Greenwave Technology Solutions' Scrap App is continuing to grow in Cleveland, Ohio, and Hampton Roads, Virginia. Greenwave says that it has generated more than $200,000 in revenue from cars purchased through Scrap App in its first 130 days since launch as it captures market share for end-of-life motor vehicles.
Greenwave plans to expand Scrap App to additional markets in February and March of 2024.
Greenwave says Scrap App has the potential to scale significantly. Greenwave believes that efficiencies created by its vertical integration of key stages of the car scrapping process could create significant competitive advantages.
Scrap App has adopted the lean startup methodology – expanding primarily utilizing the cashflows it generates from operating activities – while focusing on developing systems that will enable it to scale in a capital-efficient manner. Greenwave intends to utilize its experience in the metal scrap industry to develop Scrap App.
Greenwave is developing artificial intelligence to optimize its pricing operation and automate certain systems and processes to create and enhance efficiencies.
