|Name: Gregory Talamo
NYU affiliation: Stern
NYU status: Alumni
|Did you enter last year?: No
Do you have any teammates?: Yes
How many, including yourself?: 2
High Concept Statement
Carfax on steroids – booking a thorough car inspection prior to a used car purchase near the purchase site. Why rely on a report when a mechanic can tell you if there any major concerns.
In 2016, 38.5 Million cars were sold in the secondary market. Most individuals purchase used cars without a thorough inspection prior to purchase. Not all accidents are reported on Carfax. Having a professional look at the car can provide the peace of mind and avoid thousands in repairs.
Of the total used car sales, 11.5 Million were from used franchises, of which 2.64 million were Certified Pre-Owned. Consumers attempt to mitigate the problems of used car purchases by purchasing either CPO cars or arranging appointments with their local mechanics to avoid potential issues. Car sites such as Cargurus and Trucars could pose as competition in the future if they decide to enter this market segment.
Having one app to schedule pre-purchase appointments with mechanics anywhere in the country provides a seamless and stress free process in an otherwise stressful transaction. Spending a few dollars on having a professional check for accidents, leaks, oil, etc, is a minimal compared to thousands spent on mechanical problems in the future.
Basic version of the app will includes a checklist that all buyers can utilize when looking at a car. It would be interactive so they can make adjustments and notes if needed. In addition, there would be embedded videos to show how to check certain items. If the consumer would like to book an appointment with a professional, the cost would be that of the local mechanic. Range would be between $0 – $100. Our revenue will be $1-$3 per appointment. Even if we only had 5% market share, our sales could potentially be between $1,925,000 to $5,775,000. Eventually with market growth, there could be advertising available for mechanics, such as sponsored listings.
Which platform would you like to launch your app on?
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