CarOffer, LLC is a new company launched in Dallas, TX by industry entrepreneur Bruce Thompson. The CarOffer™ mobile app will give consumers the ability to scan, photo and submit vehicles they wish to sell in minutes. Dealers with the CarOffer™ tool will have the exclusive ability to bid and buy these units within certain exclusive market areas. The application will be launched by the RedBumper™ team at the upcoming 2014 NADA Convention in New Orleans in Booth #2461 (RedBumper™).
“Buying cars directly from consumers is the ‘holy grail’ in our industry”, said Bruce Thompson, CEO/Founder of CarOffer™, LLC. “However, dealers have been unable to gain significant traction due to large used-vehicle operators like CarMax dominating the market. Most people don’t realize that CarMax made approximately $86.5M in one quarter last year buying vehicles directly from consumers and wholesaling them at their own auctions. That’s nearly $400M per year and almost $250k per month per rooftop, said Thompson. “This tool allows the dealer to beat them at their own game.”
The new product will allow dealers to own specific territories exclusively. CarOffer™ will generate hundreds of monthly bid requests for its dealers with proprietary algorithms. Dealers will also be able to embed the CarOffer™ widget on their websites and advertise the CarOffer™ brand to its market. Dealers that subscribe to the product will own the license on the CarOffer™ brand and name within their market areas. All a user has to do is download the CarOffer™ app from the Apple or Android Marketplace. Based on the consumer’s location, the bid will be routed to the dealer owning the territory. Dealers can bid via a desktop portal or receive real-time bid notifications on their smartphone whereby they can also submit a bid.
The app is very user friendly and employs the latest mobile technology. “We’ve been testing iterations of the app under various private label partnerships,” said Ziad Chartouni, company CTO. “Our partners are processing thousands of monthly transactions. This is the real deal and it is the answer to acquiring needed inventory directly from the consumer.”
Testing has indicated that 60% of the customers desiring to sell their vehicle are interested in acquiring a replacement vehicle. Employing this technology will drive tremendous incremental business and traffic into the dealerships. “It’s no secret that the largest used car operator in the United States realizes tremendous profits by leveraging the consumer as its direct source of inventory; not the auction lanes. CarOffer™ will level the playing field by giving dealers a process that is much more streamlined and completely mobile,” said Thompson.
Pricing will be based on performance. Dealers will be charged a small monthly fee to reserve a market. CarOffer™ will then charge by the number of bids processed through the system.
The product will be launched at the 2014 National Automotive Dealers Association (NADA) Convention in New Orleans, LA in Booth #2461 (RedBumper™). Dealers will be allotted territories on a first-come-first-serve basis.
About CarOffer, LLC:
CarOffer™ is a firm founded in 2013 by Bruce Thompson (the founder of Redbumper, LLC, ) and is based in Dallas, TX. With an executive team with over 60 years of combined experience in all elements of the automotive industry, the company aims to provide unique and innovative software solutions that streamline and directly connect the consumer to the dealer across a wide spectrum of profit centers and technologies.
About RedBumper, LLC:
RedBumper™ is a firm founded in 2010 by Bruce Thompson (the founder of AAX) and is based in Dallas, TX. The RedBumper™ mission is to take a new approach, offering fresh and creative tools the industry has never seen while at the same time leveraging proven technology on a smart phone centric platform.
For more information, please visit: http://www.CarOffer.com.
