Scrap App Aims to be the #1 Junk Car Platform in the $32 Billion Auto Recycling Industry
Company Accelerating Nationwide Expansion, Building on Objective Success in Key Cities
Platform Set New Weekly Record Both in Number of Cars and Revenue from January 26 to February 1, 2025
CHESAPEAKE, Va., Feb. 5, 2025 — Greenwave Technology Solutions, Inc. (NASDAQ:GWAV) (“Greenwave” or the “Company”), a leading innovator in the metal recycling sector, today announced the adoption of its AI-powered car buying platform, Scrap App, by one of the largest buyers of junk cars in the United States. This will power Scrap App’s rapid, cost-effective expansion into 27 new markets as it continues to capture market shares.
Scrap App immediately expanded into three key markets: Charlotte, NC, Winston-Salem, NC, and Columbia, SC, in addition to its five existing markets. The Company plans to expand Scrap App into multiple new markets every week, leveraging AI to automate operations and outperform competitors.
Aims to be #1 Junk Car Platform in $32 Billion Market
Scrap App is now being utilized by one of the largest buyers of junk cars in the industry by dollar volume, building on its objective success in initial launch markets. The Company is disrupting the fragmented $32 billion U.S. auto recycling industry (1), where a leading competitor reported $130.7 million in FY 2024 revenue (2). With its technology-first approach and AI-driven efficiencies, Greenwave is positioned to capture substantial market share and drive revenue acceleration.
AI-Powered Automation: Driving Efficiency and Margin Expansion
On January 27, 2025, Scrap App deployed its proprietary AI Operator, streamlining:
- Real-time, AI-generated quotes for junk vehicles, ensuring competitive pricing.
- Automated scheduling for vehicle pickups, increasing operational efficiency.
- Autonomous customer interactions, enhancing user experience and scalability.
The AI Operator, developed for approximately $20,000 using internally generated cash flows, is expected to yield hundreds of thousands of dollars in annual cost savings while significantly boosting profit margins. This automation-driven approach fortifies Greenwave’s competitive edge, fueling both top-line growth and operational leverage.
About Greenwave Technology Solutions, Inc.
Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) operates 13 metal recycling facilities supplying leading steel mills and industrial partners with 100% domestically-sourced metals. Headquartered in Chesapeake, VA, Greenwave plays a critical role in infrastructure projects and U.S. national security, with operations across Virginia, North Carolina, and Ohio. For more information, visit www.GWAV.com.
For detailed financials and updates, visit www.GWAV.com.
Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include, without limitation, statements about its revenue growth, opening of additional locations, margin expansion and cashflow projections. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although the Company believes that its plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, the Company can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Company’s control), assumptions and other factors that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results may differ materially from those in the forward-looking statements and the trading price for the Company’s common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the SEC. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Featured Image @ Freepik
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