While the Covid-19 pandemic depressed industries globally, one market experienced a windfall: used cars. From Carsome in Malaysia to Carro in Singapore, online car marketplaces became unicorns across the world. The company that received the most investment, though, was Mexico’s Kavak, founded by Carlos García Ottati, a former executive at the online marketplace Linio. Ottati recognized that an estimated 90% of Latin America’s used car transactions were informal, which leads to a high rate of fraud and long delays. He came up with the idea for the company after being the victim of a scam while trying to sell a vehicle. Kavak formalized and centralized the market. Ottati’s thesis has paid off: In September 2020, Kavak became the country’s first tech unicorn and hit a $4 billion valuation in April 2021.