[LondonOpenCoffee] Car dealerships - PCP/HP

classic Classic list List threaded Threaded
7 messages Options
Reply | Threaded
Open this post in threaded view
|  
Report Content as Inappropriate

[LondonOpenCoffee] Car dealerships - PCP/HP

Ajit
Hi guys,

I’ve been here for a while, I initially joined to eventually post this and would appreciate your help if you want to.

After searching for a car on finance I realised that the industry was archaic and research backed this up, Directors of some of this biggest dealerships were claiming “the industry is ripe for disruption”. We looked into this research with Google and Luth and that mirrored by searching habits and backed up in my eyes how stuck in the mud the industry felt.




The more people I asked the more fragmented the journeys become, the more esoteric finance became, I spoke to dealerships who didn’t know what PCP finance was. Needless to say people feel disempowered when making a finance decision, it still feels the car salesperson has the answers.

  • 80% of new cars are bought on PCP finance
  • 50% and rising used cars are bought from PCP
  • HP is fast gaining traction, especially for brand spanking new cars
  • Dealerships told us that the new cars on finance were being brought back after 3 years and where stacking up in their forecourts (which drives their price down)

Well we think we can make a much better experience with way less friction and better UX, educate and empower consumers while helping dealerships shift used cars from their forecourts, Win/Win

When you think of getting a car on finance, there is no dominant brand that springs to mind.

I immediately teamed up with 2 of the most talented people I know and…. We started to build…. (not sure if these screen shots have stayed in order)





We are only a month or so away from having a fully functioning platform.

  • (1) Budget search - Research shows people are searching by monthly budget over specfic car, people want to know “what can I afford?” a month.

  • (2) PCP/HP only - We will have a toggle for this, PCP by default as most popular.

  • (2 Bottom) Unique way of displaying results by age - We were shocked at how many people including ourselves, didn’t realise you could finance cars as old as 6/7 years old. The results being shown to the consumer this way empowers them to make an informed decision; a new worse car/model Vs an older better car/model.

  • Reviews - We will have a tab featuring a video, star and peer written reviews for each car. You will see micro-moments in the research where consumers constantly flick through reviews.

  • My Carleesi - There is nowhere to manage your finance, you have to make a call to your finance company or check your contract for anything you want to know. Your account will allow you stay in touch with your car finance, including visualisations of how much you have paid/left to pay, etc. (This is in our preliminary product road map)

  • Educating, purchase ready leads into dealerships, buying used cars that dealerships have an abundance of on their forecourt.



Where are we currently?

We get the finance prices from iVendi, here who have dealerships specific prices and we have 14 dealerships in the Dartford area called WJ King here.
We are also in deep conversations with Lookers PLC who have 10,000 used cars in their inventory in 31 locations (they will be on board for the official launch)

What we need?

We are now looking for dealerships in the Dartford, Essex and Sussex areas (but will talk with dealerships anywhere in the UK, for official launch) for our MVP.

We are charging £50 per conversion until official launch.

If you have any thoughts, comments or contacts who you think would benefit from Carleesi, it would be highly appreciated.

Thank you for the support.


Alec Piercy @ Carleesi


BOLD = TL:DR.





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Alec Piercy from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]
Reply | Threaded
Open this post in threaded view
|  
Report Content as Inappropriate

Re: [LondonOpenCoffee] Car dealerships - PCP/HP

Ajit
Hi Alec

I really like the idea.

I've worked with one of the leading van leasing companies (business focused) and with a leading used car site and there's clearly a lot of potential here. Having done a lot of research on their customers (and significantly increasing their conversion rates) a few things you may want to consider are:

  1. People aren't at all familiar with jargon like PCP and HP. The van leasing site had very clear explanations/choices of the three different lease options they offered, but in reality the leasing option was almost always dependent on on the customer's situation (and decided much later in the process). You may want to consider keeping it simple (referring to it all as "leasing" or "finance" at this early stage, with the PCP/HP keywords appearing on the page to keep the real experts happy!)
  2. As you've noted - building awareness of finance availability in the used market is a big deal (Motors.co.uk do a good job of getting 'monthly costs' out there). In tests, we found that searching by monthly prices didn't necessarily increase conversions, but that seeing monthly prices in search results can be very effective.
  3. It can be very, very expensive to launch into the car market and generate traffic! Getting your marketing and target right will be key. If you're charging by conversion (a sensible idea in this market), you'll need to make sure you can generate the traffic you need at a reasonable cost, but also make sure that you're actually converting those visitors (as the study you linked references - there are so many touch points you need to make sure they convert with you)
Hope some of that is of help. Please feel free to get in touch directly if you'd like to discuss further.

Thanks

Dave



Dave Gowans
Managing Director

T: +44 (0)7810 898610


On 5 August 2017 at 20:15, Alec Piercy <[hidden email]> wrote:
Hi guys,

I’ve been here for a while, I initially joined to eventually post this and would appreciate your help if you want to.

After searching for a car on finance I realised that the industry was archaic and research backed this up, Directors of some of this biggest dealerships were claiming “the industry is ripe for disruption”. We looked into this research with Google and Luth and that mirrored by searching habits and backed up in my eyes how stuck in the mud the industry felt.




The more people I asked the more fragmented the journeys become, the more esoteric finance became, I spoke to dealerships who didn’t know what PCP finance was. Needless to say people feel disempowered when making a finance decision, it still feels the car salesperson has the answers.

  • 80% of new cars are bought on PCP finance
  • 50% and rising used cars are bought from PCP
  • HP is fast gaining traction, especially for brand spanking new cars
  • Dealerships told us that the new cars on finance were being brought back after 3 years and where stacking up in their forecourts (which drives their price down)

Well we think we can make a much better experience with way less friction and better UX, educate and empower consumers while helping dealerships shift used cars from their forecourts, Win/Win

When you think of getting a car on finance, there is no dominant brand that springs to mind.

I immediately teamed up with 2 of the most talented people I know and…. We started to build…. (not sure if these screen shots have stayed in order)





We are only a month or so away from having a fully functioning platform.

  • (1) Budget search - Research shows people are searching by monthly budget over specfic car, people want to know “what can I afford?” a month.

  • (2) PCP/HP only - We will have a toggle for this, PCP by default as most popular.

  • (2 Bottom) Unique way of displaying results by age - We were shocked at how many people including ourselves, didn’t realise you could finance cars as old as 6/7 years old. The results being shown to the consumer this way empowers them to make an informed decision; a new worse car/model Vs an older better car/model.

  • Reviews - We will have a tab featuring a video, star and peer written reviews for each car. You will see micro-moments in the research where consumers constantly flick through reviews.

  • My Carleesi - There is nowhere to manage your finance, you have to make a call to your finance company or check your contract for anything you want to know. Your account will allow you stay in touch with your car finance, including visualisations of how much you have paid/left to pay, etc. (This is in our preliminary product road map)

  • Educating, purchase ready leads into dealerships, buying used cars that dealerships have an abundance of on their forecourt.



Where are we currently?

We get the finance prices from iVendi, here who have dealerships specific prices and we have 14 dealerships in the Dartford area called WJ King here.
We are also in deep conversations with Lookers PLC who have 10,000 used cars in their inventory in 31 locations (they will be on board for the official launch)

What we need?

We are now looking for dealerships in the Dartford, Essex and Sussex areas (but will talk with dealerships anywhere in the UK, for official launch) for our MVP.

We are charging £50 per conversion until official launch.

If you have any thoughts, comments or contacts who you think would benefit from Carleesi, it would be highly appreciated.

Thank you for the support.


Alec Piercy @ Carleesi


BOLD = TL:DR.





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Alec Piercy from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Dave Gowans from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]
Reply | Threaded
Open this post in threaded view
|  
Report Content as Inappropriate

Re: [LondonOpenCoffee] Car dealerships - PCP/HP

Ajit
In reply to this post by Ajit
Hi Dave, 

Thank you, I’ve had a few self proclaimed “investors” contact privately but you are the only one to provide real valuable insights, appreciate that. 

1. Agreed, In our research we saw that people either flat out didn’t know the finance terminology and/or they believed finance and leasing were one in the same. I think we will try and coin “monthly priced cars” - Carleesi is the place to search for cars by monthly price (if you were talking with a friend perhaps) 

2. Motors, definitely our biggest competition right now, flaws and strengths in many places - Confident we can take chunks of the market share. Absolutely, for me displaying and using monthly price only is as much about brand as it is about anything else - If I think of how I would buy a car online via monthly price, I wouldn’t have any brand spring to mind.. potentially auto-trader purely from a habitual stand point. 

3. This. Absolutely something we have discussed and is always the main talking point sitting with investors (a position we don’t ideally want to be sitting in anyway) - Something we think we are prepared for working as lean as possible with the “growth hacking” mentality. I will look to build a growth team from the get-go, already having developer, analytics/statistics and sales/product skill-sets within tech in the team helps. 

It will be a hard and long road, no doubt - Love the challenge. 

I am certain we could use your help and trade value - Whether that be through connections, optimisation, consultancy or something we can do for you in the future when we are kicking butt (not sure how the relationship plays out yet). 

I do have a question for someone so seasoned in the automotive trade - In your opinion what is the best way & approach to contact senior “decision makers” in multi-chain dealerships? We had luck with WJ King and Lookers (introductions)

Thank you again, appreciate your time.

Alec 


On 7 Aug 2017, at 10:59, Dave Gowans <[hidden email]> wrote:

Hi Alec

I really like the idea.

I've worked with one of the leading van leasing companies (business focused) and with a leading used car site and there's clearly a lot of potential here. Having done a lot of research on their customers (and significantly increasing their conversion rates) a few things you may want to consider are:

  1. People aren't at all familiar with jargon like PCP and HP. The van leasing site had very clear explanations/choices of the three different lease options they offered, but in reality the leasing option was almost always dependent on on the customer's situation (and decided much later in the process). You may want to consider keeping it simple (referring to it all as "leasing" or "finance" at this early stage, with the PCP/HP keywords appearing on the page to keep the real experts happy!)
  2. As you've noted - building awareness of finance availability in the used market is a big deal (Motors.co.uk do a good job of getting 'monthly costs' out there). In tests, we found that searching by monthly prices didn't necessarily increase conversions, but that seeing monthly prices in search results can be very effective.
  3. It can be very, very expensive to launch into the car market and generate traffic! Getting your marketing and target right will be key. If you're charging by conversion (a sensible idea in this market), you'll need to make sure you can generate the traffic you need at a reasonable cost, but also make sure that you're actually converting those visitors (as the study you linked references - there are so many touch points you need to make sure they convert with you)
Hope some of that is of help. Please feel free to get in touch directly if you'd like to discuss further.

Thanks

Dave



Dave Gowans
Managing Director

T: +44 (0)7810 898610


On 5 August 2017 at 20:15, Alec Piercy <[hidden email]> wrote:
Hi guys,

I’ve been here for a while, I initially joined to eventually post this and would appreciate your help if you want to.

After searching for a car on finance I realised that the industry was archaic and research backed this up, Directors of some of this biggest dealerships were claiming “the industry is ripe for disruption”. We looked into this research with Google and Luth and that mirrored by searching habits and backed up in my eyes how stuck in the mud the industry felt.




The more people I asked the more fragmented the journeys become, the more esoteric finance became, I spoke to dealerships who didn’t know what PCP finance was. Needless to say people feel disempowered when making a finance decision, it still feels the car salesperson has the answers.

  • 80% of new cars are bought on PCP finance
  • 50% and rising used cars are bought from PCP
  • HP is fast gaining traction, especially for brand spanking new cars
  • Dealerships told us that the new cars on finance were being brought back after 3 years and where stacking up in their forecourts (which drives their price down)

Well we think we can make a much better experience with way less friction and better UX, educate and empower consumers while helping dealerships shift used cars from their forecourts, Win/Win

When you think of getting a car on finance, there is no dominant brand that springs to mind.

I immediately teamed up with 2 of the most talented people I know and…. We started to build…. (not sure if these screen shots have stayed in order)





We are only a month or so away from having a fully functioning platform.

  • (1) Budget search - Research shows people are searching by monthly budget over specfic car, people want to know “what can I afford?” a month.

  • (2) PCP/HP only - We will have a toggle for this, PCP by default as most popular.

  • (2 Bottom) Unique way of displaying results by age - We were shocked at how many people including ourselves, didn’t realise you could finance cars as old as 6/7 years old. The results being shown to the consumer this way empowers them to make an informed decision; a new worse car/model Vs an older better car/model.

  • Reviews - We will have a tab featuring a video, star and peer written reviews for each car. You will see micro-moments in the research where consumers constantly flick through reviews.

  • My Carleesi - There is nowhere to manage your finance, you have to make a call to your finance company or check your contract for anything you want to know. Your account will allow you stay in touch with your car finance, including visualisations of how much you have paid/left to pay, etc. (This is in our preliminary product road map)

  • Educating, purchase ready leads into dealerships, buying used cars that dealerships have an abundance of on their forecourt.



Where are we currently?

We get the finance prices from iVendi, here who have dealerships specific prices and we have 14 dealerships in the Dartford area called WJ King here.
We are also in deep conversations with Lookers PLC who have 10,000 used cars in their inventory in 31 locations (they will be on board for the official launch)

What we need?

We are now looking for dealerships in the Dartford, Essex and Sussex areas (but will talk with dealerships anywhere in the UK, for official launch) for our MVP.

We are charging £50 per conversion until official launch.

If you have any thoughts, comments or contacts who you think would benefit from Carleesi, it would be highly appreciated.

Thank you for the support.


Alec Piercy @ Carleesi


BOLD = TL:DR.





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Alec Piercy from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

<a href="x-msg://4/#m_-1823790000801318719_" style="color:#ccc;text-decoration:none" class="">Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Dave Gowans from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

<a href="x-msg://4/#" style="color:#ccc;text-decoration:none;cursor:default;" class="">Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Alec Piercy from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]
Reply | Threaded
Open this post in threaded view
|  
Report Content as Inappropriate

Re: [LondonOpenCoffee] Car dealerships - PCP/HP

Ajit
In reply to this post by Ajit

Hi Alec,

I think you are right... this space could definitely be made better.


We looked at it a few years ago, and as Dave pointed our earlier, we ran into the problem that the CPA was really high. Even when we looked at methods for growth hacking various ones had different costs, and all of them required financing, and someone with deep enough pockets to continue paying for the "experiments", until we came up with a repeatable model.


One of the things that we did look at, that might work for you, is creating a widget or plug-in that sits on a dealers site. Let the dealer drive traffic to theirs and then click through to yours for a "better experience" on PCP/HP. I'm happy to talk more about it if you want details. It might not be right for you, but perhaps a different way to approach the problem of reducing CPA.


The project didn't go anywhere, two of the founders were married, and then weren't !!! Let's leave it at that.


Anyway, hope that helps.


Good luck 😊


Parvez




From: [hidden email] <[hidden email]> on behalf of Alec Piercy <[hidden email]>
Sent: 07 August 2017 17:24
To: [hidden email]
Subject: Re: [LondonOpenCoffee] Car dealerships - PCP/HP
 
Hi Dave, 

Thank you, I’ve had a few self proclaimed “investors” contact privately but you are the only one to provide real valuable insights, appreciate that. 

1. Agreed, In our research we saw that people either flat out didn’t know the finance terminology and/or they believed finance and leasing were one in the same. I think we will try and coin “monthly priced cars” - Carleesi is the place to search for cars by monthly price (if you were talking with a friend perhaps) 

2. Motors, definitely our biggest competition right now, flaws and strengths in many places - Confident we can take chunks of the market share. Absolutely, for me displaying and using monthly price only is as much about brand as it is about anything else - If I think of how I would buy a car online via monthly price, I wouldn’t have any brand spring to mind.. potentially auto-trader purely from a habitual stand point. 

3. This. Absolutely something we have discussed and is always the main talking point sitting with investors (a position we don’t ideally want to be sitting in anyway) - Something we think we are prepared for working as lean as possible with the “growth hacking” mentality. I will look to build a growth team from the get-go, already having developer, analytics/statistics and sales/product skill-sets within tech in the team helps. 

It will be a hard and long road, no doubt - Love the challenge. 

I am certain we could use your help and trade value - Whether that be through connections, optimisation, consultancy or something we can do for you in the future when we are kicking butt (not sure how the relationship plays out yet). 

I do have a question for someone so seasoned in the automotive trade - In your opinion what is the best way & approach to contact senior “decision makers” in multi-chain dealerships? We had luck with WJ King and Lookers (introductions)

Thank you again, appreciate your time.

Alec 


On 7 Aug 2017, at 10:59, Dave Gowans <[hidden email]> wrote:

Hi Alec

I really like the idea.

I've worked with one of the leading van leasing companies (business focused) and with a leading used car site and there's clearly a lot of potential here. Having done a lot of research on their customers (and significantly increasing their conversion rates) a few things you may want to consider are:

  1. People aren't at all familiar with jargon like PCP and HP. The van leasing site had very clear explanations/choices of the three different lease options they offered, but in reality the leasing option was almost always dependent on on the customer's situation (and decided much later in the process). You may want to consider keeping it simple (referring to it all as "leasing" or "finance" at this early stage, with the PCP/HP keywords appearing on the page to keep the real experts happy!)
  2. As you've noted - building awareness of finance availability in the used market is a big deal (Motors.co.uk do a good job of getting 'monthly costs' out there). In tests, we found that searching by monthly prices didn't necessarily increase conversions, but that seeing monthly prices in search results can be very effective.
  3. It can be very, very expensive to launch into the car market and generate traffic! Getting your marketing and target right will be key. If you're charging by conversion (a sensible idea in this market), you'll need to make sure you can generate the traffic you need at a reasonable cost, but also make sure that you're actually converting those visitors (as the study you linked references - there are so many touch points you need to make sure they convert with you)
Hope some of that is of help. Please feel free to get in touch directly if you'd like to discuss further.

Thanks

Dave



Dave Gowans
Managing Director

T: +44 (0)7810 898610


On 5 August 2017 at 20:15, Alec Piercy <[hidden email]> wrote:
Hi guys,

I’ve been here for a while, I initially joined to eventually post this and would appreciate your help if you want to.

After searching for a car on finance I realised that the industry was archaic and research backed this up, Directors of some of this biggest dealerships were claiming “the industry is ripe for disruption”. We looked into this research with Google and Luth and that mirrored by searching habits and backed up in my eyes how stuck in the mud the industry felt.




The more people I asked the more fragmented the journeys become, the more esoteric finance became, I spoke to dealerships who didn’t know what PCP finance was. Needless to say people feel disempowered when making a finance decision, it still feels the car salesperson has the answers.

  • 80% of new cars are bought on PCP finance
  • 50% and rising used cars are bought from PCP
  • HP is fast gaining traction, especially for brand spanking new cars
  • Dealerships told us that the new cars on finance were being brought back after 3 years and where stacking up in their forecourts (which drives their price down)

Well we think we can make a much better experience with way less friction and better UX, educate and empower consumers while helping dealerships shift used cars from their forecourts, Win/Win

When you think of getting a car on finance, there is no dominant brand that springs to mind.

I immediately teamed up with 2 of the most talented people I know and…. We started to build…. (not sure if these screen shots have stayed in order)





We are only a month or so away from having a fully functioning platform.

  • (1) Budget search - Research shows people are searching by monthly budget over specfic car, people want to know “what can I afford?” a month.

  • (2) PCP/HP only - We will have a toggle for this, PCP by default as most popular.

  • (2 Bottom) Unique way of displaying results by age - We were shocked at how many people including ourselves, didn’t realise you could finance cars as old as 6/7 years old. The results being shown to the consumer this way empowers them to make an informed decision; a new worse car/model Vs an older better car/model.

  • Reviews - We will have a tab featuring a video, star and peer written reviews for each car. You will see micro-moments in the research where consumers constantly flick through reviews.

  • My Carleesi - There is nowhere to manage your finance, you have to make a call to your finance company or check your contract for anything you want to know. Your account will allow you stay in touch with your car finance, including visualisations of how much you have paid/left to pay, etc. (This is in our preliminary product road map)

  • Educating, purchase ready leads into dealerships, buying used cars that dealerships have an abundance of on their forecourt.



Where are we currently?

We get the finance prices from iVendi, here who have dealerships specific prices and we have 14 dealerships in the Dartford area called WJ King here.
We are also in deep conversations with Lookers PLC who have 10,000 used cars in their inventory in 31 locations (they will be on board for the official launch)

What we need?

We are now looking for dealerships in the Dartford, Essex and Sussex areas (but will talk with dealerships anywhere in the UK, for official launch) for our MVP.

We are charging £50 per conversion until official launch.

If you have any thoughts, comments or contacts who you think would benefit from Carleesi, it would be highly appreciated.

Thank you for the support.


Alec Piercy @ Carleesi


BOLD = TL:DR.





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Alec Piercy from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Dave Gowans from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Alec Piercy from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]




--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Parvez from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]
Reply | Threaded
Open this post in threaded view
|  
Report Content as Inappropriate

Re: [LondonOpenCoffee] Car dealerships - PCP/HP

Ajit
In reply to this post by Ajit
Hi Parvez, 

The CPA monster!

Ah very interesting idea, would like to talk more about it - A few questions spring to mind like, realistically will dealers think it’s a good idea to allow a widget that drives traffic away from their site onto a website which features their competitors? Definitely want to hear more about how you see it working, by the sounds of it and as anticipated we will need all the help we can get with CPA. 

If anyone has any connections to dealerships around Dartford, Essex & Sussex, that would also be huge for me at this stage.

Thank you again all. 

PS: Parvez, what’s your personal email? 




On 7 Aug 2017, at 17:50, Parvez <[hidden email]> wrote:

Hi Alec,

I think you are right... this space could definitely be made better.


We looked at it a few years ago, and as Dave pointed our earlier, we ran into the problem that the CPA was really high. Even when we looked at methods for growth hacking various ones had different costs, and all of them required financing, and someone with deep enough pockets to continue paying for the "experiments", until we came up with a repeatable model.


One of the things that we did look at, that might work for you, is creating a widget or plug-in that sits on a dealers site. Let the dealer drive traffic to theirs and then click through to yours for a "better experience" on PCP/HP. I'm happy to talk more about it if you want details. It might not be right for you, but perhaps a different way to approach the problem of reducing CPA.


The project didn't go anywhere, two of the founders were married, and then weren't !!! Let's leave it at that.


Anyway, hope that helps.


Good luck 😊


Parvez




From: [hidden email] <[hidden email]> on behalf of Alec Piercy <[hidden email]>
Sent: 07 August 2017 17:24
To: [hidden email]
Subject: Re: [LondonOpenCoffee] Car dealerships - PCP/HP
 
Hi Dave, 

Thank you, I’ve had a few self proclaimed “investors” contact privately but you are the only one to provide real valuable insights, appreciate that. 

1. Agreed, In our research we saw that people either flat out didn’t know the finance terminology and/or they believed finance and leasing were one in the same. I think we will try and coin “monthly priced cars” - Carleesi is the place to search for cars by monthly price (if you were talking with a friend perhaps) 

2. Motors, definitely our biggest competition right now, flaws and strengths in many places - Confident we can take chunks of the market share. Absolutely, for me displaying and using monthly price only is as much about brand as it is about anything else - If I think of how I would buy a car online via monthly price, I wouldn’t have any brand spring to mind.. potentially auto-trader purely from a habitual stand point. 

3. This. Absolutely something we have discussed and is always the main talking point sitting with investors (a position we don’t ideally want to be sitting in anyway) - Something we think we are prepared for working as lean as possible with the “growth hacking” mentality. I will look to build a growth team from the get-go, already having developer, analytics/statistics and sales/product skill-sets within tech in the team helps. 

It will be a hard and long road, no doubt - Love the challenge. 

I am certain we could use your help and trade value - Whether that be through connections, optimisation, consultancy or something we can do for you in the future when we are kicking butt (not sure how the relationship plays out yet). 

I do have a question for someone so seasoned in the automotive trade - In your opinion what is the best way & approach to contact senior “decision makers” in multi-chain dealerships? We had luck with WJ King and Lookers (introductions)

Thank you again, appreciate your time.

Alec 


On 7 Aug 2017, at 10:59, Dave Gowans <[hidden email]> wrote:

Hi Alec

I really like the idea.

I've worked with one of the leading van leasing companies (business focused) and with a leading used car site and there's clearly a lot of potential here. Having done a lot of research on their customers (and significantly increasing their conversion rates) a few things you may want to consider are:

  1. People aren't at all familiar with jargon like PCP and HP. The van leasing site had very clear explanations/choices of the three different lease options they offered, but in reality the leasing option was almost always dependent on on the customer's situation (and decided much later in the process). You may want to consider keeping it simple (referring to it all as "leasing" or "finance" at this early stage, with the PCP/HP keywords appearing on the page to keep the real experts happy!)
  2. As you've noted - building awareness of finance availability in the used market is a big deal (Motors.co.uk do a good job of getting 'monthly costs' out there). In tests, we found that searching by monthly prices didn't necessarily increase conversions, but that seeing monthly prices in search results can be very effective.
  3. It can be very, very expensive to launch into the car market and generate traffic! Getting your marketing and target right will be key. If you're charging by conversion (a sensible idea in this market), you'll need to make sure you can generate the traffic you need at a reasonable cost, but also make sure that you're actually converting those visitors (as the study you linked references - there are so many touch points you need to make sure they convert with you)
Hope some of that is of help. Please feel free to get in touch directly if you'd like to discuss further.

Thanks

Dave



Dave Gowans
Managing Director

T: +44 (0)7810 898610


On 5 August 2017 at 20:15, Alec Piercy <[hidden email]> wrote:
Hi guys,

I’ve been here for a while, I initially joined to eventually post this and would appreciate your help if you want to.

After searching for a car on finance I realised that the industry was archaic and research backed this up, Directors of some of this biggest dealerships were claiming “the industry is ripe for disruption”. We looked into this research with Google and Luth and that mirrored by searching habits and backed up in my eyes how stuck in the mud the industry felt.




The more people I asked the more fragmented the journeys become, the more esoteric finance became, I spoke to dealerships who didn’t know what PCP finance was. Needless to say people feel disempowered when making a finance decision, it still feels the car salesperson has the answers.

  • 80% of new cars are bought on PCP finance
  • 50% and rising used cars are bought from PCP
  • HP is fast gaining traction, especially for brand spanking new cars
  • Dealerships told us that the new cars on finance were being brought back after 3 years and where stacking up in their forecourts (which drives their price down)

Well we think we can make a much better experience with way less friction and better UX, educate and empower consumers while helping dealerships shift used cars from their forecourts, Win/Win

When you think of getting a car on finance, there is no dominant brand that springs to mind.

I immediately teamed up with 2 of the most talented people I know and…. We started to build…. (not sure if these screen shots have stayed in order)





We are only a month or so away from having a fully functioning platform.

  • (1) Budget search - Research shows people are searching by monthly budget over specfic car, people want to know “what can I afford?” a month.

  • (2) PCP/HP only - We will have a toggle for this, PCP by default as most popular.

  • (2 Bottom) Unique way of displaying results by age - We were shocked at how many people including ourselves, didn’t realise you could finance cars as old as 6/7 years old. The results being shown to the consumer this way empowers them to make an informed decision; a new worse car/model Vs an older better car/model.

  • Reviews - We will have a tab featuring a video, star and peer written reviews for each car. You will see micro-moments in the research where consumers constantly flick through reviews.

  • My Carleesi - There is nowhere to manage your finance, you have to make a call to your finance company or check your contract for anything you want to know. Your account will allow you stay in touch with your car finance, including visualisations of how much you have paid/left to pay, etc. (This is in our preliminary product road map)

  • Educating, purchase ready leads into dealerships, buying used cars that dealerships have an abundance of on their forecourt.



Where are we currently?

We get the finance prices from iVendi, here who have dealerships specific prices and we have 14 dealerships in the Dartford area called WJ King here.
We are also in deep conversations with Lookers PLC who have 10,000 used cars in their inventory in 31 locations (they will be on board for the official launch)

What we need?

We are now looking for dealerships in the Dartford, Essex and Sussex areas (but will talk with dealerships anywhere in the UK, for official launch) for our MVP.

We are charging £50 per conversion until official launch.

If you have any thoughts, comments or contacts who you think would benefit from Carleesi, it would be highly appreciated.

Thank you for the support.


Alec Piercy @ Carleesi


BOLD = TL:DR.





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Alec Piercy from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Dave Gowans from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Alec Piercy from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

<a href="x-msg://10/#" style="color:#ccc; text-decoration:none" class="">Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]




--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Parvez from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

<a href="x-msg://10/#" style="color:#ccc;text-decoration:none;cursor:default;" class="">Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Alec Piercy from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]
Reply | Threaded
Open this post in threaded view
|  
Report Content as Inappropriate

Re: [LondonOpenCoffee] Car dealerships - PCP/HP

Ajit
In reply to this post by Ajit
Widgets should be encapsulated. They don't drive traffic elsewhere 

On 7 Aug 2017 18:36, "Alec Piercy" <[hidden email]> wrote:
Hi Parvez, 

The CPA monster!

Ah very interesting idea, would like to talk more about it - A few questions spring to mind like, realistically will dealers think it’s a good idea to allow a widget that drives traffic away from their site onto a website which features their competitors? Definitely want to hear more about how you see it working, by the sounds of it and as anticipated we will need all the help we can get with CPA. 

If anyone has any connections to dealerships around Dartford, Essex & Sussex, that would also be huge for me at this stage.

Thank you again all. 

PS: Parvez, what’s your personal email? 




On 7 Aug 2017, at 17:50, Parvez <[hidden email]> wrote:

Hi Alec,

I think you are right... this space could definitely be made better.


We looked at it a few years ago, and as Dave pointed our earlier, we ran into the problem that the CPA was really high. Even when we looked at methods for growth hacking various ones had different costs, and all of them required financing, and someone with deep enough pockets to continue paying for the "experiments", until we came up with a repeatable model.


One of the things that we did look at, that might work for you, is creating a widget or plug-in that sits on a dealers site. Let the dealer drive traffic to theirs and then click through to yours for a "better experience" on PCP/HP. I'm happy to talk more about it if you want details. It might not be right for you, but perhaps a different way to approach the problem of reducing CPA.


The project didn't go anywhere, two of the founders were married, and then weren't !!! Let's leave it at that.


Anyway, hope that helps.


Good luck 😊


Parvez




From: [hidden email] <[hidden email]> on behalf of Alec Piercy <[hidden email]>
Sent: 07 August 2017 17:24
To: [hidden email]
Subject: Re: [LondonOpenCoffee] Car dealerships - PCP/HP
 
Hi Dave, 

Thank you, I’ve had a few self proclaimed “investors” contact privately but you are the only one to provide real valuable insights, appreciate that. 

1. Agreed, In our research we saw that people either flat out didn’t know the finance terminology and/or they believed finance and leasing were one in the same. I think we will try and coin “monthly priced cars” - Carleesi is the place to search for cars by monthly price (if you were talking with a friend perhaps) 

2. Motors, definitely our biggest competition right now, flaws and strengths in many places - Confident we can take chunks of the market share. Absolutely, for me displaying and using monthly price only is as much about brand as it is about anything else - If I think of how I would buy a car online via monthly price, I wouldn’t have any brand spring to mind.. potentially auto-trader purely from a habitual stand point. 

3. This. Absolutely something we have discussed and is always the main talking point sitting with investors (a position we don’t ideally want to be sitting in anyway) - Something we think we are prepared for working as lean as possible with the “growth hacking” mentality. I will look to build a growth team from the get-go, already having developer, analytics/statistics and sales/product skill-sets within tech in the team helps. 

It will be a hard and long road, no doubt - Love the challenge. 

I am certain we could use your help and trade value - Whether that be through connections, optimisation, consultancy or something we can do for you in the future when we are kicking butt (not sure how the relationship plays out yet). 

I do have a question for someone so seasoned in the automotive trade - In your opinion what is the best way & approach to contact senior “decision makers” in multi-chain dealerships? We had luck with WJ King and Lookers (introductions)

Thank you again, appreciate your time.

Alec 


On 7 Aug 2017, at 10:59, Dave Gowans <[hidden email]> wrote:

Hi Alec

I really like the idea.

I've worked with one of the leading van leasing companies (business focused) and with a leading used car site and there's clearly a lot of potential here. Having done a lot of research on their customers (and significantly increasing their conversion rates) a few things you may want to consider are:

  1. People aren't at all familiar with jargon like PCP and HP. The van leasing site had very clear explanations/choices of the three different lease options they offered, but in reality the leasing option was almost always dependent on on the customer's situation (and decided much later in the process). You may want to consider keeping it simple (referring to it all as "leasing" or "finance" at this early stage, with the PCP/HP keywords appearing on the page to keep the real experts happy!)
  2. As you've noted - building awareness of finance availability in the used market is a big deal (Motors.co.uk do a good job of getting 'monthly costs' out there). In tests, we found that searching by monthly prices didn't necessarily increase conversions, but that seeing monthly prices in search results can be very effective.
  3. It can be very, very expensive to launch into the car market and generate traffic! Getting your marketing and target right will be key. If you're charging by conversion (a sensible idea in this market), you'll need to make sure you can generate the traffic you need at a reasonable cost, but also make sure that you're actually converting those visitors (as the study you linked references - there are so many touch points you need to make sure they convert with you)
Hope some of that is of help. Please feel free to get in touch directly if you'd like to discuss further.

Thanks

Dave



Dave Gowans
Managing Director

T: <a href="tel:+44%207810%20898610" value="+447810898610" target="_blank">+44 (0)7810 898610


On 5 August 2017 at 20:15, Alec Piercy <[hidden email]> wrote:
Hi guys,

I’ve been here for a while, I initially joined to eventually post this and would appreciate your help if you want to.

After searching for a car on finance I realised that the industry was archaic and research backed this up, Directors of some of this biggest dealerships were claiming “the industry is ripe for disruption”. We looked into this research with Google and Luth and that mirrored by searching habits and backed up in my eyes how stuck in the mud the industry felt.




The more people I asked the more fragmented the journeys become, the more esoteric finance became, I spoke to dealerships who didn’t know what PCP finance was. Needless to say people feel disempowered when making a finance decision, it still feels the car salesperson has the answers.

  • 80% of new cars are bought on PCP finance
  • 50% and rising used cars are bought from PCP
  • HP is fast gaining traction, especially for brand spanking new cars
  • Dealerships told us that the new cars on finance were being brought back after 3 years and where stacking up in their forecourts (which drives their price down)

Well we think we can make a much better experience with way less friction and better UX, educate and empower consumers while helping dealerships shift used cars from their forecourts, Win/Win

When you think of getting a car on finance, there is no dominant brand that springs to mind.

I immediately teamed up with 2 of the most talented people I know and…. We started to build…. (not sure if these screen shots have stayed in order)





We are only a month or so away from having a fully functioning platform.

  • (1) Budget search - Research shows people are searching by monthly budget over specfic car, people want to know “what can I afford?” a month.

  • (2) PCP/HP only - We will have a toggle for this, PCP by default as most popular.

  • (2 Bottom) Unique way of displaying results by age - We were shocked at how many people including ourselves, didn’t realise you could finance cars as old as 6/7 years old. The results being shown to the consumer this way empowers them to make an informed decision; a new worse car/model Vs an older better car/model.

  • Reviews - We will have a tab featuring a video, star and peer written reviews for each car. You will see micro-moments in the research where consumers constantly flick through reviews.

  • My Carleesi - There is nowhere to manage your finance, you have to make a call to your finance company or check your contract for anything you want to know. Your account will allow you stay in touch with your car finance, including visualisations of how much you have paid/left to pay, etc. (This is in our preliminary product road map)

  • Educating, purchase ready leads into dealerships, buying used cars that dealerships have an abundance of on their forecourt.



Where are we currently?

We get the finance prices from iVendi, here who have dealerships specific prices and we have 14 dealerships in the Dartford area called WJ King here.
We are also in deep conversations with Lookers PLC who have 10,000 used cars in their inventory in 31 locations (they will be on board for the official launch)

What we need?

We are now looking for dealerships in the Dartford, Essex and Sussex areas (but will talk with dealerships anywhere in the UK, for official launch) for our MVP.

We are charging £50 per conversion until official launch.

If you have any thoughts, comments or contacts who you think would benefit from Carleesi, it would be highly appreciated.

Thank you for the support.


Alec Piercy @ Carleesi


BOLD = TL:DR.





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Alec Piercy from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Dave Gowans from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Alec Piercy from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | <a href="http://meet.meetup.com/wf/click?upn=dFUbVO7Oo1alrP-2FP1Sl98YAXnsjWmdhx10KmLyoSuaS3bmEQX-2BFItMNXJaKUj7PKI-2F3K-2BvwNT-2B5PSb4BIVE2YZdUADtikrT87pwGMoOSzjv4wR7NWLbfj6mc9LYOEtxZEIuoVX4Y4ZZ9LqQcSEPcJtRpQ7rvF4OfLX5weDymz-2BLqJ1yr0Ddsv-2Fa5-2FALHOt-2Bt2uTMnhmvvLiFaxDt4sdJl26v-2F5VzYbmwo9m0FQ-2B2JsGLC-2BRM31abeb0-2FV1btvmg8P0JCFhM-2FrGwGohcMSZLY8vAhZ-2FsWuUwXfMwh7I7dEbJIrgXoVDv159ZhJeqvn0vFiCcCudi7KcCNW5g-2BePjc-2F3yc8CCLkQzwqtNmwLodqh5eND0XnqPjlympYa9m1Hc8Ek-2FZq-2FEF-2B2sTLltTDQD5plK6HvBJfemV-2FDwtJorFzvobc1tz-2FadhQfbYiYwc7Rz0XeiiQVv9ACgglS-2FJs1AAN6JjnjqcOXrG2nXtvvAkgAITqnlvXduFgU-2FNjA-2BrgByzD5Y6yzyMPr2F7VbiliEeCTMV8jGkU5tnbKw3fb-2FKtS2ne9Ws-2FTI9kcPShA0ys3VaOG3Ju1KWKEx4x30DsyWiXfnCMTHXzPc-2BZJ5CmLWSqscCps-2FoX8quSzkGzHRexE6MCsqWS-2Fu9yIDZYj-2Fvqt6HB8vG2Ry-2FEhf31zy8SAUzN-2FL8IN-2BVsrPQyBLdZKPVWpOS7CTb1K3YMDjT0kpE3cXd3Bg8IiB50OB3J7MrzCb5oC8HaRk7M3Z60E0hrUINljX0w79LRJhKpTajnzrJRdAghS4jnVIGTnVwVNOe6-2FIkqRoP2RodXwoPCfj9SdCTZpnP42oR3CvxLXSn72C0VSHo8DVisJcqI0yBFS47Lhr4XzijLldhLxWCmB9czLHl-2B4Nxn2G2eDGOoUHGx4dg7vbh4p2Onn4KBb2XN3F1jntiprQKDlMlstfPYGb0yti2XmIhd8r06nEtufnlsmT0FbZkYqPCOnSR0JhVPlb1W-2BAESBDNYKyBFFdrMxx815BfrKko-2F4qB5aBxLqdzmJuJwHeGufX7TSgxMxYuN5G4YSvZ1SZMj3MAwJGrkJ2HalV4r-2F2TFn2HyiljTbBwNqCR-2BHOglegRtwIMd17Xvg5Xt-2B-2FS4hMyIC30C1rHBKXUqtHF00U7b4-2BxPjwHrjPs6moiqv4SkQ-3D-3D_O7ROD4svS-2BWtZVG4Rcp0Qus4GAeOGpiG8JsajpxnCGQ9zFH8Dm0t5Bk3O6577t
...





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Andrew Lockley from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]
Reply | Threaded
Open this post in threaded view
|  
Report Content as Inappropriate

Re: [LondonOpenCoffee] Car dealerships - PCP/HP

Ajit
In reply to this post by Ajit


Hi Alec,
my email address ... [hidden email]

Thanks
Parvez



From: [hidden email] <[hidden email]> on behalf of Alec Piercy <[hidden email]>
Sent: 07 August 2017 18:36
To: [hidden email]
Subject: Re: [LondonOpenCoffee] Car dealerships - PCP/HP
 
Hi Parvez, 

The CPA monster!

Ah very interesting idea, would like to talk more about it - A few questions spring to mind like, realistically will dealers think it’s a good idea to allow a widget that drives traffic away from their site onto a website which features their competitors? Definitely want to hear more about how you see it working, by the sounds of it and as anticipated we will need all the help we can get with CPA. 

If anyone has any connections to dealerships around Dartford, Essex & Sussex, that would also be huge for me at this stage.

Thank you again all. 

PS: Parvez, what’s your personal email? 




On 7 Aug 2017, at 17:50, Parvez <[hidden email]> wrote:

Hi Alec,

I think you are right... this space could definitely be made better.


We looked at it a few years ago, and as Dave pointed our earlier, we ran into the problem that the CPA was really high. Even when we looked at methods for growth hacking various ones had different costs, and all of them required financing, and someone with deep enough pockets to continue paying for the "experiments", until we came up with a repeatable model.


One of the things that we did look at, that might work for you, is creating a widget or plug-in that sits on a dealers site. Let the dealer drive traffic to theirs and then click through to yours for a "better experience" on PCP/HP. I'm happy to talk more about it if you want details. It might not be right for you, but perhaps a different way to approach the problem of reducing CPA.


The project didn't go anywhere, two of the founders were married, and then weren't !!! Let's leave it at that.


Anyway, hope that helps.


Good luck 😊


Parvez




From: [hidden email] <[hidden email]> on behalf of Alec Piercy <[hidden email]>
Sent: 07 August 2017 17:24
To: [hidden email]
Subject: Re: [LondonOpenCoffee] Car dealerships - PCP/HP
 
Hi Dave, 

Thank you, I’ve had a few self proclaimed “investors” contact privately but you are the only one to provide real valuable insights, appreciate that. 

1. Agreed, In our research we saw that people either flat out didn’t know the finance terminology and/or they believed finance and leasing were one in the same. I think we will try and coin “monthly priced cars” - Carleesi is the place to search for cars by monthly price (if you were talking with a friend perhaps) 

2. Motors, definitely our biggest competition right now, flaws and strengths in many places - Confident we can take chunks of the market share. Absolutely, for me displaying and using monthly price only is as much about brand as it is about anything else - If I think of how I would buy a car online via monthly price, I wouldn’t have any brand spring to mind.. potentially auto-trader purely from a habitual stand point. 

3. This. Absolutely something we have discussed and is always the main talking point sitting with investors (a position we don’t ideally want to be sitting in anyway) - Something we think we are prepared for working as lean as possible with the “growth hacking” mentality. I will look to build a growth team from the get-go, already having developer, analytics/statistics and sales/product skill-sets within tech in the team helps. 

It will be a hard and long road, no doubt - Love the challenge. 

I am certain we could use your help and trade value - Whether that be through connections, optimisation, consultancy or something we can do for you in the future when we are kicking butt (not sure how the relationship plays out yet). 

I do have a question for someone so seasoned in the automotive trade - In your opinion what is the best way & approach to contact senior “decision makers” in multi-chain dealerships? We had luck with WJ King and Lookers (introductions)

Thank you again, appreciate your time.

Alec 


On 7 Aug 2017, at 10:59, Dave Gowans <[hidden email]> wrote:

Hi Alec

I really like the idea.

I've worked with one of the leading van leasing companies (business focused) and with a leading used car site and there's clearly a lot of potential here. Having done a lot of research on their customers (and significantly increasing their conversion rates) a few things you may want to consider are:

  1. People aren't at all familiar with jargon like PCP and HP. The van leasing site had very clear explanations/choices of the three different lease options they offered, but in reality the leasing option was almost always dependent on on the customer's situation (and decided much later in the process). You may want to consider keeping it simple (referring to it all as "leasing" or "finance" at this early stage, with the PCP/HP keywords appearing on the page to keep the real experts happy!)
  2. As you've noted - building awareness of finance availability in the used market is a big deal (Motors.co.uk do a good job of getting 'monthly costs' out there). In tests, we found that searching by monthly prices didn't necessarily increase conversions, but that seeing monthly prices in search results can be very effective.
  3. It can be very, very expensive to launch into the car market and generate traffic! Getting your marketing and target right will be key. If you're charging by conversion (a sensible idea in this market), you'll need to make sure you can generate the traffic you need at a reasonable cost, but also make sure that you're actually converting those visitors (as the study you linked references - there are so many touch points you need to make sure they convert with you)
Hope some of that is of help. Please feel free to get in touch directly if you'd like to discuss further.

Thanks

Dave



Dave Gowans
Managing Director

T: +44 (0)7810 898610


On 5 August 2017 at 20:15, Alec Piercy <[hidden email]> wrote:
Hi guys,

I’ve been here for a while, I initially joined to eventually post this and would appreciate your help if you want to.

After searching for a car on finance I realised that the industry was archaic and research backed this up, Directors of some of this biggest dealerships were claiming “the industry is ripe for disruption”. We looked into this research with Google and Luth and that mirrored by searching habits and backed up in my eyes how stuck in the mud the industry felt.




The more people I asked the more fragmented the journeys become, the more esoteric finance became, I spoke to dealerships who didn’t know what PCP finance was. Needless to say people feel disempowered when making a finance decision, it still feels the car salesperson has the answers.

  • 80% of new cars are bought on PCP finance
  • 50% and rising used cars are bought from PCP
  • HP is fast gaining traction, especially for brand spanking new cars
  • Dealerships told us that the new cars on finance were being brought back after 3 years and where stacking up in their forecourts (which drives their price down)

Well we think we can make a much better experience with way less friction and better UX, educate and empower consumers while helping dealerships shift used cars from their forecourts, Win/Win

When you think of getting a car on finance, there is no dominant brand that springs to mind.

I immediately teamed up with 2 of the most talented people I know and…. We started to build…. (not sure if these screen shots have stayed in order)





We are only a month or so away from having a fully functioning platform.

  • (1) Budget search - Research shows people are searching by monthly budget over specfic car, people want to know “what can I afford?” a month.

  • (2) PCP/HP only - We will have a toggle for this, PCP by default as most popular.

  • (2 Bottom) Unique way of displaying results by age - We were shocked at how many people including ourselves, didn’t realise you could finance cars as old as 6/7 years old. The results being shown to the consumer this way empowers them to make an informed decision; a new worse car/model Vs an older better car/model.

  • Reviews - We will have a tab featuring a video, star and peer written reviews for each car. You will see micro-moments in the research where consumers constantly flick through reviews.

  • My Carleesi - There is nowhere to manage your finance, you have to make a call to your finance company or check your contract for anything you want to know. Your account will allow you stay in touch with your car finance, including visualisations of how much you have paid/left to pay, etc. (This is in our preliminary product road map)

  • Educating, purchase ready leads into dealerships, buying used cars that dealerships have an abundance of on their forecourt.



Where are we currently?

We get the finance prices from iVendi, here who have dealerships specific prices and we have 14 dealerships in the Dartford area called WJ King here.
We are also in deep conversations with Lookers PLC who have 10,000 used cars in their inventory in 31 locations (they will be on board for the official launch)

What we need?

We are now looking for dealerships in the Dartford, Essex and Sussex areas (but will talk with dealerships anywhere in the UK, for official launch) for our MVP.

We are charging £50 per conversion until official launch.

If you have any thoughts, comments or contacts who you think would benefit from Carleesi, it would be highly appreciated.

Thank you for the support.


Alec Piercy @ Carleesi


BOLD = TL:DR.





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Alec Piercy from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Dave Gowans from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Alec Piercy from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]




--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Parvez from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]





--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Alec Piercy from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]




--
Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
This message was sent by Meetup on behalf of Parvez from London OpenCoffee Meetup.
To report this message, please click here
To block the sender of this message, please click here
Set my mailing list to email me As they are sent | In one daily email | Don't send me mailing list messages

Meetup, POB 4668 #37895 NY NY USA 10163 | [hidden email]
Loading...