Carwow, the online retail platform, is now allowing consumer to purchase cars from franchised dealerships.
The company’s investors include venture firms Balderton Capital, Accel Partners, Episode 1 Ventures and Samos Investment, while last month it received £25m of investment from Mercedes-Benz’s parent company Daimler AG.
The organisation’s director of data, Tim Hesse, explains that Carwow’s aim is to disrupt a market which has not changed much in the last two decades.
“It’s still a non-transparent and bluntly awful experience for the customer to purchase a car, and this is the reason Carwow exists to bring more transparency and enable consumers to understand what car they need and find a great deal using great data,” he tells NS Tech.
The aim is to make it possible to not only find the perfect car, but also to receive a good service from the dealer while doing so. This means Carwow has to cater for the consumer as well as help the dealer network.
“The dealers need to understand what the customer wants, what stage of the enquiry they are at, what they can afford and how likely they are to buy a car in the next two weeks. Meanwhile, we need to ensure we give the customer the best experience, answering queries effectively and actually converting the customer into a purchase,” Hesse explains.
In order to be able to answer many of these questions, Hesse and his team rely on data that goes beyond what is traditionally used by many car dealerships, who usually rely on limited data such as the number of cars that have sold well and the number that haven’t.
“We have actual behavioural shopping data which is common in many other industries; so we can understand how people interact with certain cars, models or trims, whether they’re engaged more on certain stacks of cars or engine types, and what they switch to if they don’t end up progressing on a certain car,” Hesse says.
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