Digital disruptor PriceMyCar.com.au was founded in 2018 with the aim of increasing transparency and making it easier for new car buyers to find the best possible price from authorised brand dealerships in the highly competitive Australian market.
In a very short time frame, the Sydney-based company has accumulated a database of more than 300,000 transactions and written price quotes across 500 different new vehicle makes and models.
Unlike other third-party websites which charge up to $55 per lead, PriceMyCar.com.au has a much different business model.
It doesn’t charge the dealer for every sales referral, it simply bills a fee to the dealer on the completion of the actual sale to the happy customer.
Founder and chief executive David Lye says the philosophy behind PriceMyCar.co.au is to put the full control of the deal and the negotiation with the buyer back into the hands of the dealerships.
“It’s a compelling offer for the dealerships, in that PriceMyCar.com.au allows them to offer the full package on a new vehicle, including arranging the fitting of options and accessories, as well as arranging finance and insurance if required,” he says.
“Other third-party referral operators have taken some of the control of the deal from the dealerships and they’ve lost touch with the buyers, but we’ve put it back in a completely transparent and risk-free process that also puts local customers in contact with local dealers,” he says.
A recent report on the new car sales industry from the Australian Competition and Consumer Commission noted that most buyers will only travel a maximum of 35 kilometres out of their home area to buy a new car from a dealership.
Currently more than 1299 new car dealerships across Australia have registered with PriceMyCar.com.au and Lye says the business has experienced average monthly growth of 20% since inception.
“We delivered 4135 leads to dealerships in January 2020,” he says.
“The beauty of our system is that it is completely automated, dealers can choose the prime marketing area they wish to target and they can be as conservative or aggressive as they wish, because we have a complex mapping system that will direct customers to the closest dealer offering the best possible price on the vehicle they are looking for.
“Many dealerships have signed up with us because they have recognised that PriceMyCar.com.au saves them a lot of wasted time, it strips out the to-ing and fro-ing that often happens in new car purchase negotiations.It always them to finalise a deal more quickly.
“But it’s not about new car buyers beating the dealers down on price, it’s a shorter route to finalising a deal in the most transparent and fair manner for both parties,” he says.
Dealers can find more information about the website at PriceMyCar.Com.au.
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