment in the new state-of-the-art Electrification Center is a reflection of our commitment to help future-proof the eMobility and EV landscapes across industries.” The approach allows organizations to choose the right chargers for them.
Used-Vehicle Inventory Decreased Month Over Month as Software Outage Slows Sales and Reporting
As July opened, the total supply of used vehicles on dealer lots – franchised and independent – across the U.S. was at 2.08 million units, unchanged from a year ago but down from the 2.25 million units at the start of June.
Affordability remains challenging for consumers, and supply is more constrained at lower price points. Used cars below $15,000 continue to show low availability, with only 39 days’ supply, 35% less than the industry average.
The top five sellers of the month were listed at an average price of $23,833, about 6% below the average listing price for all vehicles sold, and were once again Ford, Chevrolet, Toyota, Honda and Nissan, accounting for 49% of all used vehicles sold.
