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No. 1 Mistake: Not bringing right person to operations at right time
Today's Entrepreneur is Tej Soni, CEO and Founder ofiPriceCars, which is a search engine for cars, just like Kayak.com is for airlines or hotels. In addition, iPriceCarsconnects car owners with car buyers even if they are not looking to sell, as a LinkedIn for cars. The purpose ofiPriceCars 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.
iPriceCars is one of the top 15 finalist to present at Splash Oakland on May 6-7. Be sure to support Soni and iPriceCars. Register here.
Soni graduated from Bangalore University with a BS in Electronics Engineering.
Let's take a look at his entrepreneurial background.
Companies I've founded or co-founded:
Company exits (of companies you founded):
Achievements (products built, personal awards won):
- izmoflix, Interactive Media Solution for the Automotive Industry
- Auto-EQ, Personality match for cars & people
If you are an entrepreneur, why?
I'm bursting with ideas!
My favorite startups:
Evernote, Vivino, izmocars.
What's most frustrating and rewarding about entrepreneurship/innovation?
The most frustrating thing about entrepreneurship is getting people to believe in your vision
The most rewarding thing is when people start believing and you make it come true
What are the top three lessons you've learned as an entrepreneur?
1. Focus on a clear execution strategy.
2. Never lose sight of the customer.
3. Always be creating, even if it means demising old creations.
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.
Tej founded izmocars in 2002 and led its growth through several phases, which included acquisition of 4 companies in the automotive solutions space and growing the business into an international operation across 10 countries. One of the companies he founded did a successful IPO and he has been involved in several funding rounds across different companies.
izmocars is a Global Automotive Solutions provider with operations in 10 countries. We have created a global multi-lingual web marketing platform using which we provide automotive retail solutions to dealers and OEMs worldwide. izmocars has multimedia studios is USA & Belgium and is also the #1 provider of interactive content for the automotive industry. Our other solutions include Salesvelocity CRM & iService Online Appointment System.
Most recently, he was part of the team that built Add.on.Autos, the leading platform for Automotive Accessories sales which was acquired by Reynolds & Reynolds, the auto industry major.
Tej has wide experience in start-ups and growing companies by executing on product development, sales growth and financial management.
iPriceCars is his latest venture which was the result of a deep understanding of the automotive industry and the desire to enable average car owners derive better value from their assets.
Tej is passionate about creating new products and using technology for positive disruption. He in equally involved in product development and selling the concept and is the driving force behind iPriceCars.
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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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
Joined Vator onTej 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.