My team and I developed a website application where new car dealers competitively bid to give buyers the lowest out-the-door price for the exact vehicle the buyer wants — essentially, a reverse-bidding platform where dealers compete for the buyer's business.
As new car buyers, we’ve all been through that tedious process. We spend weeks researching for the vehicle we want, making a list of the dealerships we plan to visit, driving to each dealership, and spending hours upon hours haggling with pushy salespeople. When you make that purchase, you may have felt unsure that you got a fair deal. Overall, it’s just a bad experience we wish we could avoid.
We've found out that dealers share some pain points too. There’s a lack of qualified leads, causing dealerships to spend company time, following up on requests by people who are casually browsing. They’re also limited to their local areas, which in turn increase their advertising costs. Dealers spend on average $30,000 per month towards location specific advertising. They also spend at least $4,000 towards subscription model companies that yield little return on investment.