Top new businesses of 2014: carwow
The smart way to choose and buy your new car
Founders: James Hind, Alexandra Margolis and David Santoro
Launched: February 2014
To many, the process of buying a brand new car is daunting, stressful and difficult. Hoping to solve these inherent hassles is carwow – the only comparison site in the UK for new cars.
Action point: Could a loan help you to start a business? See how we may be able to help here and here
After a brief life as a car review site (carbuzz), the team noticed a gap in the market for an online platform that mitigates the problems of buying a new car for the consumer.
After selecting a brand and model, users are taken through a step-by-step process of selecting options from colour to engine trim, allowing them to find the car that best suits their needs. Upon inputting a postcode they can view the best offers in their area in order of price and proximity, enabling them to make confident and assured decisions.
The site is free to use and boasts an average saving of £3,000 for the consumer, with dealers paying a fixed fee for each car sold – only paying when they sell – ensuring an easy transaction for both parties.
The company claim it is completely unique in Europe, and with future plans to expand into the continent and into commercial vehicles, used cars and vans; future competitors are going to have a hard time gaining traction in the marketplace.
With 600 dealerships already locked down, an impressive 35,000 new users each month and over £6m investment from angel investors and Balderton Capital, this start-up looks set to monopolise the new car buying market over the coming years.