Imotobank is an internet‐based, high turnover, low overhead, licensed automobile dealership. We strategically employ technology and human capital in order to be the lowest cost dealer in the industry. Traditional car dealerships invest their capital in multi‐million dollar buildings, excessive layers of management, and staffing. Imotobank believes that the traditional model of massive buildings and staffing add overhead but do not add value or quality to the vehicle that is sold and delivered. Imotobank takes advantage of the vast difference in overhead as compared to most dealerships in order to sell the same quality vehicle more efficiently to our clients. Imotobank also leverages technological advances to purchase and sell vehicles to customers nationwide and provide levels of service that are unprecedented in the auto sales industry. This results in a loyal and active customer base who return and refer friends and family.
We have exceptionally trained staff that can handle all aspects of the purchase, sale, finance, and delivery of the car. Most traditional dealers hire many layers of staffing requiring a different department and individual to handle each function. By leveraging technology and know‐how, our staff often meets a client’s needs from the initial call to the final contracting entirely via telephone and computer meetings. The customer can complete the entire transaction from their home or office and can conduct all of the following in under one hour: browsing, consultation, comparison shopping, financing, and closing. Upon completion of the sale, the vehicle is delivered to the client’s home or office. The process we use eliminates overhead and brings an efficiency of time to the client at every turn.
Imotobank currently utilizes approximately $500k in working capital to purchase vehicles and carry the cost of trade‐ins, while producing upwards of $10 million in annual sales. We would like to utilize more capital gained from the proceeds of the Notes, pursuant to the offering described in this memorandum in order to purchase additional inventory, explore the ability to implement potential future financing options for certain customers (separate from the immediate offering described in this memorandum), and have the capacity to carry more trade-ins as we expand our virtual footprint into a larger geographical region. Imotobank has tested the market, based on the results, we believe that buying more inventory at the higher end of the automobile spectrum will bring additional clients of higher net worth. The higher end clients yield more customers by referral therefore producing a further trickledown effect. That opportunity requires significantly more working capital. The vast majority of the money raised pursuant to this offering will be for purchasing inventory and secured by that collateral and additional assets/owner equity of the Company. In summary, we will use the proceeds for: expansion of the Company, acquisition of inventory, launching finance and service initiatives, and general working capital purposes.
Phillip Ibrahim, COO
| Phone: 617-538-2099
Rami Selim, CTO
| Phone: 617-538-2099
Phillip founded Imotobank in 2007 with the mission of merging his experience in the car business with his idea that buying a car should not be a struggle, but a collaborative effort between dealer and car buyer. Since that day he has sold over 8000 vehicles to over 5000 customers. Many of whom have continued that relationship for over 12 years.
Rami joined Imotobank with the goal of transforming its technology and marketing so that many more car buyers could realize the benefits of working with Imotobank.
A graduate of Boston College & UMass lowell with a Masters in Engineering, he has 10 years of experience in marketing and technology consulting and implementation.
Mark Habib, Sales Manager
| Phone: 774-578-8893
Mark has years of experience in the car industry and is the best fisherman in the office. He will be happy to direct you to the best car for you and will teach you what bait to use to catch the most fish in your lake!
Nancy Beshara, Office Manager
firstname.lastname@example.org | Phone: 508-840-9259
Nancy manages the office tasks and keeps the rest of the team working to the best of their abilities.
Joe Ghobrial, Sales Associate
email@example.com | Phone: 617-816-7380
Will Mansour, Sales Associate
| Phone: 774-578-8893
Joe is a Pastor on the weekends, and a customer first sales manager during the week. He will assist you in finding the perfect vehicle and will do it while getting you to laugh at his jokes!
Will is an expert in giving his clients the best service and really taking care of them. He is a graduate of Gordon College and is an avid soccer player in his spare time!
George Habib, Logistics
firstname.lastname@example.org | Phone: 508-308-8301
George and his team are logistics experts. They are able to accomplish things others simply can't, while doing it faster as well.