iPriceCars
Location: 318 Brannan St. , San Francisco, California, United States United States
Founded in: 2013
Stage: 1.0 (formal launch)
Number of employees: 1-5
Funding history:
- Date: 04/2014, Accelerator/Incubator: $1.2 M
Short URL: vator.co/ipricecars
Followers (257)
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iPriceCars

Price, Buy, Sell Cars.
Startup/business
California, United States United States
http://www.ipricecars.com

Car buying and selling has reached a plateau. iPriceCars is all about bringing the car driver back in control of the buy and sell process. We use inventory aggregation, data analytics, pricing engines and a simple UI to enable 250 million car owners to know more, buy and sell better. We are disrupting the market place for used cars.

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Company description

iPriceCars is a Search Engine for cars, just like Kayak.com is for airlines or hotels. In addition, we make it easy for a car owner to price and sell their car by giving them multiple listing options. 

The purpose of iPriceCars is to enable buyers and sellers make better decisions using data analysis. 

The entire process is skewed in favor of the car dealer and whereas there are a number of products/ services being designed to make car buying easier, iPriceCars actually makes selling a car easier. 

So here’s what we  do at iPriceCars:

  1. Inventory Aggregation for search: We get inventory from several sources and normalize it so that the user has to search only one site. If they are interested, they are sent back to the originator site. Think of it as kayak.com for cars.
  2. Pricing Analytics for Consumers: We have built a data analytics engine that powers the site and provides consumers detailed pricing and inventory analytics, enabling them to make more informed buying decisions.
  3. Price My Car: This feature gives the consumer a real time “Market Price” of his car. The consumer can create a portfolio of his car under “Car Park” that will give them real time value of their assets. Just like a stock portfolio.
  4. Pricing Updates: We also give users who have listed their cars, weekly or monthly updates on the market price of their cars and they can decide when they want to sell it. Think of us as “Zillow.com” for cars.
  5. Make an Offer: We make all the cars that have been listed in “Car Park” available for search. This allows anyone who is interested to “Make an Offer”. Just like “linkedin” connects you to people who are not in the job market, we link you to cars which are not listed for sale.
  6. Multiple Listing Service for FSBO: When a user is ready to sell, we will list their car on several websites and they can manage all their listing on our site. They get price movement updates so if the price trend for that car is up or down, they can make price adjustments instantly.

 

We believe that although about 8 million cars are listed for sale at any given time, there are 250 million cars actually available in the market.

 So think of us as kayak.com meets linkedin & Zillow. 

 



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Team
  • Tej Soni
    Tej Soni | Founder
    Tej is a seasoned tech entrepreneur with a passion for start-ups. With more than 25 years of diverse international business experience, he has created innovative business models for automotive and other industries. iPriceCars is his latest venture.
  • Dan McClain
    Dan McClain | Team member
    Technology Leader experienced in IT/Engineering strategy and operations. Twenty plus year background designing large application and infrastructure systems for the web.
  • Rahul Saxena
    Rahul Saxena | Team member
    Rahul Saxena works on the analytics for iPriceCars. He has developed analytics and built analytics teams for leading multinationals and written a book on business analytics. He has more than 25 years of experience.
  • Marc Jacobs
    Marc Jacobs | Team member
    I am the lead developer of iPriceCars.com for Izmocars of San Francisco. I have been with Izmocars for over 6 years and have 35 years experience in software development and management.
Business model

iPriceCars empowers consumers to buy & sell cars using data analytics mapped to market trends. Our goal is to create the largest inventory of independently owned vehicles ie. not owed by dealers and make them available to the market.

We do 3 things:

  1. Aggregate inventory from several sources and make it searchable in one single site.
  2. Data driven pricing for buying or selling of cars.
  3. Multiple Listing Service for car sellers.

The revenue model is lead generation, subscriptions, sales commission & advertisements. Following the Freemium model, the basic service will be free to consumers. 

 

Competitive advantage

iPriceCars is disrupting the FSBO (For Sale By Owner) marketplace. For far too long, the average car owner has been at the receiving end of vehicle pricing and deals. Now, with iPriceCars, they have the power of big data analytics helping them make decisions. Pricing is no longer decided by "Pricing Books" but by the market pricing. 

iPriceCars unlocks the inventory of cars parked in each car owner's driveway and makes it a potential car for sale. 

We connect buyers to cars not yet listed for sale and allow car owners to realize on an average $1,500 more for their cars. By giving them regular updates on the "Market Price" of their cars, we are creating a community of engaged, interested and eventually motivated car sellers.