MyCarNeedsA.com, a comparison website that drivers use for all their car aftercare needs including car repair and maintenance, is now seeking a minimum of £900,000 through its equity crowdfunding campaign on Seedrs. Founded in 2014, MyCarNeedsA helps to save time, money, and hassle through its online process:
- A car owner posts a job on the site for free.
- Pre-approved garages quote for the work.
- The car owner chooses their preferred quote
The platform revealed it has nationwide coverage which comprises of a mix of independent service providers, franchises and chains, including many well-known names in the market. The service is free to users. It also reported:
“Our experience in the market suggests that these businesses find it difficult to recruit new customers. Even those with a sound core of loyal business can often lack marketing resources to expand their base, or to attract the most profitable work in a way that suits their workflow schedules. For a monthly subscription, MyCarNeedsA.com can fulfil that marketing function and delivers quote requests that can be selected by Service Providers to suit their own business needs.”
Funds from the Seedrs round will go towards the marketing budget to acquire new car owners, on a linear basis per month, using historical performance and CPA’s per marketing channel. The company noted that in doing so will increase the database and project/ utilize to forecast future jobs and network growth. MyCarNeedsA went on to add:
“As Service Provider revenues are linked to the volume of jobs, revenues should also increase accordingly. Investment will also be used to ensure the company has adequate resource to manage the growing network and maximise revenues accordingly. With increasing repeat jobs at a significantly lower cost per acquisition, the opportunity for further profitability grows exponentially.”
Since its launch, MyCarNeedsA’s campaign has successfully raised more than £675,000 from 60 investors. It is set to close at the beginning of 2019.
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