January 26, 2014
New Community Start Up Looks to Empower the Consumer
Everyone loves to buy a new car right? We all love the new car smell, the feel of a new steering wheel in our hands and learning about all the new gadgets. Well, how about the process of buying the car? Do you love that?
The founders at Karprice.com certainly don’t and are looking to change the process for the benefit of the consumer. The concept is simple. If you know the deals that your neighbors made for their cars, you will understand the best deals being made at that time. The founder of Karprice.com, Christopher Doumas, M.D., recently bought a car and realized the amazing potential about increasing the transparency of this particular marketplace. As he states, “I am amazed to hear people say that they got a great deal on their car because they knew someone in the dealership. The key is that they think they got a great deal, so they don’t talk about it. Now it’s time to talk about it.”
While Dr. Doumas used many online websites when purchasing his new vehicle, none of them seemed to actually help a lot. Sure they can provide quite a bit of information on vehicle details, and even some information regarding the price. What he learned was that it is not just about the price but about the whole deal. The difficulty begins when you have a price for a car and then go to the dealership and those cars are not on the lot. Those web sites are trying to get you into the dealership so that they get a referral payment. They are connected together and industry driven. Additionally, there is no information as to how those sites obtain their data. There is no transparency at all. You don’t even know if the automotive industry owns or influences some of those referring web sites and are inflating the numbers so that we all pay more.
The model used at Karprice.com is similar to many other community based web sites. People can anonymously upload their information about their car purchase. People can see the car details, as well as the price paid for the car, financing information, throw-ins, service packages and customer experience, all in one location. The more detailed the information submitted, the better the site becomes for everyone else. Sounds intriguing right?
The best part is that you can get paid a reward for taking the time to do this. The rewards typically range from $5-$20 and are based upon the amount of information provided. I don’t know about you, but I would love to know the entire deal that 30 of my neighbors made for their similar car, so I had a better starting point.
Here is a simple analogy. If you ever purchased a home in the past, did you look up the recent sales figures in the area? You most certainly did. Couldn’t this information be available for cars as well?
Karprice.com is not connected to the auto industry and is not looking to refer people to dealerships for any referral fees. It is completely independent and anonymous. I believe this is a great concept and one that hopefully catches on so that I can use Karprice.com before purchasing my next vehicle.
Story from Bimmerfest.com.