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OPENDOOR TECHNOLOGIES INC.

(OPEN)
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Opendoor Technologies : partners with BDX's NewHomeSource.com

09/23/2021 | 09:12am EST
Largest new home discovery platform NewHomeSource.com to leverage Opendoor home trade-in product

Since founding, our vision has been to make moving as simple and seamless as a tap of a button. During this pursuit, we discovered that buying and selling at the same time was nearly impossible, filled with complexity, double moves, cost, and, most importantly, stress.

So in 2017, we pioneered Opendoor Trade-In with homebuilders to make moving seamless. This meant that buyers can now shop, build, and buy the home of their dreams without having to list their current home, deal with contingencies, and face the financial uncertainty of having two down payments outstanding. The result is that we're now partnered with nearly 70 U.S. homebuilders, including 18 of the top 25 by closing volume, and we've unlocked over $2 billion in new construction sales with an NPS of over 80. But we didn't just stop there.

Today, we're announcing that Opendoor has partnered with Builders Digital Experience (BDX), owner of NewHomeSource.com, the largest collection of new home listings and builders in the country. With this partnership, we're connecting the magical Trade-In experience we launched in 2017 to the thousands of new construction homes found on NewHomeSource.com.

A few reasons why we are so excited to announce this partnership. First, we hear everyday from consumers that selling their existing home in order to buy the next home is a painful experience. Second, we believe that every consumer should have the opportunity to move seamlessly without managing two separate transactions.

With this new partnership, we're bringing the Opendoor Trade-In product directly to the over 40 million people who use NewHomeSource.com each year. When homebuyers search for a new construction build on NewHomeSource.com, they can shop, tour and buy online. Starting today, they also have the option to trade-in their existing home with a sale to Opendoor. They simply request an offer from Opendoor, receive a preliminary offer in minutes, and can seamlessly close on both homes in the same day when their construction is complete. And with our new self-guided home walkthroughs, the entire Opendoor sales process can be done on their own timeline and completely virtually.

"Buying a new home is one of the most important and exciting decisions that someone will make in their lifetime and our goal on NewHomeSource.com has been to make that process as easy as possible and eliminate the friction points along the way," said Drew Leakey, VP of Digital Operations, for BDX, the company behind NewHomeSource. "Partnering with Opendoor helps us accomplish this goal and will simplify the home shopping process. Not only will this partnership bring our visitors one step closer to new home ownership, it also helps our builders sell more new homes, faster."

The future of the home move is simple, certain and fast, and Opendoor continues to be at the forefront of this broad shift in the housing industry. Our partnership with BDX is another way we're providing more choice to home sellers and buyers around the country. By partnering with home builders and new construction search portals, we can help even more buyers unlock their dream home and seamlessly move on to their next chapter.

Derek Schairer is Co-General Manager of Homebuilder Partnerships at Opendoor.

Disclaimer

Opendoor Technologies Inc. published this content on 23 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 September 2021 13:11:03 UTC.


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Financials (USD)
Sales 2021 7 353 M - -
Net income 2021 -603 M - -
Net Debt 2021 4 407 M - -
P/E ratio 2021 -8,32x
Yield 2021 -
Capitalization 5 207 M 5 207 M -
EV / Sales 2021 1,31x
EV / Sales 2022 0,77x
Nbr of Employees 1 048
Free-Float 83,9%
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Number of Analysts 8
Last Close Price 8,50 $
Average target price 23,00 $
Spread / Average Target 171%
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Managers and Directors
Eric Wu Chairman & Chief Executive Officer
Andrew Low Ah Kee President
Carrie Ann Wheeler Chief Financial Officer
Ian Wong Chief Technology Officer
Daniel Morillo Chief Investment Officer