Garage funding, valuation and investors

Product & use cases

A US municipality lists a surplus pumper or sanitation vehicle, uses Garage's AI-supported appraisal, selects auction or fixed price, and reaches buyers nationwide. Buyers compare real vehicles and condition evidence, request optional third-party inspections (usually reported in 5–7 business days), freight delivery estimates, third-party financing and warranties. Garage coordinates payment and logistics but generally neither owns the vehicle nor performs shipping itself. Published TOS: seller is responsible for listing condition; transaction risk and non-circumvention restrictions require review.

• Fire chief sells a decommissioned engine to fund a replacement rather than using only local auctions.
• Budget-limited fire department sources a used pumper and checks delivery and inspection expenses before committing.
• Municipal fleet manager compares resale proceeds net of platform fees versus public auction channels.
• Private sanitation operator searches and buys used refuse trucks; expansion is an announced priority.

Key facts

• November 10, 2026: $41M Series B led by Invus Opportunities; Fortune reports $225M valuation; pre/post unspecified.
• Over $100M annualized platform equipment sales and 1,000+ communities are issuer-reported, not audited platform revenue.
• The seller 10% fee is published in Garage's June 2025 terms; Fortune reports a 10% buyer premium on auction transactions.
• Company does not warehouse or own listed vehicles; third-party transport, optional inspections and warranties.

Competitive landscape

Edge: Combines cross-state specialist buyer discovery, AI valuation, freight quoting, optional independent inspection, warranties, municipal procurement support and financing rather than requiring a city to coordinate each separately. Network density and proprietary market data are possible strengths, not independently established moats.

Real alternatives: GovDeals and Municibid online public-sector surplus auctions, Purple Wave equipment auctions, specialist used-firetruck dealers, local auctions and direct municipal transfers. Marketplace advantages: potential national reach and end-to-end logistics; tradeoffs: 10% contractual success fee, possibly other costs, user due-diligence obligations, 24-month anti-circumvention terms and used-vehicle condition risk. An illustrative $150,000 seller transaction at 10% yields $15,000 platform fee before freight, tax and any special terms; neither actual Garage revenue nor a guaranteed price.

• Municibid direct

  Government-focused surplus auctions; its official seller guidance advertises no seller fees, with buyer fees.

• GovDeals direct

  Established government surplus auctions; fee structure, vehicle-specific logistics and inspection differ by listing.

• Purple Wave direct

  Specialist no-reserve equipment auction marketplace, including fleet equipment.

• Fire Truck Center alternative

  Specialist reconditioned-truck dealer; direct inventory and pre-sale inspection can reduce condition uncertainty but pricing differs.

Market / IPO context