Greenwave Technology Solutions' Scrap App has launched new AI-powered features to optimize pricing and sales. Greenwave says that Scrap App's planned national expansion and AI strategy will accelerate growth.
Greenwave says that Scrap App has generated hundreds of thousands of dollars in revenue from end-of-life vehicles in the limited markets in which it is currently available – Hampton Roads, V.A., Richmond, V.A., and Cleveland, O.H.
Greenwave says that the efficiencies created by its vertical integration of key stages of the car scrapping process could lead to advantages.
"We plan to expand Scrap App to multiple new markets across the United States in the coming weeks," stated Greenwave Chairman and CEO Danny Meeks. "As a technology platform, Scrap App has the ability to scale to new markets with minimal capital investment – we do not have to open a new facility, purchase additional equipment, or significantly expand overhead when we enter a new city."
Greenwave intends to develop Scrap App into a technology platform for the scrap metal industry either as a stand-alone business serving the whole industry or as an internal subsidiary. Greenwave plans to list nearby scrap yards with real-time prices and introduce a points-based rewards system. Scrap App has adopted the lean startup methodology – expanding primarily utilizing the cashflows it generates from operating activities – while focusing on utilizing A.I.-powered systems.
