Doug kicked things off by featuring cars that he came to own at the time with models like the Cadillac CTS-V wagon, the Ferrari 360 Modena, the Hummer H1, the Dodge Viper, the Aston Martin V8 Vantage, and one of my favorites, his CarMax Range Rover. There are a lot of people out there who want to do this now. Cars & Bids Gets $37m Investment from The Chernin Group Along the way we offered up advice, helped them recruit talented leaders, and provided access to capital. The Patent That Helped Vanguard Clients Pocket Big Gains Expires TCG Capital Management, LP, doing business as TCG or The Chernin Group, is an American investment advisory firm focused on private equity investments in the media, entertainment, technology, sports and consumer and digital media sectors. Be careful with Sixt and damaged/scratched cars - Tripadvisor Cameo is a marketplace where fans can book personalized video shoutouts from their favorite people. Learn more at www.goldinauctions.com, on Twitter and Instagram. More on content ideas further down. I feel this is a shame as all the YouTube eggs are in Doug's basket and not owned by the brand (even though Doug is kind of the brand). Hey, maybe that could be his next YouTube channel. Goldin Auctions is the official auction partner of the Naismith Memorial Basketball Hall of Fame, The Major League Baseball Players Alumni Association, The Jackie Robinson Foundation and the Babe Ruth Birthplace and Museum. , Bloomberg Even though theyre my audience, the algorithm can make the decision to stop showing me to people, and it's not really an ideal situation for me. The firm invests in emerging and notable businesses, including popular companies Barstool Sports, The Action Network, Hodinkee, Exploding Kittens, Food52, Scopely, Headspace, Surfline and Cameo. So how can they get there quickly, assuming they want to? (Looking forward to hagertys auction plan as they poached a lot of RM people). Which companies are building toward that? These trained and vetted companions provide a helping hand and an open ear, resulting in less loneliness and better health. Eskom Latest: Bigger Power Cuts for Longer; Netcare Costs Surge Since its launch in May 2020, Cars & Bids claims to have hosted over 10,000 auctions and sold over $230 million worth of cars. TCG (company) - Wikipedia The government of the State of Qatar is the underwriter of the Qatar Economic Forum, Powered by Bloomberg. I still own a good chunk of the business and Im still going to be day-to-day involved, Doug assured us. The same theme repeats itself with Cars & Bids selling more cars than one of their competitors, but not generating more revenue as their average sale price is a lot lower. Furthermore, acquisitions can inspire innovation within the company and lead to the development of new and improved products and services. His quirks-and-features themed reviews have become a vital research component for an increasing number of new- and used-car shoppers because of Dougs approachable, relatable style that never feels intimidating or condescending to the mainstream car buyer. Music. About Doug Hendrickson. . In the beginning, our focus and conviction were greatest in media. We were having fun and felt fortunate to be involved with these great companies. Surfline connects people with their passion for the ocean. Cars & Bids is the online destination for modern automotive enthusiasts. Peter and Jesse joined forces to start The Chernin Group in 2010 and Mike came on board in 2015. They've hired Rogelio Choy as their CEO to lead their very lean team. We are investing in Kens vision, credibility and experience as well as Rosss leadership. Happy for Doug to see this big ticket happen. The collectibles industry has one of the worlds most engaged and rapidly growing audiences. The breakdown of Porsche models sold by the top three auction platforms. Oil gains as market absorbs Saudi warning to short sellers Jake Klein Peter and Jesse joined forces to start The Chernin Group in 2010 and Mike came on board in 2015. 1. Acq - Fin. Surfline is a portfolio company held by vehicles managed by TCG. The list above includes portfolio companies held, directly or indirectly, by vehicles managed by TCG or The Chernin Group as of 2/7/2023. It was founded in 2015 and is based in Beijing, China. Twitter was a portfolio company held by subsidiaries of The Chernin Group. And we all loved starting and growing new companies. Italy Cabinet Approves 2 Billion in Aid to Flood-Hit Areas People do want to know how a car drives, but it turns out that people also want to know about the weird buttons in a Countach and thats just as interesting to them as how it drives - Doug DeMuro. The Chernin Group (TCG) is a media and investment company that has built, managed, operated and invested in businesses in the media, entertainment, and technology sectors. The Chernin Group has 2 service provider relationships. LOS ANGELES, May 5, 2022 /PRNewswire/ -- The Chernin Group ("TCG"), a multi-stage investment firm known for building and growing emerging consumer businesses in the media, commerce and. CBI websites generally use certain cookies to enable better interactions with our sites and services. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. In many ways, its the same team running back the same playbook. While this may not be a significant portion, it's a somewhat promising sign if the market for Rivians picks up in the future. ShopShops is a cross-border ecommerce platform that sells products through live streaming events held at retail stores. Part of what made this so fun was our team. Buckle up, car enthusiasts - that's all for today's edition of The Daily Vroom. Cars & Bids, a car auction site founded by Doug DeMuro, a popular automotive YouTuber who has 4.5M subscribers, raised $37M from The Chernin Group (Karl Brauer/Forbes) https://bit.ly/3XT1vSh #TechNews #TechTips . Greg Bettinelli | LinkedIn America's oil reserve weapon risks misfiring The Chernin Group - CB Insights Doug DeMuro on 'Cars & Bids,' Tesla's competition, and why 'analog Totals Mozambique Funding Signals Possible LNG Project Restart Wagner Group rebellion challenges Putin's rule over Russia Its hard now. Doug DeMuro. U.S. Fed expects a soft landing. New York Cements Itself as the Gold Mining Capital of the World I think a lot of my success has been due to hard work, but a lot of it also is about luck and timing. After conducting a thorough analysis of Cars & Bids car sales, let's examine some of the external factors that could potentially drive growth for the company. All Rights Reserved. Most of you know that Doug is one of the leading car influencers on YouTube with 4.62million subscribers. Ro is a direct-to-consumer telehealth company that aims to be a patients first call for all of their healthcare needs. Peter Chernin, chairman and chief executive officer of the Chernin Group LLC, speaks during a session at the Qatar Economic Forum (QEF) in Doha, Qatar, on Tuesday, May 23, 2023. Do it all with some levity. Hedge Funds Rush to Buy Stocks on S&P 500sMomentum Weve now had a look at the overlying numbers, let's delve into the specific cars that Cars & Bids are selling: BMW's is the top-selling vehicle make for Cars & Bids, comprising roughly 17% of all sales in the last two months. Disney FacesVery Rushed Search for Iger Successor, Peter Chernin Says Headspace Health is a global mental healthcare company on a mission to create a world where everyone is kind to their mind. It's going to take some time (how much, depends on the strategy employed) before we can see the results of their work. Economists divided on Bank of Canada's next step The Chernin Group (TCG) is a media and investment company that has built, managed, operated and invested in businesses in the media, entertainment, and technology sectors. Techmeme on Twitter: "Cars & Bids, a car auction site founded by Doug Weve helped founders realize their visions across the consumer landscape and were hungry for more. A Bitcoin-Spot ETF Is Unlikely in US in the Near Future, VanEck CEO Says Bets Against Turkish Lira Hit Record With Controls Under Strain Over time, we found that our thesis in media was transferable to what was occurring across all consumer industries from commerce and health and wellness, to gaming, consumer finance, and more. Let's keep the conversation going and make sure everyone gets in on the action. Members of Wagner Group detain a man in the city of Rostov-on . Some enthusiasts expect this to become the most expensive vehicle sold by Cars & Bids to dateat the time of press, the highest bid sat at $510,000. Co-founded by wildly popular automotive personality Doug DeMuro, the online platform combines a leading auction website to buy and sell modern enthusiast cars with one of the most well-known YouTube channels in the sector. The Chernin Group co-founder Peter Chernin is rolling up three content studios into one new mega-project, backed by $800 million in . The Chernin Group recently partnered with Spotify on September 9, 2020. RELATED: Doug DeMuro Reminds Us Why The Hummer H1 is Awesome. Formula One is very close to his heart, and he diligently makes time to tune in for the Grand Prix on Sundays. The Fed has made a U.S. recession inevitable Its popularity led to new funding for expanding the business, with a big $37 million infusion coming from PE firm The Chernin Group. The Chernin Group is also no stranger to the auction world. Forint Tumbles as Hungary Diverges From EU on Ukraine, Rates While he's done an excellent job getting them this far, they should be looking to bring on other influencers and experiment with new types of short-form content on platforms like YouTube and TikTok. Doug started his channel as a sort of personal ownership vlog of special-interest cars he purchased, the first being a Ferrari 360. Collectors brands include leading authentication and grading services PSA (trading cards and memorabilia), PCGS (coins and currency), and WATA (video games and pop culture), as well as online collectibles marketplace, Goldin. Vovchandr, Microsoft's US$69B Activision deal could be a blunder Click here for a list identifying which portfolio companies are held by vehicles managed by TCG versus The Chernin Group. Celebrities who create shows on Twitter, such as one proposed by recently-fired Fox News star Tucker Carlson, are making a trade-off, he said. David Rosenberg: The odds of an interest rate hike have tilted The Chernin Group (TCG) is a privately held media holding company based in Los Angeles, CA. I miss living on the east coast, but this is the place, and it's the epicenter of car culture around the world. That format lasted about 3 years, but Doug realized his viewers were more interested in getting his perspective on many cars, versus in-depth analysis on only a few, so he pivoted to reviewing special-interest cars and modern vehicles, often with the help of owners or local dealerships lending him the vehicles. Be careful with Sixt and damaged/scratched cars - Tripadvisor And now, with a $37 million investment from The Chernin Group . Equip delivers virtual eating disorder treatment for lasting recovery at home. In fact, over a 12-month period, Collecting Cars is doing double the revenue of Cars & Bids, and BaT is nearly six times more than Cars & Bids. You can read more about your. That was kind of interesting to people. Musk is wrong for Twitter even if deal math works out Walmart flashes a warning sign to the entire consumer economy: Andrea Felsted Ukraine Recap: IMF Starts Review of Kyivs Progress on Aid Plan Overall, while there have been some promising technological developments and a recognition of the importance of vehicle submissions, there is a clear need for C&B to invest more in marketing and content creation to grow their brand and increase their sales. site you are consenting to these choices. Our collective experiences, respect, and admiration for one another have shaped The Chernin Group for the last decade. Our teams in Los Angeles and San Francisco are growing and weve since added a New York office. Were trying hard to carry forward the culture weve built over the years. Citi's Clark says inflation cements her outlier call for June rate hike in Canada For those that don't know, Cars & Bids is an online auction platform for buying and selling enthusiast cars that was founded in 2020 by Doug DeMuro and Blake Machado. The Premier Lacrosse League is a North American outdoor professional lacrosse league featuring 200 of the worlds leading players, co-founded by lacrosse superstar Paul Rabil and his brother, serial entrepreneur, and investor, Mike Rabil. Until next time, happy bidding! Theres a big audience out there who really were interested in some of these not-so-obvious features of a car. Matt Hullum Founder and Chief Content Officer. Shutterstock to Buy Metas Giphy for $53 Million on UK Antitrust Order And even after the launch youre anxious. I asked him if it was on the cards down the road and, heres what Doug had to say: I think I would love an F40. His YouTube channel will be merged with Cars and Bids to create a single entity, which will be led by newly-appointed CEO Ro Choy. With YouTube, the algorithm owns the audience. He gave the example of the M3 marketplace, where youve got thousands of them in North America, but theyve only sold 350 on Cars&Bids so far. n the first 18 months of its launch, Cars & Bids boasted high sales numbers, averaging 25-30 sales per day with impressive sale prices. Think cars like the Suzuki Jimny or the indestructible Toyota Hilux, and the not-so-iconic Suzuki Swift and Peugeot 3008, all models that Doug has previously reviewed on his channel. Collectors provides hobbyists and alternative asset investors with exceptional products, tools and services that power the collectibles industry through authentication and management. Salary transparency is good for everyone Doug was able to leverage his channels massive audience to grow a remarkably successful online car auction platform. Scopely is a portfolio company held by both subsidiaries of The Chernin Group and vehicles managed by TCG. No assumptions should be made that any companies identified were or will be profitable. So buckle up as theres a lot to unpack starting with his entire journey so far, right from his early days of writing for auto-sites, to growing his YouTube channel to what it is today and now - Cars & Bids, his online auction website for buying and selling cool cars, which recently received a big investment from The Chernin Group. Citizens Financial to Pay $9 Million to Settle Consumer-ProtectionLawsuit The Pros Closet is the worlds largest andmost trusted brand for buying and selling pre-owned bikes, equipping cyclists with components and gear, and guiding inspiration for the ride ahead. Mitsubishi UFJ to buy Indonesia auto loan firm Mandala for $467 million Were still singularly focused on consumer platforms and brands. This suggests that Cars & Bids recognises the difficulty of attracting cars to sell at auction and is actively seeking ways to overcome this challenge. MeatEater is a leading outdoor lifestyle media and commerce company. Their latest acquisition was Cars and Bids on January 30, 2023. Given the platforms incredibly quick success, Doug and the Cars & Bids team have announced a $37 million investment from The Chernin Group, one of the most widely-respected investment firms in the world. Apply in just 5 minutes. We believe Cars & Bids has only just scratched the surface of this sector.. Egypt Races to Solve Currency Dilemma in Hunt for Gulf, IMF Cash As for BaT, they are by far the market leader in terms of cars sold and revenue generated. I want to thank the 4,500+ of you that signed up in our first week of launching the Daily Vroom. Dougs YouTube activity remains a key component of his daily workload, but it now has to share time with his management of Cars & Bids, the auction site he launched in June of 2020. Dave is an online banking platform and a personal financial management app. "Cars & Bids provides a great digital auction experience for automotive enthusiasts, and we auction some of the coolest cars in the world - and the investment from TCG ensures it's only going. Submitters are 7x more likely to receive a qualified connection. Chernin Group acquires majority stake in Cars & Bids When we thought we could turn those observations into conviction about how consumers would continue to behave, opportunities soon followed. $37 million investment from The Chernin Group (TCG) in recently-launched Cars & Bids auction site. following the $37 million capital boost from investment specialist The Chernin Group, as well as a new CEO to bring some business scaling expertise, things are moving faster than ever at C&B . About | TCG Goldin Auctions will use the funding to invest in technology, operations and audience development to further build upon the trust the company has established with buyers and sellers on its platform. In the video above, Doug talks about his entire journey. Saudi Oil Minister Tells Speculators to Watch Out: Qatar Forum . Worries Over Big Tech Driving Stock Rally Are Overblown,BofAs Subramanian Says Before Doug began his YouTube channel, he had previously worked with Porshe and also used to write for several publications including Jalopnik, and AutoTrader.com. But aside from these two exotics, one 80s icon that Doug has always had his eyes on is the Ferrari F40. When we returned the car we checked the outside of the car with their staff to make sure there were no extra damages since we rented it in the morning with some damages/scratches. Dougs review really caused a stir because he called it an awful car, Watch Doug DeMuro Get Schooled in Soviet Cars By a 1988 GAZ 24-10, eclectic selection of cars and super exotics is omnipresent in California, Doug DeMuro's 2021 Car Of The Year, Isn't Even A Car, Exclusive: Over 250 Rare Historical Cars On Display In The Petersen Museum Vault. Believe it or not, about 10 months ago, Doug was considering reviewing nothing other than new cars on his main channel, as they dont bring as much traffic. Cars & Bids needs to gain serious ground if they want to compete. Everlywell is a portfolio company held by vehicles managed by TCG. In 2021, they invested $40m in collectible and trading card auction company Goldin Auctions. First of all, they need to broaden their content beyond just Doug Demuro. YouTube car guru Doug DeMuro soups up his auction platform with $37 This pattern holds true across all brands and vehicle types. The investment is being made amidst record growth for both Goldin Auctions and the industry overall as collectors increasingly view collectibles and trading cards as both a fun hobby and a valuable alternative investment. Created by experts in the field and people whove been there, Equip builds upon Family-Based Treatment with a five-person dedicated care team including a therapist, dietitian, physician, and peer & family mentor. I think if I showed up today. That understands the limitations and the benefits a creator brings. 10. Stay curious. Doug has done a tremendous job of connecting with that community through his unique brand of content, and building a commerce platform tailor fit to serve them. Those really are some staggering numbers. Dougs videos still bring in between 15 and 20 million views a month and now combining his passion for making online video reviews with the auctions business, I cant wait to see where Cars&Bids goes next. In the beginning, our focus and conviction were greatest in media. It really does drive traffic and provide value to their community & worry not, it won't take away eyeballs from their auctions. Ukraine Cant Win War Against Russia, Hungarian Premier Says Cars & bids sit in 3rd place in terms of revenue which is the number that REALLY matters. Thats the nature of a startup. We just closed our new fund with over $700M of commitments from investors. Could Tucker get 4 or 5 million paid subscribers? Use the CB Insights Platform to explore The Chernin Group's full profile. As a result, were confident that well help oversee the continued growth and expansion of the industry as a whole., Ken and his team have built an incredible business and he is an icon in the hobby, said Hoffman. We loved direct-to-consumer, subscription businesses, and founders that had done the hard work of building a great brand but needed help scaling. Regional Banks May Emerge as aWinner in Debt Showdown, State Street Says Choy has expressed his focus on content, technology, and business operations as the platform aims to take on competitors such as Bring a Trailer and Collecting Cars. We had some ideas about how technology would re-shuffle the media landscape. We now look forward to this new chapter together. I asked him, couldn't Microsoft build it themselves. You may know a lot about us, you may have heard of us but have questions about what exactly we do, or this may be the first time youre hearing of us. That was tough, said Doug. That made me a little bit anxious, and for me personally, the impetus was I need to get something where I can bring the audience and have a little bit more control over it and start a real business. Barstool Sports is a leading sports, comedy, and pop culture digital media brand. The TCG team has a track record of working with world-class consumer brands in content, commerce, and consumer-tech, including Crunchyroll, Headspace, MeatEater, Exploding Kittens, Food52, The Action Network, and Barstool Sports. Acquisitions make sense for so many reasons and I could write a whole new article just on this subject. Our teams in Los Angeles and San Francisco are growing and weve since added a New York office. While their current shipping capabilities are a good start, they should be thinking bigger about how to use emerging technologies like AI and Web3 to provide real value to their community. CGP Investment operates as an investment platform. This is because Cars & Bids average sale prices are significantly lower than their competitors, leading to lower revenue from BMW sales. Weve heard from all these potential investors, but heres one that gets it. Additionally, through a special partnership with YouTube, VEVO is accessible in over 200 countries, expanding the platform's reach around the globe. From microcars like the BMW Isetta to the Bugatti Chiron and everything in between, Doug has seen it all in the decade since he began his YouTube Channel. GQGs Jain Raises Adani Stake by About 10% for $3.5 Billion Bet The Chernin Group has made 88 investments. By 2020, Doug had north of 4 Million subscribers on his YouTube channel, which was a sizeable audience to gain exposure for his next venture Cars&Bids, a car auction website for cool cars that he co-founded with Blake Machado in May 2020. Their latest portfolio exit was Scopely on April 05, 2023. Ken founded Goldin Auctions in 2012 and built the company from a start-up grossing $800,000 in its first year to over $100 million in 2020. With the help and expertise of our new partners, we plan to always prioritize our consignors and buyers by providing them the safest and easiest way to trade these amazing and valuable assets. Drivetime), PhD, Chief Clinical Officer, Chief Operating Officer and Co-Founder. We now look forward to this new chapter together. Our collective experiences, respect, and admiration for one another have shaped The Chernin Group for the last decade. The Chernin Group Doug DeMuro seated in his 2005 Ford GT I recently had the opportunity and privilege of speaking with one of the most influential automotive YouTubers on the planet, Doug. Along the way we offered up advice, helped them recruit talented leaders, and provided access to capital. The Chernin Group has 9 team members, including , . Cars & Bids has found success with the Rivian, outpacing their competitors by selling 31 of these vehicles over the last two months, which represents 4% of their total sales. It's played host to auctions for everything from a rare civilian-spec. Stan Druckenmiller, David Tepper Lead FamilyOffices Betting on AI TSX recap: Index finishes 1.45% lower amid losses in energy, financial stocks However, the impact of the Chernin Group investment and the leadership of Choy on the company's sales and growth is yet to be fully realized. ***My suggestion: Facebook targeted ads to Rivian owners. Dadi is a portfolio company held by vehicles managed by TCG. What would happen if we helped? Aside from that nothing has changed aside from Doug having more time to create video's! Experiment with content ideas and put some of it on their website. Apple, JPMorgan turn to pay now grow later RELATED: Doug DeMuro's 2021 Car Of The Year, Isn't Even A Car. The Athletic is a direct-to-consumer subscription service serving sports fans. It will use this investment to grow its staff and improve its UX, according to the Robb Report. Alexandra MooreFounding Managing Director. We have purposefully remained low key for the last 10 years. Food52 is a portfolio company held by vehicles managed by TCG. Well heres the real reason why Doug DeMuro started Cars&Bids -, I had developed this large audience and felt I didnt have enough control. Our collective experiences, respect, and admiration for one another have shaped The Chernin Group for the last decade. Crunchyroll was a portfolio company held by subsidiaries of The Chernin Group. Goldin Solutions Kristina SaffranChief Executive Officer and Co-Founder, Erin ParksPhD, Chief Clinical Officer, Chief Operating Officer and Co-Founder. Cars & Bids should be analysing companies in their space and looking to make strategic investments that can quicken the process. Karl Brauer / Forbes: Vehicles & Bids, a automobile public sale website based by Doug DeMuro, a well-liked automotive YouTuber who has 4.5M subscribers, raised $37M from The Chernin Group Doug DeMuro is arguably probably the most profitable automotive YouTuber within the comparatively brief historical past of that younger medium. The quick 'bounce' from a new management team is not realistic. I think the Doug score has been a cool part of the universe, but going in-depth and pointing out things about the cars people dont have access to was huge. Just before I get into it. So yes, the move here had an enormous effect and thus Im not leaving anytime soon. Shutterstock to Buy Metas Giphy for $53 Million on UK Antitrust Order Single-Stock ETFs Get Vote of Confidence in Huge 32-Fund Filing The Daily Chase: WestJet avoids strike; Scotiabank forecasts interest rate hike ahead Acquisitions. Pandora was a portfolio company held by subsidiaries of The Chernin Group. As part of the deal, the Chernin Group (TCG) will take a majority stake in a new company that will combine DeMuro's YouTube work and Cars & Bids into one venture. It was only two years ago that BaT average sale price was in the mid 30's- how quickly times have changed. What would happen if we helped? No Talk of Moon Shots at This Years Bitcoin Bash in Miami Europe Seeks to Speed Up F-16 Training for Ukrainian Pilots Our collective experiences, respect, and admiration for one another have shaped The Chernin Group for the last decade. About three and a half years ago it hit me that I wanted to do something with my audience that was less beholden to the YouTube algorithm, said Doug. For example, The Chernin Groups portfolio companies in Asia and those entities associated with Chernin Entertainment are not referenced herein. Collecting Cars sold 42 Porsches out of a total of 505 cars sold, which accounts for approximately 8.3% of their total sales, and their highest sale price was $500,000. Qatar Wealth Fund Sets up $275 Million Market-Making Program Alibabas Cloud Arm to Cut 7% of Staff in Overhaul, Sources Say The site focuses primarily on sub-$100,000 collectible vehicles from between 1980 and 2010, though it also features a lot of new electric vehicles, including Rivian trucks and SUVs, and the Ford F-150 Lightning. It wasnt long before I was binging on some of his older content as well.
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