CarMD Corp. Backgrounder

 

MISSION STATEMENT

 

The mission of CarMD Corp. is to empower our partners and consumers by providing them with the information they need to lower the cost of vehicle ownership. We are the industry leaders in providing vehicle health and maintenance information services.


Our products employ the latest technologies that help our customers decipher vehicle diagnostic information using simple, quick and accurate methods.


Our platform is where consumers go for “all things automotive.” We develop mutually rewarding relationships with our investors, employees, partners, suppliers and – most importantly, our end user customers.

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OUR VISION AND HISTORY

 

The vision began in 1997 with a conversation between automotive aftermarket industry veteran Ieon C. Chen and Automotive Service Excellence-certified Master Technician Keith Andreasen, both of Innova Electronics Corp., a leading developer of test equipment for the automotive aftermarket. They shared a dream to provide all consumers and others with a way to diagnose their vehicles’ “Check Engine” light as easily as you might check your tire pressure or oil levels.

With this goal in mind, they began researching and developing a product that could diagnose a vehicle’s health by gaining access to a vehicle’s computer and processing it in much the same way a mechanic with years of experience does.

 

In late 2001, the company launched the INNOVA® 3100 OBD2 Code Reader, which would quickly become the best-selling automotive diagnostic tool of its kind and eventually be re-mastered into the CarMD handheld tester. In 2003, the “CarMD” name was registered with the U.S. Patent and Trademark office, and the first of several U.S. patents on the tool were granted. Meanwhile, with the increased popularity of the Internet, the company’s vision expanded to include the creation of an online resource where consumers can quickly and easily learn about the vehicles they depend on every day.

 

By 2004, CarMD’s team of Automotive Service Excellence (ASE)-certified technicians, master technicians, computer software engineers, consultants and associate repair shops were completing a database that would “consumerize” the information that previously only mechanics could understand.

 

The #2100 CarMD® Handheld Device and Software Solution Kit was launched in March 2006. Response to the company’s flagship product has been outstanding with positive press in prominent places such as Good Morning America, Fox News U.S.A., Popular Mechanics, and The Wall Street Journal, to name just a few. In November 2007, the product was aired on Home Shopping Network (HSN) and sold out in minutes. Since then, it has re-aired multiple times with similar results, and even earned the position as the #1 Dollar Earner per Minute on several occasions.

 

In 2010, the company launched its CarMD® Vehicle Health System™ for use with Apple® Mac and Windows®-based PC devices, and made the product available to Canadian customers. CarMD also debuted its Vehicle Health Index™, the first ever index to rank manufacturers and vehicles using statistically based “check engine”-related failures and repair costs.

 

Today, in addition to continuing to provide world class diagnostic tools, we are focused on serving the rapidly growing automotive telematics industry. The company has aggressively moved into the vehicle information services market by enabling our partners with products that deliver on lowering the cost of vehicle ownership. Our services are being embedded in a wide array of products being marketed by our service partners.