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There might not be much to HotSwap, but it does have a familiar name among its backers: Apple co-founder Steve Wozniak. Along with fellow HotSwap backer and Clear Channel Communications co-founder Red McCombs, Woz seems to believe there's a market for a car sales site that includes video. Venture capital comes from Kinsey Hills Group.
More interesting than the crappy car sales site is the "compression" technology they've developed; its founders say can this can make digital camera movie clips mimic high-definition TV, and HotSwap is an early example of that. Fact is, video car sales aren't a great idea, but who knows what enough hype and connections will do.