Pre-owned car sales platform kicks Texas expansion into high gear

Fasten your seatbelts

This West Coast used car sales platform is en route to Texas. Courtesy of TRED

A Seattle-based online car marketplace has all engines revving for Texas as the company plans its Lone Star State expansion.

TRED announced plans to expand into major Texas cities including, Houston, Dallas, Austin, and San Antonio. The startup will be live in Dallas at the end of this month, followed by the rest of the state in February.

"We very excited about Texas," Grant Feek, co-founder of Tred, tells InnovationMap.

Feek describes the company as a peer-to-peer marketplace for selling and buying used vehicles that offers sellers a thinner transaction margin and buyers a lower price point.

"[We're] combining the best of the dealer experience with the best of the market experience," said Feek.

Feek says that TRED offers the low chance of fraud of a dealership and the value of a private market.

"We are the only ones that allow you to work directly with your counter party," Feek tells InnovationMap. "There's literally no middle man."

TRED handles all the paperwork — from financing to warranties — so that buyers don't have to step foot in a DMV. The company posts their real-time performance online on the "How Tred Stacks Up" page to show how the company compares to other used car marketplaces.

"We built a platform for people that really want value," Feek says. "With the push of a button they can list it in 20 different places"

TRED services will launch in Houston next month, but the company will not have any initial employees on the ground in Texas, as Feek explains that TRED's model is focused on removing employee involvement from auto sales, which, according to Feek, is strategic. TRED is all about getting out of the way of peer-to-peer sales.

The company set their eyes on Houston due to the large population and car market. Feek tells InnovationMap that TRED will also expand into Florida in late 2019.

"It's no secret that a lot of people live in California, Texas, and Florida," says Feek, "we've always had our eyes on these states."

The idea for TRED came about in 2011. Feek says that many of his peers from Harvard, from which he received his MBA in 2009, had started their own companies and he had an interest in the automotive space. He thought that the process buying and selling cars should be simpler.

Feek was able to raise $50,000 of initial funding in New York City and the company's growth was supported by Techstars, a seed accelerator, before moving to their current headquarters of Seattle, Feek says.

"The original business model was a test drive delivery service," said Feek. "In 2015, the company in its current form really started."

Feek founded TRED alongside John Wehr in 2013, when the company launched. He shares that he now oversees the online marketplace with CTO Andrew Crowell.

Feek says the company is working on product enhancements and expanding the services TRED offers. Additional plans include growth into new and existing markets and expanding the number of partners TRED operates with. Feek mentions current partnerships with FedEx, numerous banks and credit unions for financing, Pep Boys, and Firestone.

As of January 2019, TRED is currently available in Seattle; Portland, Oregan; the greater San Francisco Bay area; the greater Los Angeles area; and the greater San Diego area.

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Future-focused Houston nonprofit names new leader

taking the helm

A nonprofit organization dedicated to leading Houston into the future has named its next leader.

The Center for Houston’s Future named David Gow as president and CEO, succeeding Brett Perlman, who was announced in April to be remaining at the Center with a focus on the Center’s hydrogen initiative. Gow is the founder and chairman of Gow Media, InnovationMap's parent company. His role is effective September 3.

“I am excited to step into this opportunity with the Center and work with the team, the board and many other stakeholders to help shape Houston’s future,” Gow says in a news release. “The Center presents an exciting opportunity to cast a vision for our region and identify initiatives that will make an impact.”

Gow — whose career includes a portfolio of online media properties and ESPN Radio — is a board member of Goose Capital and chair of MSAI, an entity he formed through a SPAC acquisition. Before he founded Gow Media, he served as CFO and CEO of an online watch retailer, Ashford.com. Prior to Ashford, Gow was director of corporate strategy at Compaq Computers and a consultant at McKinsey & Co. He received his master’s in public policy from Harvard and his bachelor's in economics from Williams College.

“David’s portfolio of experiences and skills, record of innovation and success, and deep commitment to the Houston community make him the perfect fit to lead the Center as we chart and execute on our next set of initiatives focused on ensuring a bright future for all residents in the Houston region,” adds Center for Houston’s Future Board Chair Cindy Yeilding.

In his new role, Gow will lead the Center’s next effort, Vision 2050, which plans to identify the city's key issues, gaps, and opportunities.

“Today’s announcement also reflects the success of the Center’s clean hydrogen program,” Yeilding continues. “On behalf of the Center’s board, I’d also like to recognize Brett for launching and building such a successful and important effort as well as his overall leadership and record of achievement at the Center these past seven years.”

Growing Houston energy startup scales local office presence

settling in

On the heels of landing more than $240 million in venture capital, Houston-based geothermal power provider Fervo Energy has more than quadrupled the size of its headquarters.

Fervo previously occupied 5,158 square feet at 114 Main St. in downtown Houston. The company recently left the Main Street space and leased 23,782 square feet at downtown Houston’s 910 Louisiana office tower. Houston-based commercial real estate company Hines owns and manages the 50-story former One Shell Plaza.

“We believe Houston is the center of the energy transition, and downtown Houston has long been its center of activity,” Tim Latimer, co-founder and CEO of Fervo Energy, says in a news release. “The availability of dining options, parks, and biking infrastructure continue to be great assets and a huge draw for our team. For these reasons and more, the only place for Fervo’s headquarters is downtown Houston.”

In February 2024, Fervo announced it had raised $244 million in an investment round led by Oklahoma City, Oklahoma-based hydrocarbon exploration company Devon Energy. Fervo has collected $431 million in funding since its founding in 2017.

Energy companies like Fervo occupy about 43 percent of office space in downtown Houston, according to a new report from the Downtown Houston+ organization. Nineteen new tenants set up shop last year in downtown Houston, with 10 of them operating in the energy sector.

Other energy companies that recently leased office space in downtown Houston include:

  • AES Clean Energy
  • Axip Energy Services
  • EnLink Midstream
  • MRC Global
  • Repsol Renewables
  • Stonepeak

Chevron to relocate HQ, executives to Houston

big move

The Energy Capital of the World is adding another jewel to its corporate crown.

With the impending move of Chevron’s headquarters from Northern California to Houston, the Houston area will be home to 24 Fortune 500 companies. Chevron ranks 15th on this year’s Fortune 500.

Oil and gas giant Chevron, currently based in San Ramon, California, will join three Fortune 500 competitors that already maintain headquarters in the Houston area:

  • Spring-based ExxonMobil, No. 7 on the Fortune 500
  • Houston-based Phillips 66, No. 26 on the Fortune 500
  • Houston-based ConocoPhillips, No. 68 on the Fortune 500

Chevron, which posted revenue of $200.9 billion in 2023, employs about 7,000 people in the Houston area and about 2,000 people in San Ramon. The company says its chairman and CEO, Mike Wirth, and vice chairman, Mark Nelson, will move to Houston before the end of 2024.

In an interview with The Wall Street Journal, Wirth acknowledged Chevron’s differences of opinion with California policymakers regarding energy matters.

“We believe California has a number of policies that raise costs, that hurt consumers, that discourage investment and ultimately we think that’s not good for the economy in California and for consumers,” Wirth said.

Chevron expects all of its corporate functions to shift to Houston over the next five years. Jobs that support the company’s California operations will remain in San Ramon, where Chevron employs about 2,000 people. Some Chevron employees in San Ramon will relocate to Houston.

The company’s move to Houston hardly comes as a surprise. Speculation about a relocation to Houston intensified after Chevron sold its 98-acre San Ramon headquarters in 2022 and moved corporate employees to leased office space. Over the past several years, Chevron has shifted various corporate functions to Houston.

“This is just the final step that many industry observers were waiting to happen,” Ken Medlock, senior director of the Baker Institute’s Center for Energy Studies at Rice University, says in a news release.

“To start, Houston provides a world-class location for internationally focused energy companies, which is why there is such a massive international presence here,” Medlock adds. “Texas is also the nation’s largest energy producer across multiple energy sources and is poised to lead in emerging opportunities such as hydrogen and carbon capture, so Houston is a great place for domestically focused activities as well.”

The announcement of Chevron’s exit from California comes just a year after ExxonMobil finalized its relocation from Irving to Spring.

“Chevron’s decision to relocate its headquarters underscores the compelling advantages that position Houston as the prime destination for leading energy companies today and for the future,” Steve Kean, president and CEO of the Greater Houston Partnership, says in a post on the organization’s website.

“With deep roots in our region,” he adds, “Chevron is [a] key player in establishing Houston as a global energy leader. This move will further enhance those efforts.”

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This article originally ran on EnergyCapital.

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