webuyanycar.com Inc. has introduced a third, direct and disruptive alternate disposal channel for consumer vehicles that is well positioned to take significant share from the $731B market that is held by the trade-in and private vehicle sales channels. The Company adds value to the seller of a vehic…
webuyanycar.com Inc. has introduced a third, direct and disruptive alternate disposal channel for consumer vehicles that is well positioned to take significant share from the $731B market that is held by the trade-in and private vehicle sales channels.
The Company adds value to the seller of a vehicle through its efficient business model. Consumers get an instant online valuation and schedule an appointment at one of the Company’s many convenient local branches. After inspection, ownership is transferred with the customer receiving an immediate payment, all in as little as 30 minutes. The vehicle is picked up by a third-party auction house and sold at the next weekly auction. The Company is able to offer competitive prices based on its expert knowledge of the used car market and its proprietary valuation technology.
This efficient model has advantages over the trade-in and private sale channels and is well positioned as consumers continue to buy more cars online every year. The Journal of Industrial Economics (Dec. 2015) published research stating “buyers with a trade-in pay an average of $990 more than those who do not trade in their used cars”. Taking cash provides the best negotiating power when buying a car. Selling privately can be a time-consuming hassle, a waiting game, and unsafe when dealing with strangers. Consumers now have a guaranteed way to dispose of their car. WBAC created a fast, hassle free and fair way to sell a car.
The model was originally rolled out in 2006 in the U.K. and was proven before the U.K. business was sold to a strategic buyer, British Car Auctions, in 2013 for $220M (£142M). Their business continues to grow with units up 15% this year. Since opening in the U.S. in 2011, the Company has purchased over 88k vehicles and paid out more than $362M, making it one of the largest buyers of vehicles from consumers in the U.S. Combined, the companies have purchased over a million vehicles.
WBAC buys hundreds of cars every week across its three core markets: Philadelphia, Washington D.C. and Pittsburgh. Each one of these markets is profitable, with Philadelphia and Pittsburgh owning 1% market share. The Company recently opened in Tampa and Orlando and plans to grow these markets with the capital raised, as well as open in the Charlotte market.
Team (1)
Sectors WeBuyAnyCar.com serves:
Consumer Services
Retail
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